According to Future Market Insights research, during the projected period, the global aluminum slugs market is predicted to reach a valuation of US$ 4.2 billion in 2023, and further expand at a CAGR of 5.3% to reach US$ 7.1 billion by the year 2033. The aluminum slugs are anticipated to bolster with the top 3 countries holding 30-35% of the global aluminum slugs market in 2023.
Based on the end user, the food and beverage segment is expected to remain the leading segment for the global aluminum slugs market. The same segment is estimated to account for around 37% of the market value share by the end of 2033.
| Attributes | Details |
|---|---|
| Market Size 2023 | US$ 4.2 billion |
| Market Size 2033 | US$ 7.1 billion |
| Value CAGR (2023 to 2033) | 5.3% |
| Collective Value Share: Top 3 Countries (2022E) | 30-35% |
According to the FMI analysis, the aluminum slugs market totaled US$ 4.0 billion in 2022 and is estimated to be worth US$ 7.1 billion by the end of 2033, expanding at a CAGR of 5.3% from 2023 to 2033. The sales of aluminum slugs will boost with the top 5 companies holding around 15-20% of the global aluminum slugs market in 2022.
The aluminum slugs market is estimated to experience a positive growth outlook by the end of 2022. A new forecast by FMI estimates aluminum slugs sales will rise during the forecast period and is projected to create a growth incremental growth opportunity of US$ 3.1 billion.
The increase in demand for rigid containers such as aluminum tubes, aerosol cans, and others is the major factor propelling the demand for aluminum slugs across the globe. The aluminum slugs market is projected to expand 1.8 times the current market value from 2023 to 2033.
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The global aluminum slugs market witnessed a CAGR of 4.9 % during the historic period with a market value of US$ 4.0 billion in 2022.
An aluminum slug is a blank metal made of aluminum alloy with silver color. It is available in different thicknesses and different shapes such as circles, rectangles, ovals, and domes. Aluminum slugs are used in various industries as metal bases. Aluminum slugs are generally used as metal bases for aerosol cans, automotive filters, collapsible tubes &, etc. Aluminum slugs are also used for packaging to store pharmaceutical and food product like drugs, medical creams. Aluminum slugs are among the easiest packaging formats to produce, requiring only the filling of the primary product and the effective sealing of the packaging.
The continuously growing food industry is predicted to drive the demand for aluminum slugs during the forecast period. As aluminum slugs are used to manufacture aluminum cans, Collapsible tubes. Increasing demand for aluminum slug-based products will also increase the market of aluminum slugs. Overall, the global aluminum slugs market is projected to experience a positive growth rate during the forecast period.
Aluminum cans are used in the food and beverages industry which is one of the major growth industries as ready-to-eat or drink products. Aluminum cans provide a good fence to protect food and beverages against moisture, light & oxygen which helps to preserve the quality of the product. they are designed individually as per consumer requirements. Aluminum is considered safe and harmless to health. The properties of aluminum help to protect the product. As printing can easily be done in aluminum containers it is also used as a luxury for advertising the product.
Aluminum slugs have various benefits such as product plasticity, easy stretch good corrosion resistance, and excellent appeal. They are available in different shapes, sizes, strengths & capacities. Aluminum cans are lightweight, recyclable, eco-friendly & corrosion-free material. Due to its recyclable ability, food grade & shelf life, it is highly preferred among manufacturers. due to these aluminum properties, majority of the food in the market is packed food.
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Based on shape type, the round segment is anticipated to hold the major portion of the aluminum slugs market. Round aluminum slugs are used to manufacture aerosol cans, health care & Pharmaceutical containers. The round aluminum slugs segment is projected to register a CAGR of 4.7 % from 2023 to 2033.
Aluminum slugs are more sustainable, and eco-friendly and have good print finish qualities compared to other materials. Aluminum slugs have suitable features as per the current market trends. Thus, the round aluminum slug segment is set to project a major share in the aluminum slug market.
By application, the cans segment is anticipated to generate high demand for aluminum slugs. Opportunities have increased in aerosol cans as sprays are used. Aerosol can sprays are easy to use, handle and do less waste. The target segment is projected to grow 1.5 times the current market value during the forecast period. The increased demand for beverage & pharmaceutical products such as soft drinks, beer, wine & chemical syrups caps, and others expand the sales of aluminum slugs.
Europe is one of the major markets for manufacturing aluminum slugs. The German aluminum slugs market is projected to register a CAGR of 4.1% from 2023 to 2033. Germany is at the top of the list country-wise for using cosmetic products. According to the data provided by the Cosmetic, Toiletry, and Perfumery Association (CTPA), Germany will maintain its position as the largest market for cosmetics and personal care products with US$ 15 billion in 2021.
India’s aluminum slugs market is anticipated to hold 62% of the South Asia album market share from 2023 to 2033. According to India Brand Equity Foundation (IBEF), India is the fastest-growing health food market and is set to grow 2x by 2026 with a market value of US$ 30 billion. As health-conscious consumers are rising, consumption of Aluminum cans will take a rapid growth in packed food. As India is fast growing country in the food sector and Aluminum cans are the emerging packaging it creates growth opportunities for aluminum slugs.
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The key players are focusing on innovative solutions for aluminum slugs. To achieve set goals, companies are merging with big players to increase their market share. The acquisition of small companies is also being done by big manufacturing giants. Investment in research and development amid strive for innovation is also being done by the companies. Some of those fluctuations are as under-.
In May 2021, Beiersdorf & Nussbaum Matzingen's switzerland aluminum can manufacturing based company collaborated to develop the first aerosol can made from 100% post-consumer recycled aluminum to reduce carbon footprints and to go more sustainable.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.3 % from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Shape, Application, End Use |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia |
| Key Countries Covered | The USA, Canada, China, India, Germany, The United Kingdom, Japan |
| Key Companies Profiled | Ball Corporation; Aluminium-Werke Wutöschingen; Rondal (Impol); Haomei Aluminum; Aluminum Rheinfelden Semis Gmbh; Aluman S.A; Fu-Chaun Metal; Pet Aluminum; AWW Wutoschingen; Alucon; Western Metal Industries; Shanghai Metal; Signi Aluminum; Novelis; Talum |
| Customization & Pricing | Available upon Request |
The global aluminum slugs were valued at US$ 4.0 billion in 2022.
The global aluminum slugs expanded at a CAGR of 4.9% during historic period.
The global aluminum slugs market is projected to reach US$ 7.1 billion by the end of 2033.
The food & beverage segment is estimated to remain the leading segment of the global aluminum slugs market.
The high preference for advanced technology and safety during transit is anticipated to boost the demand aluminum slug across the globe.
The Indian aluminum slugs market is anticipated to register a CAGR of 5.7% from 2023 to 2033.
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