Categories: Market Research

Aluminum Slug Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Aluminum Slug by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aluminum Slug, 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.

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.

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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

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.

The aluminum slug market report table of contents includes: