Overview and Scope
The aluminum slug refers to a type of metal blank available in a variety of thicknesses and forms that is made of an alloy of aluminum with a silver color. These are used in various industries as they are sustainable, eco-friendly, and recyclable.
Sizing and Forecast
The aluminum slug market size has grown strongly in recent years. It will grow from $3.95 billion in 2023 to $4.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to packaging industry growth, substitution for other materials, consumer goods manufacturing, globalization of supply chains, automotive industry demand, sustainable packaging trends.
The aluminum slug market size is expected to see strong growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing demand for beverage cans, growing emphasis on circular economy, rising demand for personal care products, expansion of pharmaceutical industry, e-commerce packaging requirements. Major trends in the forecast period include advancements in manufacturing processes, rising popularity in automotive applications, focus on sustainability and recycling, increased demand in packaging industry, technological innovations in alloy compositions, customization and product differentiation.
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Segmentation & Regional Insights
The aluminum slug market covered in this report is segmented –
1) By Type: Round Type, Square And Rectangular Type, Perforated Type, Other Types
2) By Material: PCR (Post-Consumer Recycled Aluminum), PIR (Post-Industrial Recycled Aluminum), Green Virgin Aluminum, Other Materials
3) By Application: Tubes, Aerosols, Technical Parts, Other Applications
4) By End-Users: Automotive, Food And Beverages, Personal Care, Pharmaceutical, Paint And Coating, Electrical, Other End-Users
Asia-Pacific was the largest region in the aluminum slug market in 2023. The regions covered in the aluminum slug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for personal care products is expected to boost the growth of the aluminum slug market going forward. Personal care products refer to consumer goods that are used for personal hygiene, personal grooming, and personal beautifying. Aluminum slugs are used to create items such as flexible tubes, aerosol cans, collapsible tubes, aluminum bottles, and aluminum covers that are frequently used for the packaging of personal care products, as a result, the growing demand for personal care products increases the demand for aluminum slug market. For instance, in August 2022, according to Zippia Inc., a US-based career expert that provides job opportunities, the beauty and personal care market in the United States is worth approximately $84 billion. Further, the cosmetic industry is expected to reach approximately $463.5 billion by 2027. Therefore, the growing demand for personal care products is driving the growth of the aluminum slug market.
Key Industry Players
Major companies operating in the aluminum slug are focusing on advanced solutions, such as eco-friendly aluminum aerosol can, to strengthen their position in the market. Eco-friendly aluminum aerosol can refer to a container designed with environmental considerations to minimize its impact on the ecosystem throughout its entire life cycle. Utilizing eco-friendly aluminum aerosol cans and slugs helps minimize the environmental impact associated with traditional aerosol packaging. This can include lower energy consumption, reduced greenhouse gas emissions, and decreased reliance on resource-intensive processes. For example, in June 2022, Ball Corporation, a US-based leading provider of innovative, sustainable aluminum packaging for beverage, personal care and household products, has unveiled its most eco-friendly aluminum aerosol can, which is designed to support the company’s ambition to achieve its 2030 science-based targets and net-zero emissions before 2050. The new can has a carbon footprint that is half that of a standard can.
The aluminum slug market report table of contents includes:
1. Executive Summary
2. Aluminum Slug Market Characteristics
3. Aluminum Slug Market Trends And Strategies
4. Aluminum Slug Market – Macro Economic Scenario
5. Global Aluminum Slug Market Size and Growth
…
31. Global Aluminum Slug Market Competitive Benchmarking
32. Global Aluminum Slug Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aluminum Slug Market
34.Aluminum Slug Market Future Outlook and Potential Analysis
35. Appendix
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