December 23, 2022 10:00 AM ET |Source: GreyViews GreyViews
Pune India, Dec. 23, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Aluminium foil packaging market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the aluminium foil packaging market are present across various countries in the above-mentioned regions. Plastic Roll Film
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, end use and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global aluminium foil packaging market are Penny Plate, Novelis Inc., United Company RUSAL Plc., LLC, Ess Dee Aluminum Ltd, Amcor Ltd., Alufoil Products Pvt. Ltd., Wyda Packaging (Pty) Ltd., Alcoa Corporation, Nicholl Food Packaging among others. To achieve a substantial market share in the worldwide aluminium foil packing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Due to its good characteristic features, aluminium foil, a flexible packaging material utilised in laminates, is widely used in a variety of end user sectors. Cold rolling is used to create the aluminium foil wrap, which is easily wrapped around practically anything. Aluminium foil is a common component in laminates and is used in food packaging due to its ability to act as a barrier against moisture, oxygen, and other gases, volatile odours, and light impact. In comparison to any plastic laminate material, it generally has superior light impact resistance. Aluminium foil is used in a wide range of packaging products due to its accessibility, affordability, and light weight. The growth of the aluminium foil used in food packaging is mostly attributed to the high rate of recycling of aluminium cans and the rise in popularity of canned food and beverages due to their environmental friendliness in comparison to plastic containers. Additionally, the need for alternative packaging solutions is growing as consumers become more conscious of the negative environmental effects of plastic, which is good news for the aluminium packaging business. Aluminium foil packaging has grown significantly during the past few years, and this rise is projected to continue.
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Scope of Aluminum Foil Packaging Market Report
The foil wraps segment is expected to be the fastest-growing segment in 2021.
The product segment includes containers, blisters, foil wraps, pouches and others. The foil wraps segment is expected to witness the highest growth rate during the forecast period. Due to its numerous uses in a variety of industries, such as snack pouches, liquid cartons, candy wraps, confectionery wraps, and medicinal pouches, wrapping foil is a well-known product category. Furthermore, features like dead folds and embossed effects that are unique to aluminium foil wrapping cannot be found in other types of packaging. The market for aluminium foil packaging has been driven by the rising demand for foil wrap among a variety of end users.
The food & beverages segment is expected to be the fastest-growing segment in 2021.
The end use segment includes pharmaceuticals, food & beverage, tobacco and cosmetics. The food & beverages segment is expected to witness the highest growth rate during the forecast period. Aluminium foils are commonly utilised in food and beverage packaging due to their accessibility, affordability, light weight, and fragrance protection. The most significant factor driving the market for aluminium foil used in food packaging is canning, and the high rate of recycling of aluminium cans encourages their use as environmentally friendly substitutes for plastics, which is greatly benefiting the development of the aluminium foil packaging market.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the aluminium foil pacaking include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
Germany's aluminium foil packaging market size was valued at USD 3.76 billion in 2021 and is expected to reach USD 5.26 billion by 2029, at a CAGR of 4.3% from 2022 to 2029. The industry is expected to expand significantly over the next years as consumer awareness of green packaging options rises in the area.
China’s aluminium foil packaging market size was valued at USD 4.01 billion in 2021 and is expected to reach USD 5.74 billion by 2029, at a CAGR of 4.6 from 2022 to 2029. According to research, the country's demand for aluminium packaging is rising as a result of concerns about the environment, food safety, conservation, and ideas of sustainable development.
India's aluminium foil packaging market size was valued at USD 3 billion in 2021 and is expected to reach USD 4.2 billion by 2029, at a CAGR of 4.5% from 2022 to 2029. The demand for aluminium foil packaging is increasing in the region, driven by growing demand from the food and beverage and pharmaceutical industries. Additionally, consumers are becoming more conscious of the need to choose materials that are environmentally benign and simple to recycle. Covid-19 Impact Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by owing to the rising demand for alternatives to plastic packaging which are environment-friendly and can be recycled easily.
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