The global alumina market is projected to attain a value of $54,907.3 million by 2024, from $61,093.4 million in 2018, progressing at a 2.2% CAGR during the forecast period (2019–2024), according to a report by PS Intelligence. The key factor leading to the growth of the market are the rising need for high-specialty alumina in refractories and innovation aimed at enhancing substrates employed in end-use industries. On the basis of type, the market is categorized into fused, metallurgical, reactive, calcined, tabular, and others.
Out of these, the metallurgical category held the major share of the market in the past because of the high-volume production of aluminum. The global production of aluminum increased to 60.1 million tonnes in 2017 from 52.2 million tonnes in 2013. The demand for metallurgical-grade alumina is majorly rising from the Asia-Pacific (APAC) region, thereby driving the growth of the region. The fused category is expected to witness the highest growth during the forecast period, due to its applications in abrasives for metal polishing.
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In terms of application, the alumina market is divided into refractories, ceramics, abrasives, metallurgy, and others. The metallurgy application accounted for the largest share of the market in the past. The refractories division is predicted to register the highest CAGR during the forecast period. The ability of alumina to offer dimensional stability and heat, wear resistance, corrosion, and wear resistance is predicted to lead to the increasing demand for the compound for developing advanced and high-quality products.
Geographically, the APAC region held the largest share of the alumina market in the past, accounting for 85,000 kilotons in 2018. The high alumina manufacturing capacity of India, China, and Indonesia is the major driving factor of the regional market. These three countries accounted for more than 58.0% share of the global alumina production in 2017, according to the data released by the British Geological Survey in its publication, World Mineral Production 2013–2017.
The surging production of alumina is a key trend being witnessed in the alumina market. The alumina supply chain is exhibiting signs of interconnection all over the region with the increasing mining of bauxite in countries in APAC. This is predicted to cater to the surging production of alumina in the region. A similar trend is expected to be witnessed with the surging aluminum production volume. Contrastingly, North American and South American regions have shown steep drop in the production of the compound.
The expansion of the construction industry is a major factor leading to the growth of the alumina market. Macroeconomic growth in countries in APAC and Eastern Europe and rapid industrialization are the major factors leading to the growth of the construction sector. In addition to this, the requirement for high-quality products, including glass, specialty steel, and cement is on a rise. Countries including China, the U.S., India, the U.K., and Russia are predicted to create high volume demand for steel. This is predicted to drive the alumina industry.
Hence, the growing construction industry and increasing production of alumina in APAC are driving the expansion of the market.
