U.S. & Europe Aluminum Foil Market Size, Share & Trends Analysis Report By Product (Wrapper Foils, Foil Lids), By End-use (Packaging, Industrial), By Region, And Segment Forecasts, 2023 - 2030

U.S. & Europe Aluminum Foil Market Size, Share & Trends Analysis Report By Product (Wrapper Foils, Foil Lids), By End-use (Packaging, Industrial), By Region, And Segment Forecasts, 2023 - 2030

U.S. & Europe Aluminum Foil Market Growth & Trends

The U.S. & Europe aluminum foil market size is expected to reach USD 12.86 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 5.0% over the forecast period. Growing income levels and improving economic conditions will support market growth in both regions. In addition, the growing Electrical Vehicle (EV) industry is anticipated to significantly impact market development. Based on end-uses, the market is segmented into packaging and industrial. The product finds use in lithium-ion batteries in the production of cathode foil. Hence, the increasing production of EVs is anticipated to drive product consumption in electric battery applications.

For instance, in December 2021, VinFast announced an investment of USD 173.7 million to build an electric battery manufacturing plant in Hai Phong, Vietnam. The facility is expected to have an annual production capacity of 100,000 units. The packaging end-use industry dominated the market in 2022. Aluminum foil-based products are widely used in packaging end-uses as they protect packed goods against light, oxygen, moisture, and bacteria. They are primarily used for the packaging of tobacco, food & beverages, pharmaceuticals, and cosmetics. Aluminum foil is considered an ideal material for packaging food & beverages as it is lightweight, easily recyclable, and flexible. Thus, the rising investments in the food & beverage sector are expected to augment the market growth over the forecast period.

For instance, in September 2021, PepsiCo laid the foundation for constructing one of its largest food manufacturing facilities in Poland. The project is worth USD 220 million, and the construction is expected to get completed by 2025. The investment is aimed at expanding the production capacity of its food portfolio, including Doritos corn chips, and Lay’s fried & oven-baked chips, to meet the growing demand. The market is competitive with the presence of numerous players. Expansion is one of the key strategies adopted by the key players. For instance, in August 2022, LOTTE Chemicals established a joint venture facility with LOTTE Aluminum for producing aluminum foil. The new facility will produce cathode foil (ultra-thin aluminum foil) to be used in EV batteries. The facility is expected to have an annual production capacity of 36 kilotons.

U.S. & Europe Aluminum Foil Market Report Highlights

• The wrapper foils product segment held the largest revenue share in 2022 due to the unique properties of wrapper foils, such as easy usage, superior barrier qualities, and low weight & cost
• The foil lids segment accounted for the second-largest share in 2022 owing to its wide application in the food & beverages, cosmetics, pharmaceuticals, and toiletries industries for sealing glass and plastic containers
• Based on end-uses, the packaging segment held the largest share in 2022 on account of a wide scope of application of the product in the food & beverage packaging segment
• The market is fragmented with the presence of several global players. The industry also comprises a few medium- and small-scale players operating in different parts of the country

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