Aluminum foil packaging provides a barrier to oxygen, light, and moisture and used extensively in pharmaceutical and food packaging sectors. It is corrosion-resistant and non-toxic in nature and hygienic. The global aluminum foil packaging market report by Market Research Future (MRFR) provides an investigative examination of the types of foil packaging and its scope for the period of 2017 to 2023. The COVID-19 outbreak and its impact on packaging and food consumption have been written in high detail.
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Market Scope
The global aluminum foil packaging market is expected to grow at 4.5% CAGR during the forecast period. The growth in cosmetics and pharmaceutical industries is likely to impact the market demand significantly. Cosmetic based oils which contain chemical compounds and vitamins require aluminum packaging for protecting it against contamination and light. The establishment of packaging centers near production units for lowering costs can bode well for the market and lead to a flurry of investments.
The changing lifestyle of consumers and rise in spending power can fuel the marketing growth till 2023. Change in customer expectations, shift in power, and technological breakthroughs in production can influence the market greatly.
Market Segmentation
The global aluminum foil packaging market has been segmented based on packaging type, applications, and end users. On the basis of packaging type, the market for aluminum foil packaging is segmented based on rigid and flexible. Additionally, the market on the basis of applications, is segmented into cosmetics, pharmaceuticals, food & beverages, and others. The global market for aluminum foil packaging is also covered based on the end users segment which is further split into blisters, laminated tubes, trays, wraps & rolls, bags, and pouches.
Major elements such as high cost could obstruct the aluminum foil packaging market growth. However, according to the aluminum foil packaging market research report, diversified packaging styles along with smart innovation in product design will propel growth throughout the forecast period. The aluminum foil packaging market is set to register growth at a high CAGR owing to these key factors. The exploration of packaging type, applications, and end users segments along with regional markets has been given in the global aluminum foil packaging market research report. The research analysts studying the aluminum foil packaging market have put out market forecasts in the aluminum foil packaging market research report in order to support aluminum foil packaging market-based companies. The aluminum foil packaging market research report provides an extensive understanding of the aluminum foil packaging market based on the information and forecasts till 2023.
Regional Analysis
Based on regions, the global aluminum foil packaging market has been divided into the four major regions of North America, Europe, Asia Pacific, and RoW.
The Asia Pacific accounted for a majority market share and will continue to dominate the market throughout the forecast period. Developing economies like India, China, and Indonesia have altered their buying habits by consuming more packaged foods. The growing food industry enables global players to launch new products, extend to new regions, and establish new technologies. The Asia Pacific is the most lucrative market because it tends to increase food quality and other consumables in developing countries. The Asia Pacific has seen strong demand for packaged goods, primarily due to a changing lifestyle and a rise in buying power. In addition, increased investment in the pharmaceutical industry also has a positive effect on the market's growth.
North America is also a significant market for aluminum foil packaging. This area is expected to make a substantial contribution during the forecast period, as the U.S. is home to considerable aluminum foil packaging manufacturers.
Competitive Landscape
Active packaging and intelligent packaging methods are presumed to drive the aluminum foil packaging market growth worldwide. The global aluminum foil packaging market could be challenged by concerns regarding raw material prices, nevertheless, organizations in the aluminum foil packaging market will carry the growth rate forward. The aluminum foil packaging market research report presents company profiles of major companies active in the aluminum foil packaging market globally. Furthermore, the global aluminum foil packaging market report offers an all-inclusive analysis of the market collected from the aluminum foil packaging market’s primary and secondary sources covering both decision makers and thought leaders. The aluminum foil packaging market research report highlights such key areas assisting businesses operating in the aluminum foil packaging market to build better growth strategies.
Key Players
The key players of the global aluminum foil packaging market include Amcor Ltd. (Australia), Ess Dee Aluminium Ltd (India), China Hongqiao Group Limited (China), United Company RUSAL Plc. (Russia), Alufoil Products Pvt. Ltd. (India), Alcoa Corporation (U.S.), Nicholl Food Packaging (U.K.), Penny Plate, LLC (U.S.), Wyda Packaging (Pty) LTD (South Africa), Novelis Inc. (U.S.) and others.
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Industry News
You would know it is a very surreal occurrence if you were ever on a tour of a cleanroom – in a sterile setting, where technicians build up and test satellites and other spacecraft. You stand there, staring at a rough and unsuccessful object, which seems to be covered in aluminum foil, with wires and solar panels at a variety of angles and it's hard to imagine what things are really going to do when they are operational.
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