Specialty Alumina Global Market Report 2024 - By Report, Size, Share, Trends, Forecast To 2033

The specialty alumina market size has grown steadily in recent years. It will grow from $2.76 billion in 2023 to $2.87 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to growth of demand in refractories industry, expanding electronics and semiconductors sector, increased utilization in ceramics production, advancements in catalysts production, development in surface treatment applications..

The specialty alumina market size is expected to see steady growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to rising demand in electric vehicles (evs), growing demand for advanced ceramics, expansion of renewable energy sector, increased utilization in biomedical applications, infrastructure development projects, increasing demand for sapphire substrates. Major trends in the forecast period include focus on value-added products, product innovations, stringent quality standards, research and development investments.

Market Overview -
Specialty alumina refers to high purity, engineered aluminum oxide materials produced with specific characteristics and properties to suit various industrial applications. Alumina is derived from bauxite ore through a refining process, and specialty alumina involves further processing and customization to meet specialized requirements.

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Growing Aerospace And Defense Industry Drives Demand For Specialty Alumina
The growing aerospace and defense industry will boost the specialty alumina market. The aerospace and defense industry refers to a sector that encompasses the development, production, and maintenance of aerospace systems, including aircraft, spacecraft, missiles, rockets, and related components, as well as defense systems and equipment. Specialty alumina is used in producing various aerospace and defense components due to its high strength, lightweight properties, and excellent thermal resistance. It can be utilized to manufacture turbine blades, engine components, bearings, seals, and structural parts. For instance, in November 2022, the Airspace Industries Association (AIA), a US-based trade association, reported that the aerospace and defense (A&D) industry generated $892 billion in combined sales in 2021, an increase of 2.1% over the previous year. According to the same source, exports from the A&D sector increased by 11.2% to $100.4 billion. Therefore, the growing aerospace and defense industry will drive the specialty alumina market.

Competitive Landscape -
Major companies operating in the specialty alumina market report are Rio Tinto Group, Aluminum Corporation of China Limited, Hindalco Industries Limited, Norsk Hydro, Sumitomo Chemical Co Ltd., Hongqiao, Rusal, Alcoa Corporation, Showa Denko, South 32, Emirates Global Aluminum, Nippon Light Metal Holdings Company Ltd., JM Huber Corporation, National Aluminum Company Limited, BASF SE, Almatis GmbH, ALTEO, Nabaltec AG, PT Indonesia Chemical Alumina, AluChem, Silkem doo, MOTIM Electrocorundum Ltd., Xinfa Group, Gujarat Credo Alumina Chemicals Pvt. Ltd., Hangzhou Jinjiang Group

Innovative Product Offerings Propel Specialty Alumina Market
Product innovation is a popular trend in the specialty alumina market. Major companies operating in the specialty alumina market are focused on product innovation such as HYCal to sustain their position in the market. For instance, in March 2023, Carborundum Universal Limited, an India-based engineering company, launched CUMI Monk by using the advanced fusion method using specialty alumina with special additives. CUMI Monk Monocrystalline Alumina is a single crystal of alpha-phase alumina with little grain boundaries, creating rough surfaces with strong cutting edges for better bonding and sharper cutting actions than conventional alumina grains.

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Key Segments -
The specialty alumina market covered in this report is segmented -
1) By Type: Standard Calcined Alumina, Tabular Alumina, White Fused Alumina, Medium Soda Calcined Alumina, Low Soda Alumina, Other Types
2) By Application: Refractory Materials, Ceramics, Abrasives And Polishing, Catalyst, Other Applications
3) By End-User Industry: Automotive, Aerospace, Chemicals, Industrial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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