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Aluminum Slug Market Analysis, Trends & Forecast 2024-2033
Aluminum Slug Market Analysis
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovation is the key trend gaining popularity in the aluminum slug market. Major companies operating in the aluminum slug market are focusing on developing new products. For instance, in September 2022, Novelis Inc., a US-based producer of flat-rolled aluminum products, launched laminated aluminum surfaces for beverage cans. This innovation boosts production process effectiveness and reduces CO2 emissions for European beverage companies and can manufacturers. This aluminum sheet comes with a black laminating film that is free of Bisphenol A (BPA) and per- and poly-fluoroalkyl substances (PFAS) and black-colored beverage cans are extremely popular for fresh and inventive beverage items and energy drinks.
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Major Key Players of the Market:
Ball Corporation; Fuchuan Metal Technologies Co. Ltd.; Aluminium Rheinfelden Semis GmbH; Talum; Aluman S.A.; Haomei Aluminum; Alucon Limited; Aluminium-Werke Wutöschingen AG & Co. KG; Envases Group; Impol Aluminum Corporation; Fried. v. Neuman GmbH; Signi Aluminum; Shanghai Metal Corporation; Novelis Inc.; Western Metal Industries Private Limited; RONDAL d. o. o.; Balex Metal Sp. z o.o.; Alu-Stock S.A.; Norsk Hydro ASA; Constellium SE; UACJ Corporation; Alcoa Corporation; Tri-Arrows Aluminum Inc.; Aluminum Bahrain B.S.C.; Gränges; Kaiser Aluminum Corporation; Hydro Extrusion North America LLC; Arconic Inc.; Aleris Corporation; Hindalco Industries Limited
Aluminum Slug Market 2024 Key Insights:
• The aluminum slug market will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surging Demand For Personal Care Products Fuels Growth In The Aluminum Slug Market
• Laminated Aluminum Surfaces Transforming The Beverage Can Landscape
• Asia-Pacific was the largest region in the aluminum slug market in 2023
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