The global market for aluminum slugs is anticipated to reach a value of US$ 4.2 billion in 2023 and continue to grow at a CAGR of 5.3% to reach US$ 7.1 billion by the year 2033, according to research from Future Market Insights. The market for aluminium slugs is expected to grow, with the top 3 nations accounting for 30–35% of it by 2023.
The food and beverage category is anticipated to continue to dominate the global market for aluminium slugs based on end user. By the end of 2033, the same segment is anticipated to have about 37% of the market value share.
Aluminum slugs are also rust resistance and lighter which have extended the scope for aluminum slugs market. Aluminum slugs market is expected to get demand from several application segments including food & beverages industries, healthcare, paint industries, pharmaceutical, etc. where slugs are being used.
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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.
Global Aluminum Slugs – 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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Global Aluminum Slugs – 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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Global Aluminum Slugs – Market Segmentation
The aluminum slugs can be segmented by shape, by application, and by end use industry.
On the basis of shape, the global aluminum slugs are segmented into:
- Flat
- Round
- Rectangular
On the basis of application, the global aluminum slugs are segmented into:
- Aerosol cans
- Aluminum collapsible tubes
- Automotive cans
- Technical parts
- Others
On the basis of end use industry, the global aluminum slugs are segmented into:
- Food & Beverage
- Pharmaceutical
- Cosmetic & personal care
- Automotive
- Electrical & electronics
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