SELBYVILLE, Del., September 29, 2021 (Newswire.com) - According to the report published by Global Market Insights Inc., the Alumina Market was estimated at $40 billion in 2020 and is slated to exceed USD 55 billion by 2027, registering a CAGR of 4.7% from 2021 to 2027. The research report provides a detailed analysis of drivers & opportunities, major investment pockets, market size & estimations, competitive scenario, wavering market trends, and top winning strategies.
Increasing utilization of alumina in the defense and medical industries is expected to fuel the growth of the global alumina market by 2027. Alumina's properties, particularly lightness and high strength, enhance the effectiveness of body armors like breastplates used in the military, along with aircraft, and vehicle armors. It also finds wide usage in the production of ballistics and bulletproof windows. Notably, the growing geopolitical tensions across the globe are anticipated to drive government expenditure on military and defense activities, which is slated to boost market expansion through the forecast period. For instance, military & defense spending of the U.S. reached over USD 750 billion in 2020, while the UK and France spent around USD 62 billion and USD 56 billion on military & defense activities, respectively.
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Chemical-grade alumina is extensively applied in various industries, including medical, military, and water treatment, among others. Owing to prominent utilization in these sectors, the alumina market from the chemical-grade segment is calculated to observe robust growth by 2027, registering about 6.3% CAGR through the study timeframe.
Key reasons for alumina market growth:
- Prevalent usage in the military & defense sector.
- Increased application in anti-skid paints.
- Mounting consumer interest in skin and dental treatments.
- Growing product adoption in ceramics manufacturing.
2027 forecasts show the 'aluminum production' segment retaining its dominance:
In terms of application, the aluminum production segment was valued at over USD 34 billion in 2020 and is speculated to reach a sizable revenue by 2027. Soaring uptake of high-impact resistance, lightweight, and anti-corrosive aluminum structures in hybrid/premium vehicles, particularly in the regions of North America and Europe, is set to impact the growth of the alumina market segment. Additionally, aluminum is known to considerably improve the shelf-life of liquid and food without impacting the taste, which makes it ideal for the packaging industry. Subsequently, widespread utilization of aluminum across multiple industries is likely to stimulate segmental development in the forthcoming years.
The Middle East & Africa to maintain top status with respect to revenue:
The Middle East & Africa alumina market is foreseen to witness moderate growth to garner a revenue of more than USD 6.5 billion by the end of 2027. The rapid expansion of the regional production capacity, along with the swift recovery of aluminum consumption in MEA, is estimated to promote regional market outlook through the forecast timeline.
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Impact of COVID-19 pandemic on alumina market:
The COVID-19 outbreak disrupted the global supply chain, which resulted in sky-rocketing commodity prices. This upsurge in prices was especially problematic for high-cost producers in the sector. As a result, escalating raw material prices saw alumina consumption taking a plunge in the initial stages of the pandemic. Meanwhile, COVID-19 also highlighted the climate crisis, pushing alumina manufacturers to adopt measures for decarbonizing their operations, which has further impacted the market outlook. However, with successful immunization drives and surging emphasis on economic recovery around the world, the alumina market is gradually regaining pre-COVID momentum.
Leading market players:
Some prominent companies operating in the alumina industry are Almatis, Sasol, Hongqiao Group, Rio Tinto, Nippon Light Metal Company, Aluminum Corporation of China (Chalco), Rusal, Xinfa Group, Alcoa Corporation, NALCO, Alum S.A., Norsk Hydro, Worsely Alumina, Vedanta, and Cabot Corporation, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Source: Global Market Insights Inc.