The global aluminum slugs market was valued at US$ 3.7 Bn in 2021 and is anticipated to reach US$ 6.0 Bn by 2031, expanding at a CAGR of 5.3% from 2022 to 2031. Increase in disposable income in developing countries and rise in demand for convenient & single-use packaging solutions are augmenting the global aluminum slugs market. Furthermore, benefits offered by these products, such as longer shelf-life and ease of recyclability, are propelling the global market.
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Aluminum Slugs Market: Key Findings of Report
- Increase in Demand for Post-Consumer Recycled (PCR) Products: Increase in demand for post-consumer recycled aluminum slugs is a major factor driving the market. This is ascribed to rise in awareness about the environmental impact of using virgin aluminum and availability of advanced recycling technologies. Usage of post-consumer recycled aluminum slugs helps reduce carbon footprint and conserves natural resources. This, in turn, has resulted in increased demand for these recycled slugs in various end-use industries such as packaging, construction, and automotive. Rise in adoption of sustainable manufacturing practices by these industries contributes to the growth of the aluminum slugs market.
Aluminum Slugs Market: Growth Opportunities
- Increase in adoption of sustainability initiatives by manufacturers presents attractive opportunities in the market
- Ease of recycling and availability of technologies to attract consumer attention & interest are likely to bolster market growth
- Rise in demand for hygienic and affordable single-use packaging solutions in the food & beverage industry is expected to propel market development
Aluminum Slugs Market: Key Players
Leading players assessed in the aluminum slugs market report are Ball Corporation, Aluminum Rheinfelden Semis GmbH, Aluman S.A., Signi Aluminum, Fuchuan Metal Technologies Co., Ltd., Rondal d.o.o., Haomei Aluminum, Impact Metal Parts Pvt. Ltd., Fried v. Neuman Gesellschaft G.m.b.H, Talum, Alucon, and Arnest AO.
Aluminum Slugs Market: Regional Growth Assessment
Asia Pacific held the dominant share of the global market in 2021. The market in the region was valued at US$ 1.3 Bn in 2021 and is likely to expand at a CAGR of 5.9% from 2022 to 2031. This is ascribed to increase in disposable income of the population. Expansion of the packaging and electronics industries is another key factor driving the market in Asia Pacific.
Europe and North America are likely to witness robust growth during the forecast period. Leading factors augmenting the market in these regions are presence of large number of manufacturers and rise in adoption of eco-friendly packaging solutions by the population. Furthermore, increase in demand for sustainable solutions in the packaging sector, rise in investment by industry players in R&D, and surge in adoption of modern and advanced manufacturing technologies are the other drivers of the aluminum slugs industry in Europe and North America.
Aluminum Slugs Market: Segmentation
Aluminum Slugs Market, by Material
- PCR (Post-consumer Recycled) Aluminum
- PIR (Post-industrial Recycled) Aluminum
- Green Virgin Aluminum
- Others
Aluminum Slugs Market, by Application
- Cans
- Aerosol Cans
- Automotive Cans
- Others
- Tubes
- Collapsible Tubes
- Cartridge Tubes
- Others
- Containers
- Technical Parts
- Others
Aluminum Slugs Market, by End-use
- Automotive
- Food & Beverage
- Personal Care
- Pharmaceutical
- Paint & Coating
- Electrical
- Others
Aluminum Slugs Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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