Aluminum Foil Packaging Market was worth US$15.1 bn in 2016, and estimates it to exhibit a CAGR of 5.7% during the forecast period of 2017 to 2025 to reach a valuation of US$24.0 bn by 2025
Albany, NY -- (SBWIRE) -- 10/06/2017 -- A recent study by Transparency Market Research has detected that the global aluminum foil packaging market is extremely fragmented in nature, with the top 12 companies accounting for merely 10.1% of the overall shares in 2017. The key companies identified by the report who attain respectable positions in the global aluminum foil packaging market are: China Hongqiao Group Limited, Amcor Limited, United Company RUSAL Plc. Eurofoil, Pactic LLC, Hindalco Indistries Ltd, Hulamin Ltd, Ess Dee Aluminium Ltd, Alcoa Corporation, Novelis Inc., Penny Plate, LLC, Alufoil Products Pvt. Ltd, Wyda Packaging (Pty) Ltd., and Nicholl Food Packaging. Among these, China Hongqiao Group Limited held 3.7% of the global shares in 2017.
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As per the estimations of the TMR report, the demand in the global aluminum foil packaging market will augment at a CAGR of 4.8% during the forecast period of 2017 to 2025. The report projects the global valuation of the aluminum packaging market to reach US$31.5 bn by the end of 2025, considerably up from its evaluated worth of US$20.8 bn in 2016. As far as strategic moves of the key companies is concerned, China Hongqiao Group Limited is focused on increasing its production capacity via acquisitions and depends on its sales agents to maintain consistent demand. The company, based out of Zouping in China, targets household foil and heat sealing foil. United Company RUSAL Plc. too is aiming to invest in small but strategic acquisitions, catering for food and beverages packaging, consumer products, and tobacco packaging.
Based on thickness, the global market for aluminum foil packaging serves maximum demand for 0.09 mn to 0.2 mn segment, and is projected for the most prominent growth rate, whereas unprinted foil category serves significantly more demand than printed foil. Food packaging is the most profitable application segment, accounting for more than a third of the total demand, while wraps and rolls is most valuable end-use. Geographically, vastly populated Asia Pacific is expected to remain the most lucrative region throughout the forecast period.
Growing Popularity of Packaged Food Driving Demand for Aluminum Foil Packaging
High preference for convenience packaging and growing demand for extended shelf-life of packaged food are two most important factors driving the global aluminum foil packaging market. Aluminum foil is a high preferred flexible packaging solution, which can be attributed to its convenience. Aluminum foil packaging scores very high in barrier properties, and retailers and vendors prefer packaging solutions that promise extended shelf-life. For instance, thin foil can protect the food from oxygen, light, air, and moisture. Growth of ready-to-eat meals and processed food is another key factor aiding to the prosperity of the global aluminum foil packaging market. According to the European Aluminum Foil Association (EAFA), almost three-fourth of the foil produced in Europe goes for packaging, i.e. flexible packaging and household.
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In the near future, growing use in pharmaceutical products and confectionary and frequent acquisitions are also expected to reflect positively on the global aluminum foil packaging market. Growing emphasis on consumer convenience and eco-friendly packaging and market expansion in emerging economies are other factors opening new opportunities in the aluminum foil packaging market.
Unaccounted Sheets of Landfills Pose Threat to the Environment thus may Restrict Market
On the other hand, impact on environment, health issues associated with aluminum foil packaging, and competition from alternatives are some of the challenges faced by the global aluminum foil packaging market. The report observes that despite being fully recyclable, most of the aluminum foil that are recycled, is from beverage cans, leaving thousands of tons of foil sheets unaccounted for. Moreover, the use of aluminum foil is considered unsafe as it can react with food in contact with the foil, by leaching out.