Alumina Trihydrate Market Outlook Report 2024-2033: Trends, Analysis, Insights, and Overview

"The Business Research Company recently released a comprehensive report on the Global Alumina Trihydrate Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The alumina trihydrate market size has grown strongly in recent years. It will grow from $2.07 billion in 2023 to $2.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to flame retardant properties, demand in chemical industry , shift from halogenated flame retardants, expansion in construction sector, demand in pharmaceuticals.

The alumina trihydrate market size is expected to see strong growth in the next few years. It will grow to $2.78 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to healthcare and cosmetic applications, global economic development, packaging material demand, textile industry expansion, pharmaceutical industry growth. Major trends in the forecast period include global market expansion , automotive safety, innovations in packaging , water treatment solutions.

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Market Drivers and Trends:

The surge in construction activities is expected to propel the growth of the alumina trihydrate market going forward. Construction activities refer to the various processes, tasks, and operations involved in building, altering, repairing, or demolishing structures such as buildings, bridges, roads, and other infrastructure. Alumina Trihydrate (ATH) is a common flame retardant used in the production of various construction materials, such as paints, coatings, adhesives, and polymers. Its ability to release water vapor when exposed to high temperatures helps in suppressing the combustion process, making it valuable for enhancing fire resistance in building materials. For instance, in September 2023, according to a report issued by the Census Bureau, a US-based agency responsible for collecting and producing various demographic, economic, and social data about the United States and its population, total construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, which is above the revised August estimate of $1,988.3 billion. Therefore, the surge in construction activities is driving the growth of the alumina trihydrate market.

Technological advancements are the key trend gaining popularity in the alumina trihydrate market. Major companies operating in the market are introducing new technologies to improve the quality of non-halogenated flame retardant by making it more efficient. Such advancements enable key players to gain a competitive edge in the market. For instance, in November 2021, Alcoa Corporation, a US-based producer of aluminum, designed an alumina refinery. The company intended to unlock decarburization at scale by using new and innovative technologies to deliver a cost-competitive refinery that will help eliminate fossil fuels in operations, reduce freshwater use, and minimize and eventually eliminate new bauxite residue deposits.

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Major Key Players of the Market:

Albemarle Corporation, Alcoa Corporation, Aluminum Corporation of China Limited, J.M. Huber Corporation, LKAB Minerals AB, MAL-Hungarian Aluminum Producer and Trading Co., Nabaltec AG, National Aluminium Company Limited, SHOWA DENKO K.K., Sumitomo Chemical Co. Ltd., Jinan Chenxu Chemical Co. Ltd., KC Corporation, Hayashi Kasei Co. Ltd., Dadco Group, Alumina Chemicals & Castables, Hindalco Industries Ltd., Southern Ionics Incorporated, Thermo Fisher Scientific Inc., SCR Sibelco NV, R.J. Marshall Company, Alteo, Solvay S.A., Chemtura Corporation, Clariant AG, Imerys SA, Evonik Industries AG, Wacker Chemie AG, BASF SE, Dow Inc., Eastman Chemical Company

Alumina Trihydrate Market 2024 Key Insights:

• The alumina trihydrate market size is expected to see strong growth in the next few years. It will grow to $2.78 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rising Demand For Flame Retardants From Construction Industry Propels Growth Of Alumina Trihydrate Market
• Alcoa Corporation's Pioneering Refinery Design Redefining Efficiency And Sustainability
• North America was the largest region in the alumina trihydrate market in 2023

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This release was published on openPR.