Alumina Market Growth Analysis 2028 | Increasing Demand for Refractories from the Iron & Steel Industry
August 5, 2022
Reports And Data
Alumina Market Size – USD 64.12 Billion in 2020, Market Growth - CAGR of 1.9%, during Forecast Period.
NEW YORK CITY, NEW YORK, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- The global alumina market is expected to reach USD 74.13 Billion by 2028, according to a new report by Reports and Data. The growth of the market is attributed to the growing applications of alumina among end-use applications.
Alumina finds extensive application in the production of metal aluminum, which finds application in a huge variety of commercial sectors. It is commonly used in both cast forms and wrought. The lightweight of aluminum makes it a suitable choice for use in the automotive and aerospace industry. It is also resistant to corrosion, which leads to its use in food and chemical handling and architectural purposes. Aluminum is an excellent electrical conductor and thus is used frequently in electrical transmission lines.
Increasing demand for refractories from the iron & steel industry is estimated to stimulate the demand for alumina in the forecast period. Refractories are the key materials used by the steel industry in the internal linings of furnaces for the production of iron and steel, in vessels for holding and carrying metal and slag, in furnaces for heating steel prior to further processing, and in the stacks through which hot gases are conducted. Refractories are also essential for the safe operation of the processes. Increasing demand for refractories in cement production is anticipated to fuel product demand in the upcoming years. Refractories play an instrumental role in both the lining of the high volume static equipment areas, which include a modern pre-calciner kiln system and the rotary kiln lining. The robustness of the rotary kiln brick lining usually determines the operating duration of a kiln.
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Major companies Alcoa Corporation, Rio Tinto PLC, Almatis BV, United Company RUSAL PLC, Hindalco Industries Ltd., Alumina LTd., CVG Bauxilum CA, Norsk Hydro ASA, National Alminium Company Ltd., and Aluminum Corporation of China Ltd.
Further key findings from the report suggest
By product type, metallurgical-grade alumina contributed to the larger market share in 2020. It is used in the production of aluminum metal, which finds widespread application in several industries, such as automotive, aerospace, and construction, among others.
By distribution channel, the online distribution channel is likely to grow at a faster growth rate of 1.9% in the forecast period.
By application, ceramics held a substantial market share in 2020 and is projected to grow at a rate of 1.5% in the period 2019-2028. Ceramics made from alumina are utilized in resistor cores in the electronics industry, heavy-duty forming tools, tiles for wear protection, seal and regulator discs for water taps, and thread guides in textile engineering, among others.
The market in the Asia Pacific region dominated the market in 2020 and is expected to grow at a rate of 3.0% in the forecast period. The market dominance of the APAC region is owing to the growth of the end-user industries, as well as the presence of leading market players.
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Segments covered in the report:
Product Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Distribution Channel Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
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Regional Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
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