LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global aluminum foil market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The report further segments the global aluminum foil market by end-user (consumer packaging, pharmaceutical packaging, and industrial market) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global aluminum foil market:
- Disadvantages of plastic packaging
- Growth in global pharmaceutical market
- Growing demand for flexible packaging in food industry
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Disadvantages of plastic packaging
Innovative product designs and developing technologies are promoting the need for new packaging materials for pharmaceutical products. Packaging of products has shifted from glass containers to plastic bottles and containers made from low-density polyethylene and high-density polyethylene. Although these containers are convenient to use, durable and cost less, they are not impervious to leaching of chemicals from lacquers, paper, or film face stocks, adhesives, topcoats, label inks, or even the container itself, which could contaminate the medicine inside.
According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for metals and minerals research, “Disposal of plastics that are used in packaging is another sustainability concern that is faced by the global pharmaceutical packaging industry. However, packaging is much safer when aluminum is used as it is safe to use and can be easily recycled.”
Growth in global pharmaceutical market
Due to reasons such as population migration, urbanization, and the rapidly changing environment, the rate and occurrence of infections is increasing year-over-year. Skin infections include cellulitis, impetigo, shingles, ringworm, warts, nail fungus, and Molluscum contagiosum. The global skin treatment market is expected to reach USD 20.52 billion by 2020, from USD 17.24 in 2015. Increase in occurrence of diseases will fuel the demand for drugs and this factor is expected to drive the global aluminum foil market for pharmaceutical packaging.
Growing demand for flexible packaging in food industry
Growth of the processed food industry and changes in consumer behavior are expected to boost the growth of the global aluminum foil market. Lightweight packaging is required for fast foods which are in high demand. This proves to be a positive factor for the global aluminum foil market. The lifecycle of the product is dependent on the packaging of the product. Moreover, packaged food needs an easy and flexible packaging material which the consumers would find easy to use and would ensure product safety.
“Nowadays, consumers are inclined towards easy-to-use, lightweight packaging solutions. Manufacturers are focusing on such materials to tap into the organized retail and processed food markets. APAC and EMEA are high potential markets for processed, fast, and convenience foods, which augurs well for the aluminum foil market during the forecast period,” says Chandrakumar.
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