Market Research Report
Alumina Market Research Report: By Type, Application, Geographical Outlook - Global Industry Analysis and Forecast to 2024
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||918841|
|Published||Content info||316 Pages
Delivery time: 2-3 business days
|Alumina Market Research Report: By Type, Application, Geographical Outlook - Global Industry Analysis and Forecast to 2024|
|Published: September 1, 2019||Content info: 316 Pages||
Valued at $61,093.4 million in 2018, the global alumina market is predicted to reach $54,907.3 million by 2024, registering a CAGR of 2.2% during the forecast period (2019-2024). The demand for alumina is witnessing growth due to the rising requirement for high-specialty alumina in refractories and improved substrates used in various end-use industries. Alumina or aluminum oxide is a naturally occurring corundum, which is available in two different grades: chemical and metallurgical. The former is mainly used in the manufacturing of ceramics, refractories, glass, while the latter is mainly used for aluminum production.
Based on application, the alumina market is categorized into abrasives, ceramics, refractories, metallurgy, and others. In the forecast period, the highest value CAGR is expected to be witnessed by the ceramics category. Calcined alumina is used for manufacturing advanced ceramics. Owing to its easy mixing with other formulations, good electrical conductivity, ability to control particle size and distribution, low dielectric constant, high mechanical strength, and appreciable corrosion resistance, calcined alumina is preferred as the choice of substrate for ceramics production. Furthermore, with a wide range of physical and chemical processes, alumina components are easily workable.
The classifications of the alumina market, based on type, are fused, reactive, calcined, tabular, and metallurgical. In 2018, the highest demand in the market was accounted for by the metallurgical type alumina. This was attributed to the rising demand for aluminum from various end-use industries, such as packaging, construction, transportation, and consumer durables. Moreover, the improvements in global macroeconomic growth rate, along with impressive growth forecasts for these industries, are expected to continue to boost the demand for aluminum in the coming years.
The alumina market is observing the trend of shifting of alumina production to the Asia-Pacific (APAC) region. This can be correlated to the rising production of bauxite in the region, which serves as the primary raw material for alumina production. Countries, such as Indonesia, Australia, China, Malaysia, and India are involved in the high-volume production of alumina. Additionally, the region would experience a high demand for chemical and metallurgical-grade alumina, which would boost their production in the region.
The alumina market is witnessing growth due to the rising demand for high-specialty alumina in refractories. The rising industrialization and macroeconomic growth across Eastern Europe and APAC, has given a major boost to the construction industry, which, in turn, has resulted in a surging demand for high-quality products, such as glass, specialty steel, and glass. The high-volume of steel production and adoption is expected to be high in countries, such as Russia, the U.S., the U.K., India, and China, which would further drive the demand for alumina at the primary refractory level.
The alumina market is predicted to register remarkable growth due to the possible novel applications of alumina. The demand for chemical alumina is expected to rise due to the increasing manufacturing of novel products, which has been made possible due to numerous technological advancements. Further, with the rising environmental concerns, the demand for energy-efficient and environment-friendly products is growing. The chemical-grade alumina is also used in the manufacture of lithium-ion batteries to make stationary energy storage devices and in wastewater treatment.
Therefore, the market for alumina is set to prosper in the forecast period due to its growing demand across various end-use industries.