Market Research Report
Aluminum Foil Market Size, Share & Trends Analysis Report By End-use (Packaging, Industrial), By Application (Wrapper Foils, Blister Packs, Container Foils), By Region, And Segment Forecasts, 2021 - 2028
|Aluminum Foil Market Size, Share & Trends Analysis Report By End-use (Packaging, Industrial), By Application (Wrapper Foils, Blister Packs, Container Foils), By Region, And Segment Forecasts, 2021 - 2028|
Published: October 25, 2021
Grand View Research, Inc.
Content info: 120 Pages
Delivery time: 2-10 business days
The global aluminum foil market size is expected to reach USD 38.40 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028. Demand from the food industry for packaging applications is likely to benefit the market growth over the coming years.
Steady growth in food commodities, a large volume of agricultural production, and incessant food demand fueled by increasing incomes are some of the factors that are projected to push the growth of the food packaging sector globally. Aluminum foil has witnessed an increase in usage in the food and beverage packaging industry owing to various benefits such as flexibility, lightweight, hygiene, non-toxicity, recyclability, and the ability to keep the aroma of the foods intact.
Aluminum foil obstructs light, oxygen, bacteria, and moisture, which has led to its increasing demand in pharmaceutical and food packaging. Aluminum foil finds application in blister packs in the pharma industries. These packs are compact and portable, wherein products such as capsules and tablets are hygienically protected. This ensures the protection of capsules and tablets from the external environment while maintaining the effectiveness of these pharma products.
Industrial applications, mainly batteries, are likely to offer numerous growth opportunities for the market vendors over the coming years. The global demand for overall batteries is expected to increase to nearly 2600 GWh by 2030 from around 280 GWh in 2020, where electric mobility will account for a major share in the market.
LiB is anticipated to witness rapid growth in the overall battery market. For example, in July 2020, BMW Group announced a partnership with North volt and Umi core to build a plant for the production of LiB cells. Such initiatives are anticipated to augment the demand for aluminum foil in the automotive industry across the forecast period.