From a common soda can to entire train sets, a range of things are made from aluminum (Al). The metal is highly useful in places where lightness has to be combined with strength. Moreover, it also provides high thermal insulation, corrosion resistance, and hydrophobic advantages. Due to the increasing usage of aluminum, the demand for is basic raw material, alumina or aluminum oxide (Al2O3), is also rising. The oxide is primarily extracted in the form of bauxite and then processed and purified to retrieve the metal.
Thus, with the rising demand for this versatile metal, the alumina market is expected to grow to $54,907.3 million by 2024, at a CAGR of 2.2% between 2019 and 2024. The oxide is available in several forms, viz. calcined, tabular, metallurgical, reactive, and fused. Of these, the metallurgical type has witnessed the heaviest consumption till now, because it is used specifically to derive aluminum metal, the requirement for which has been rising around the world. In the years to come, the usage of refractory-grade Al2O3 is predicted to surge the fastest.
Presently, the most productive alumina market is Asia-Pacific, as it accounts for the highest production and consumption of the oxide. The mining, refining, and processing of bauxite, production of Al metal, and compounding of the chemical-grade metal oxide into the end products happen at a rather large scale in regional countries. India, Indonesia, and China were responsible for around 58.5% of the total alumina produced in the world in 2017, according to the World Mineral Production 2013–2017 report published by the British Geological Survey.
Another sector where refractories are finding usage, not just in APAC, but around the world, is power. They are widely used in gas turbines, and with the focus now shifting from coal and crude oil-fired power plants to cleaner, gas-based ones, the production of gas turbines is surging, thus driving the demand for alumina refractories. Similarly, they are also used in lithium-ion batteries, which are increasingly being adopted in renewable power plants, such as hydroelectric, solar, and wind power installations as well as electric vehicles.
Hence, with the widening application area of aluminum oxide or alumina, the demand for it will keep increasing in the coming years.
Read More: https://www.psmarketresearch.com/market-analysis/alumina-market
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