The market is expected to generate an incremental $ opportunity of US$ 3.8 Bn between 2022 and 2030
Category: Packaging Published Date : July 2022 ID: CVC-00145-PKG Format: PDF Pages: 312
Aluminum Slugs Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Aluminum Slugs Market was worth US$ 5.0 Bn and is expected to grow at a CAGR of 7.3% over the forecast period. The market is expected to hit US$ 8.9 Bn by 2030 end.
Aluminum Slugs are little bits of aluminum formed by cutting or punching. The primary application for these slugs is to facilitate transportation, storage, and handling in regions where space is limited, such as inside a tube, canister, or bottle.
Because of their low-density features, they are also employed in technical parts requiring thin form factors with strong strength characteristics, such as speaker cones, window channels, and glazing beads.
Aluminum slugs are also corrosion resistant and lighter, which has broadened the market for aluminum slugs. Aluminum slugs market demand is projected to come from various application categories such as food and beverage, healthcare, paint industries, pharmaceutical, and so on.
What are the causes driving the rise in demand for Aluminum Slugs?
The rising need for raw aluminum in the automotive and construction industries and the growing demand for lightweight products propel the industry forward. Furthermore, technical improvements such as lighter weighing and higher strength are increasing the usage of aluminum in various applications such as automobile components and product packaging due to its lightweight qualities that minimize fuel consumption.
The worldwide aluminum slugs market is predicted to grow considerably as demand for more convenient and smaller slugs in the extrusion process rises.
Aluminum slugs are increasingly used in the food and beverage sector to make aluminum cans for canning juices, drinks, and perishable foods such as tuna, sardines, salmons, baked beans, lentils, vegetables, fruits, and mushrooms.
Aluminum slugs are also environmentally benign and recyclable, giving them an edge over other metal slugs.
What are the opportunities in the Aluminum Slugs Market?
The rise in disposable income in emerging nations and demand for simple packaging is projected to drive the worldwide aluminum slugs market.
The worldwide aluminum slugs market is expected to be driven by increased industrialization, particularly in food and beverages, paints, and others.
One of the most important qualities of aluminum is its capacity to be recycled. It is expected to create abundant opportunities in the aluminum slugs market during the projected period.
What are the major challenges confronting the Aluminum Slugs Market?
The limitation impeding the market for aluminum slugs is the increase in power rates, which will increase the cost of manufacturing aluminum and consequently affect the price of slugs. Instability in aluminum raw material costs, paired with tight local government regulations, are only a few of the issues confronting the aluminum slugs industry.
Why are Round Aluminum Slugs expected to grow at the fastest CAGR?
The round type category accounted for the largest share in 2021 because of its many uses, such as automotive components and textiles.
Round Aluminum Slugs are made of high-quality aluminum alloy that is perfect for use in the automobile sector. Aluminum slugs have a smooth surface finish and are commonly utilized in industries such as electrical & electronics, building items, etc. They are extremely long-lasting.
Why Aerosol Can the application of Aluminum Slugs likely to grow the most rapidly throughout the forecast period?
The rising demand for fast food, packaged food, and beverages resulting in increased usage of aerosols is expected to drive the demand for aluminum slugs during the forecast period.
Aluminum Slugs are mainly used in Aerosol cans that come with an attached top which prevents leakage & breakage of any type, protecting the product from corrosion caused by air or moisture.
Why is the North American region cementing its global dominance in the Aluminum Slugs Market?
The aluminum slugs market in North America is expected to continue dominating revenue growth, outpacing markets in other regions.
Due to strong demand from end-use industries such as automotive, electrical & electronics, and construction items, North America was the biggest market for Aluminum Slugs in 2021 and is predicted to expand at a high CAGR during the forecast period.
Which country has promising opportunities in the Asia-Pacific Aluminum Slugs market?
Because of globalization and fast industrialization in the region’s emerging countries, Asia Pacific accounts for a significant proportion of the worldwide aluminum slugs market.
China and India are Asia Pacific’s biggest vehicle producers. As a result, semi-finished aluminum goods such as aluminum slugs are in great demand.
The aluminum slugs market in emerging nations such as China and India is expected to increase significantly due to significant technological breakthroughs and a quickly growing aluminum sector in these countries.
The market for aluminum slugs is extremely fragmented, with the top producers accounting for around 50.0% of the global market.
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global Aluminum Slugs Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|