Global Alumina Market Size, Share, Trends and Growth Forecast to 2024

In 2018, the alumina market attained a value of $61,093.4 million and is expected to advance at a 2.2% CAGR during the forecast period (2019-2024). The market is growing because of the rising requirement for high-specialty alumina in refractories and innovation aimed at enhancing substrates employed in end-use industries. Alumina or aluminum oxide (Al2O3) is a naturally occurring mineral corundum and is available in chemical and metallurgical grade. Chemical grade alumina finds application in the manufacturing of ceramics, refractories, and glass, and metallurgical grade alumina is used for aluminum production.

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When application is taken into consideration, the alumina market is divided into abrasives, metallurgy, ceramics, refractories, and others (which include bearings and aerosol lubricants). Among these, the metallurgy application held the largest share of the market during the historical period, in terms of volume, and is projected to retain its position during the forecast period. This is due to the rising demand for the mineral in order to manufacture high volumes of aluminum. The refractories application is expected to grow at the fastest pace during the forecast period.

The rising demand for high-specialty alumina in refractories is another factor which is contributing to the growth of the alumina market. Rapid industrialization, because of economic growth in developed and developing countries, is resulting in the growth of the construction sector and rising consumption of steel in various end-use industries. In countries including the U.S., India, the U.K., China, and Russia, the demand for alumina at the rudimentary refractory level is rising because of high-volume production and adoption of steel. In addition, specialty alumina is used for improving the quality of steel produced.

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A major driving factor of the alumina market is the technological advancements for improving substrates which are employed in end-use industries. The demand for improved substrates such as specialty alumina is increasing because of macroeconomic factors and considerable growth across different end-use industries, including power and consumer & industrial goods manufacturing, in developing countries. Due to this, capital is being invested by companies for checking the efficiency of specialty alumina in new application areas. Alumina ceramics are being adopted in advanced and structural areas, as environmental ceramics, and in electrical and electronic components.

Among all the regions, the Asia-Pacific region accounted for the major share of the alumina market during the historical period, both in terms of value and volume, and is further projected to dominate the market during the forecast period as well. This is because, the region has high capacity of bauxite mining, aluminum production, refining and processing, and compounding chemical-grade alumina into final products. In addition to this, the high-volume demand for metallurgical and chemical-grade alumina is also driving the regional market.

Hence, the market is being driven by the need for improving substrates that are used in end-use industries and growing demand for high-specialty alumina in refractories.

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This release was published on openPR.