09 January 2020
Visiongain’s new report Aluminum Foil Market Report 2020-2030: Forecasts by Application (Blister packs, Container foils, Collapsible tubes, Foil lids, Pouches, Wrapper foils, Other applications), End use (Food & beverage, Tobacco, Cosmetics, Pharmaceutical, Others), and by region and analysis of leading companies operating in this industry.
“The global aluminum foil market is anticipated to surpass USD 40 billion by 2030 while growing at a lucrative CAGR of 5.4% during the forecast period from 2020 to 2030 says Visiongain”
In the food and beverage market, there has been a dramatic change in consumer consumption patterns. There has been an upsurge in the consumer inclination towards takeaway & ready-to-eat food due to changing lifestyles & increasing disposable incomes across the globe, especially in emerging economies. Foodservice operators are providing various services such as food takeaway facilities to cater to the growing need from its end users. These food delivery techniques are anticipated to gain popularity among millennial consumers over the forecast period. Increased usage of aluminum foil in the foodservice industry for packaging is projected to drive global demand for aluminum foil.
Aluminum foil's flexibility makes it an ideal material for use in various packaging types. The benefits include malevolence, endurance, ability to withstand extreme temperature, and folding characteristics among others which are likely to fuel market growth for aluminum foil over the forecast period.
Over the past few years, there has been an exponential rise in global demand for convenience & hygienic packaging solutions, especially in the food packaging industry. Due to their recyclable, lightweight, and cost-effective nature, aluminum foil containers are gaining popularity in the foodservice industry. Apart from the above-mentioned benefits, aluminum foil containers also reduce food contamination, thus making them the best alternative for packaging. Also, aluminum containers can withstand extreme temperature changes, can be used in microwave ovens & be easily cleaned. These aluminum foil container properties make them suitable for solutions for food packaging.
North American aluminum foil market has been heavily influenced by low-priced Chinese imports. The share of imports from China rose from 20% in 2007 to over 50% in the year 2017. This adversely affected the manufacturing productivity of local manufacturers. As a result, in the year 2017, the Aluminum Association's Trade Enforcement Working Group submitted an anti-dumping & countervailing duty petition against aluminum foil imports from China.
The United States applied substantial tariffs on imported aluminum foil from China. Government support has helped domestic manufacturers in the country increase their production capacity. In 2017, Gränges, a producer of rolled aluminum, spent $110 million to expand its aluminum foil production plant in Huntingdon, TN.
In the year 2018, Asia Pacific dominated the global aluminum foil market and is anticipated to witness the highest CAGR over the forecast period from 2020 to 2030. China is the world's largest buyer, exporter, and manufacturer of aluminum foil. The developing economies like India & Japan offer lucrative opportunities for fresh revenue generation avenues for companies operating in the aluminum foil industry.
Europe is the second-largest market for aluminum foil consumption. However, as compared to other regions, the aluminum foil demand in Europe is sluggish. The market is driven primarily by pharmaceutical packaging, which over the forecast period is expected to grow at a moderate pace.
Regardless of the positive synopsis, the increasing number of players in the manufacturing of aluminum foil containers and the fluctuation of raw material prices are likely to hamper profit margins for the companies.
Some of the key aluminum foil market players include ACM Carcano, Amcor Plc, Assan Aluminyum, Constellium SE, Ess Dee Aluminium, Eurofoil, Hindalco, Huawei Aluminium, Novelis, Reynolds Group Holdings Ltd., United Company Rusal Plc, Xiamen Xiashun Aluminium Foil Co, Zhejiang Junma Aluminum Industry among other prominent players.
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