Understanding Impact of COVID-19 on Aluminum Slugs Market

Aluminum Slugs Market: Overview

Aluminum slugs are blanks or pieces of bar stock that are converted into finished parts through various machining processes. They are punched out of self-produced rotary caster strip and roughened by means of vibration or shot blasting. Aluminum slugs are widely used as metal extrusion blanks in the production of collapsible tubes. They are available in various sizes and shapes such as round, rectangular, oval, and other special shapes. Aluminum slugs are recyclable and eco-friendly.

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Aluminum is a light weight material. Hence, it is widely employed in various automobile components. Aluminum slugs are machined to produce critical automobile components such as clamps for hydraulic hoses, parts for braking systems, parts in clutches, and parts for air bag systems. Demand for lightweight aluminum components derived from aluminum slugs is gaining momentum, led by the increase in popularity of electric cars. Aluminum products offer properties such as impermeability to light, smooth and clean surface, and resistance to corrosion and chemical effects. Therefore, aluminum is a preferred material for packing drugs and pharmaceuticals in the pharmaceutical industry. It is used in pharmaceutical and cosmetic industries to pack drugs, medical creams, and sprays. Aluminum slugs are used as blanks to manufacture pressure vessels, cartridges, aluminum bottles, cans, cups and ice buckets, cigar tubes, etc.

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Key Drivers of Aluminum Slugs Market

The global aluminum slugs market is expected to expand significantly owing to the rise in demand for convenient and smaller slugs in the extrusion process
Aluminum slugs are being increasingly used in the food & beverages industry in the production of aluminum cans for canning juices, beverages, and perishable food-stuffs such as tuna, sardines, salmons, baked beans, lentils, vegetables, fruits, and mushrooms
Increase in demand for ready-to-eat canned food among young people is expected to drive the food & beverages industry. This, in turn, is anticipated to boost the sales of aluminum slugs used to make aluminum cans in the canning industry.
Rise in demand for beauty and personal care products is likely to drive the global aluminum slugs market during the forecast period, as aluminum slugs are mostly used in beauty and personal care products. Beneficial properties of aluminum slugs, such as longer shelf life, are expected to drive the demand for aluminum slugs.
Rise in disposable income in emerging economies and the increase in demand for convenient packaging are expected to boost the global aluminum slugs market
Aluminum slugs are used in the manufacture of food & beverages, paints, and others. Increase in industrialization, especially in sectors such as food & beverages, paints, and others, is projected to drive the global aluminum slugs market
Recyclability is one of the major properties of aluminum. This is anticipated to boost the aluminum slugs market during the forecast period.

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Volatility of Raw Materials Likely to Hamper Market

Increase in cost of slugs due to the increase in power rates and volatile prices of aluminum are key factors estimated to hamper the aluminum slugs market

North America Expected to Hold Large Share of Global Aluminum Slugs Market

North America is anticipated to dominate the global aluminum slugs market in the near future owing to the high per capita consumption of aluminum products
The aluminum slugs market in North America is estimated to expand at a significant pace during the forecast period. Asia Pacific accounts for key share of the global aluminum slugs market due to globalization and rapid industrialization in developing countries in the region.
China and India are the leading automobile manufacturers in Asia Pacific. This creates high demand for semi-finished aluminum products such as aluminum slugs.
The aluminum slugs market in emerging countries such as China and India is estimated to expand substantially owing to the large technological advancements and rapidly growing aluminum industry in these countries
The aluminum slugs market in Europe, Asia Pacific, Latin America, Brazil, and Mexico is projected to expand at a rapid pace during the forecast period
The aluminum slugs market in Middle East & Africa is also likely to expand at the steady pace during the forecast period

Key Players in Market

The aluminum slugs market is highly fragmented, with the top manufacturers accounting for approximately 45% to 50% share of the global market. Key players operating in the aluminum slugs market include: