Alumina Market Research Report Detailed Analysis On The Basis Of Application, Latest Trend, Region And Growth Forecast To 2024

The surging demand for cement, specialty steel, and high-quality glass and the expansion of the global construction industry, due to the macroeconomic growth and rising industrialization rate in Eastern European and Asia-Pacific (APAC) countries, is driving the worldwide demand for alumina. Russia, India, China, the U.S., and the U.K. are the biggest consumers of alumina across the world, on account of their high-volume manufacturing and consumption of steel. Moreover, the burgeoning requirement for chemical-grade alumina, owing to the emergence of various advanced technologies, is also contributing to the soaring demand for alumina.

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The use of chemical-driven alumina is primarily driven by the escalating demand for eco-friendly, energy-efficient, and technologically feasible products and the implementation of supportive government policies. For example, the U.S. and the European Union (EU) have enacted several policies aimed at augmenting the domestic production of liquid crystal displays (LCDs) for meeting the requirement for high-resolution, flexible, and large-panel LCD TVs. Besides these factors, the mushrooming demand for various high-performance substances for stationary energy storage devices such as gas turbines and lithium-ion batteries, is also amplifying the sales of alumina.

Many countries around the world are increasingly focusing on reducing their reliance on fossil fuels and diversifying their energy portfolios with the adoption of renewable energy sources for power generation, owing to which, they are rapidly adopting high-performance energy generating devices. This is consequently propelling the demand for alumina, which is, in turn, driving the growth of the global alumina market. According to the forecast of the market research firm, P&S Intelligence, the market revenue will rise from $61,093.4 million in 2018 to $54,907.3 million by 2024.

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Geographically, the sales of alumina were the highest in the APAC region in the years gone by. This is ascribed to the high-volume aluminum production, extensive bauxite mining, processing, and refining activities being carried out, especially in China, Indonesia, and India, and compounding of the chemical-grade alumina into several final products in the region. As per the World Mineral Production 2013–2017 report produced by the British Geological Survey, Indonesia, China, and India together accounted for more than 58.5% of the worldwide alumina production in 2017.

Hence, it can be safely said that due to the surging aluminum production, burgeoning requirement for cement, high-quality glass, and specialty steel, increasing industrialization rate, and the rapidly expanding construction industry, the demand for alumina will shoot up all over the world in the coming years.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.