The global aluminum slugs market is poised for substantial growth in the coming years, according to research by Future Market Insights (FMI). In 2023, the market is expected to reach a valuation of US$ 4.2 billion, and this upward trajectory is projected to continue with a robust compound annual growth rate (CAGR) of 5.3% through 2033, ultimately reaching US$ 7.1 billion.
Fueled by the top three countries holding a significant share of 30-35% in 2023, the aluminum slugs market is showing promising prospects. Among various end-user segments, the food and beverage industry is anticipated to lead the way, accounting for approximately 37% of the market’s value share by 2033.
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In 2022, the aluminum slugs market was already valued at US$ 4.0 billion, and it is expected to grow significantly, with the top five companies contributing to approximately 15-20% of the global market share in 2022.
The growing demand for rigid containers like aluminum tubes and aerosol cans is a key driver for the increasing demand for aluminum slugs worldwide. This growth trajectory is expected to result in the market expanding by 1.8 times its current value from 2023 to 2033, presenting substantial opportunities for businesses in this sector.
Global Aluminum Slugs – Market Dynamics
The aluminum slugs market is expected to witness a healthy growth over the forecast period due to the rising demand for smaller and convenient slugs for extrusion. Aluminum slugs market is anticipated to be exceptionally concentrated into personal care and beauty products as their end products.
Fantastic properties of aluminum slugs, for example, have an extended shelf life and a safe approach to administering a wide assortment of items. In addition, the increase in the per capita disposable income for developing economies and shift in the mindset towards convenient packaging. Rapid industrialization in the field of paint, food & beverages, etc. have seen the increment in spending to offer items by using aluminum slugs.
Recyclability properties of aluminum are few of the components to be specified which can drive the development of aluminum slugs market. The increment in power rates which will expand the cost of manufacturing for aluminum directly impact the cost for slugs is the restraint hampering the market for aluminum slugs. Instability in the raw material prices of aluminum combined with stringent norms from local government is also few of the challenges faced by aluminum slugs market.
Regional Overview:
The global aluminum slugs can be segmented on the basis of region such as:
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEJ
- Middle East & Africa
- Japan
The aluminum slugs market in North America region is to remain dominant for the highest revenue growth as compared to markets in other regions. Aluminum slugs market in China and India are expected to have substantial growth in terms of revenue due to relatively large aluminum ore industry and technological advancements in these emerging economies.
Furthermore, the growth of aluminum slugs market in Asia Pacific is also expected to be driven from the increasing in the spending power among consumers in the countries of these regions. Aluminum slugs market in Western Europe is expected to witness above average growth, with Germany, France, and the U.K. In Latin America, Brazil and Mexico saw a good presence for aluminum slugs market and is expected to grow at a significant rate.
The aluminum slugs market in the Middle East & Africa region is expected to witness an augmentation in the revenue contribution from sales in South Africa and GCC.
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Key players:
Few of the key players in the aluminum slugs market are Ball Corp, Neuman Aluminium Austria GmbH, Impol, d.o.o., Aluminium-Werke Wutöschingen AG & Co.KG, Jindal Aluminium Limited, Haomei Aluminum Co., Ltd., Nansen Industry Co., Ltd., Alucon PCL, Rheinfelden Semis Gmbh & Co. Kg, Aluman Sa.
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Market Segmentation:
On the basis of shape:
- Flat
- Round
- Rectangular
On the basis of application:
- Aerosol cans
- Aluminum collapsible tubes
- Automotive cans
- Technical parts
- Others
On the basis of the end-use industry:
- Food & Beverage
- Pharmaceutical
- Cosmetic & personal care
- Automotive
- Electrical & electronics
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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