Aluminum foils: Key market research findings
- Increasing demand from the healthcare sector
- Consumer packaging segment accounts for a major share of the market
- Key vendors—Alcoa, Ess Dee Aluminum, GARMCO, Hindalco Industries, Norse Hydro, and RUSAL
The market research analysts at Technavio estimate the global aluminum foils market to grow at a CAGR of over 5%. The increasing demand from the healthcare industry is the primary driver for the market. There’s an increasing preference for aluminum foil packaging in the healthcare industry as it offers better quality and reliability to the packaged products. At present, the APAC region accounts for around 67% of the overall market share and dominates the global aluminum foils market. Increasing demand for convenience foods and branded products in the developing countries in the region, the introduction of active and intelligent packaging, and a rise in the preference for flexible packaging are some of the factors that are likely to influence the growth of the market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of aluminum foil segments by end-user.
“An increase in the demand for blister foil packaging in the pharmaceutical industry is an upcoming trend in the global aluminum foils market. The increased sales of blister packs in the pharmaceutical industry can be attributed to the strict legislations imposed by the Food and Drug Administration (FDA). The blister packs are also used for the packaging of contact lenses as this significantly reduces the cost of packaging and provides ease of handling,” Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
In 2015, the consumer packaging segment dominated the global aluminum foils market by holding a market share of around 72% and is expected to grow rapidly in the coming years. The consumer packaging market includes different types of foils such as household foils, lidding, container foils, and converter foils. There is an increasing dependence on ready-to-eat foods and beverages by consumers. This stimulates the rise in demand for aluminum foils in consumer packaging.
The key vendors in the global aluminium foils market include Alcoa, Ess Dee Aluminum, GARMCO, Hindalco Industries, Norse Hydro, and RUSAL. The global aluminum foils market is highly consolidated and dominated by a few key market vendors. However, with an increase in the number of new players, the market shares for these top vendors are declining and are being shared by the new players. To compete in the market, vendors are trying to introduce new and innovative products. Vendor competition is expected to intensify with an increase in product extensions, innovations in technology, increase in product extensions, and M&A.
A more detailed analysis is available on the Technavio report, Global Aluminum Foils Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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