Aluminum Slugs Market Predicted Double-Digit Growth Rate by 2024

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Aluminum Slugs Market Predicted Double-Digit Growth Rate by 2024
Aluminum Slugs Market
Aluminum Slugs Market

The aluminum slugs are very important in the packaging industry as they are faster, efficient, easier, safer, and effective for the slug extrusion. When compared with other metal slugs, the aluminum slugs are recyclable and eco-friendly. The aluminum slugs are available in a variety of shapes and sizes.

The Ball Co. manufactures the aluminum slugs by using processes that do not have an effect on the environment. For instance, they make use of the aluminum that is recycled from the beverage cans in order to produce the slugs. Their product ReAl™ slugs reduce the amount of the metal in the packaging.

The global market for the aluminum slugs is fragmented into its shape, application, and end-user industry. Based on the shape, the global market is segregated into rectangular, flat, and round. Based on the application, the market is categorized into aluminum collapsible tubes, technical parts, aerosol cans, automotive cans, and others. Based on the end-user industry, the market is divided into pharmaceutical, automotive, food & beverage, cosmetic & personal care, and electrical & electronics.

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The market for the aluminum slugs will experience a strong growth owing to the increasing demand for the convenient and smaller slugs for the process of extrusion. The market for the aluminum slugs is majorly concentrated in the beauty and personal care products. The beneficial properties of the aluminum slugs make their demand increasing in the global market which includes longer shelf life. Factors such as the rise in the disposable income in the emerging economies and the shift in the focus for the convenient packaging support the growth of the market. Increase in the industrialization especially in the sectors such as food and beverages, paint, and others have increased their investments in the items that are made using the aluminum slugs. The increasing cost of the slugs due to the increase in the power rates and the volatile prices of the aluminum are the factors that are restraining the growth of the market.

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The region that contributes the major revenue share in the aluminum slugs market is North America. The region that follows North America is Asia Pacific region. It is expected that the developing regions such as the China and India will have a substantial revenue growth in the aluminum slugs market owing to the large technological advancements that are made and the rapidly growing aluminum industry. Another factor that supports the growth of the market in Asia Pacific region is the increasing spending power of the consumers. The market will grow at a moderate rate in the Western European region. In Latin America region, the countries such as Mexico and Brazil are showing a good rate of market growth.

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The key market players that are involved in the aluminum slugs market include Neuman Aluminium Austria GmbH., Aluminium-Werke Wutöschingen AG & Co. KG, Haomei Aluminum Co., Ltd., Alucon PCL, Aluman Sa., Ball Corp., Impol, Jindal Aluminium Limited, Nansen Industry Co., Ltd., and Rheinfelden Semis GmbH. & Co. Kg.

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