Aluminum Foil Market Size, Share, Growth Analysis, By Product(Wrapper Foils, Containers Foils, Foil Lids, Pouches), By End-use(Packaging and Industrial), By Region - Industry Forecast 2024-2031

Aluminum Foil Market size was valued at USD 27.21 Billion in 2022 and is poised to grow from USD 31.02 Billion in 2023 to USD 41.76 Billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031).

The market growth of aluminum foils is expected to be fueled by the expansion of the global packaging industry, as aluminum foils are extensively used for packaging various products such as food, beverages, cosmetics, and pharmaceuticals. Additionally, the increasing demand for electric vehicles (EVs) and the growing requirement for air conditioning systems are projected to drive the market growth for aluminum foils. The pharmaceutical industry, in particular, is experiencing a surge in demand for aluminum foils, leading to increased manufacturing activities.

The utilization of aluminum foils is widespread in industries such as food and beverage, automotive, and fast-moving consumer goods (FMCG). The country is actively working on enhancing the manufacturing capabilities of these end-use industries, which is likely to drive the demand for aluminum foils during the projected period.

Batteries are a requirement for electric vehicles (EVs), and lithium-ion batteries contain electrolytic capacitors composed of aluminum foil. The rise of the EV market is predicted to increase product demand in the next few years. For instance, Toyota Motor revealed in October 2021 that they planned to develop a USD 1.3 billion battery plant for hybrid and electric cars in North Carolina, the US.

The building and construction industry has a significant demand for aluminum foils due to their favorable properties such as lightweight, corrosion resistance, and insulation capabilities. The country's use of aluminum foils is anticipated to rise as a result of growing investments in the building industry. For instance, construction expenditure in the United States increased by 8.2% to USD 1,589.0 billion in 2021 from USD 1,469.2 billion. This rise in construction spending indicates the growing construction activities, which in turn drives the demand for aluminum foils in the industry.

US Aluminum Foil Market is poised to grow at sustainable CAGR for the next forecast year.