- The growth is due to increasing sales of smartphones globally
- Aluminum laminated film is used for packaging of the pouch cells, which are used for portable applications like smartphones, tablets
The global aluminum laminated film market will reach $88.7 million by end of 2027 as per a report by Coherent Market Insights. It was valued at $28.9 million in 2019 and will grow at a compound annual growth rate (CAGR) of 15 per cent over the forecast period (2020-2027), in terms of revenue.
The report said that the aluminum laminated film market is expected to see this growth due to the increasing sales of smartphones globally. Aluminum laminated film is used for the packaging of lithium-ion rechargeable batteries. These batteries have applications in various electrical appliances including smartphones. Increasing sales of smartphones are expected to boost the demand for lithium-ion batteries. This will drive the demand for aluminum laminated film.
Pouch cells
Lithium-ion batteries are classified into cylindrical cells, button cells, prismatic cells, and pouch cell according to their shape and packaging. Aluminum laminated film is used for the packaging of the pouch cells. The pouch cell can achieve 90-95 per cent packaging efficiency. They are preferred for portable applications like smartphones, tablets that require high load currents. The report added that the growth of portable electronic devices market is expected to drive demand for pouch cells. This will boost the demand for aluminum laminated film over the forecast period.
The report added that the global aluminum laminated film market will also see growth due to the increasing demand for energy storage systems from the power generation sector. Energy storage system uses a group of batteries like lithium-ion batteries to store electrical energy. Energy storage systems help industrial enterprises and power-sensitive facilities like hospitals to continue running, when conventional power sources and generators fail or unable to function.
Increasing demand for sustainable energy solutions
As per the report, these batteries are environmentally safe and lower-cost alternative to carbon-based fuels. This leads to increasing demand for sustainable energy solutions which boosts demand for energy storage systems. This, further, drives demand for aluminum laminated film.
Among regions, Asia Pacific took the largest market share, in terms of revenue, in the global aluminum laminated film market in 2018. The report said that this is due to increasing demand for electrical appliances in the region. This demand can be attributed to changing lifestyle patterns and increasing disposable income of the population.
