Aluminum oxide is a naturally occurring compound and the fourth most common mineral across the globe. Aluminum Oxide Market finds its application in various industries, mainly in the production of aluminum. Depending on its applications or form, aluminum oxide is being recognized as alumina, bauxite, alundum, or alkoxide depending. Due to the increasing applications in medical, pharmaceuticals, industrial, manufacturing, and electronics, aluminum oxide is garnering a colossal market prominence of recent years.
As a result, the aluminum oxide market is growing at a rapid pace, globally, witnessing a massive demand for high-performance alloys. According to Market Research Future (MRFR), the global aluminum oxide market is projected to create a valuation of over USD 70,511.7 MN by the end of 2030. In its recent study report, MRFR also asserts that the market is estimated to register a 6.68% CAGR. The augmenting demand and consumption of alumina is a key driving force behind the growth of the market.
The increasing consumption of aluminum oxide in the production of dental cement and the industrial manufacturing processes drive market growth significantly. Besides, the growing use of aluminum oxide in the production of porous ceramics boosts market demand. Furthermore, the increase in the industrial manufacturing sector offers lucrative growth opportunities. On the other hand, risks associated with bauxite ore mining would obstruct the market growth during the forecast period.
Aluminum Oxide Market - Segmentation
The report is segmented into four main dynamics to widen the scope of understanding,
By Structural Form : Nanoparticles, Pellets, Powder, Tablets, Sputtering Targets, and others.
By End-use: Medical, Pharmaceuticals, Industrial, Manufacturing, Electronics, and others.
By Purity : 2N (99%), 3N (99.9%), 4N (99.99%), 5N (99.999%), and 6N (99.9999%).
By Regions: Americas, Europe, Asia-Pacific, Middle East Africa, and Rest-of-the-World
Global Aluminum Oxide Market - Regional Analysis
Asia Pacific dominates the global aluminum oxide market. In 2018, the region accounted for 52.3% market share, heading with the rapid industrialization and favorable regulatory policies in the emerging economies such as China and India. In 2018, China held the largest share in the regional market and is further expected to grow at 7.83% CAGR during the forecast period. Significant growth in end-use industries in India, China, and Indonesia, support the regional market growth. Additionally, growing investments in the rapidly developing South-East Asian countries fuel the regional market growth.
North America accounts for the second-largest share in the global Lithium Nickel Cobalt Aluminum Oxide market. The market growth attributes to the massive consumption of alumina in the rapidly growing medical pharmaceutical industries and in the electronics industry in the region. The US is the largest market for aluminum oxide in North America and is expected to register 6.42% CAGR during the forecast period. Whereas, Canada is projected to grow at 5.72% CAGR, heading with the increasing consumption of electronics and home appliances equipment alongside, the relaxation in the immigration policies. With the rising application of alumina, the North American aluminum oxide market is projected to register a 6.3% CAGR during the forecast period.
Aluminum Oxide Market - Competitive Analysis
Highly competitive, the aluminum oxide market appears to be diversified with the presence of many internationally acclaimed players. To sustain their market positions, these players invest heavily in RD, global expansion, advanced technologies, and product launches. They focus on optimized situational awareness for commercial customers to ensure their mission success. Manufacturers tap emerging markets for expansions and strive to deliver the finest and most reliable products to drive customer-centric growth.
Major Players
Players leading the global aluminum oxide market include Morgan Advanced Materials Plc, Sasol Limited, Cabot Corporation, Almatis GmbH, Rusal, Tirupati Industries (India) Ltd, Illinois Valley Minerals, LLC, Washington Mills, Choice Organochem LLP, and American Elements.
Industry/ Innovation/ Related News:
October 25, 2019 ---- Rio Tinto, an Anglo-Australian multinational and one of the world's largest metals mining corporations, announced the commissioning of industry-leading filter press technology at its Vaudreuil alumina refinery in Québec, Canada. The new filter presses would deliver many environmental benefits by moving the refinery to dry stacking of bauxite residue and increase the life of the operation.
It dries bauxite residues in only 17 minutes instead of the three years it takes currently. The presses would be operational in early 2020. Bauxite residue is a by-product of the Bayer Process; the primary reason for refining bauxite is to produce alumina (aluminum oxide). The aluminum oxide must be purified before it can be refined to aluminum metal.
In addition to demonstrating Rio Tinto's commitment to investing in the sustainability of its world-class assets, the implementation of this industry-leading filter press technology will benefit the local community and company's operations by minimizing the area needed to store bauxite residue and making the rehabilitation of the site easier.
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