Redding, California, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Activated Alumina Market by Function (Adsorption, Catalysis, Desiccation), Form (Beads, Powder), and Application (Water Treatment, Oil & Gas, Chemicals, Healthcare) - Forecast to 2028,” published by Meticulous Research®, the activated alumina market is expected to grow at a CAGR of 6.6% from 2021 to 2028 to reach $1.4 billion by 2028.
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Activated alumina is a solid and porous form of aluminum oxide widely used in pharmaceutical and industrial applications. It is primarily used as a catalyst or an adsorbent in various industrial processes, such as hydrogen peroxide and polyethylene production and the removal of sulfur from fluid streams. Activated alumina is also used as a desiccant to absorb moisture from the air in multiple industrial settings.
Furthermore, activated alumina is preferred as it is reusable as a desiccant. Some of the key factors driving the growth of this market are growing demand for decontaminated water, increasing pharmaceutical production and R&D investments, and the benefits associated with the use of activated alumina.
Impact of COVID-19 on the Activated Alumina Market
Due to the COVID-19 pandemic, key companies operating in the activated alumina market are struggling to maintain steady growth. In addition, the pandemic has resulted in a widespread health crisis that negatively affected financial markets across many countries, resulting in an economic downturn or a global recession that could affect the demand for activated alumina and impact the revenues of market players.
The COVID-19 pandemic has deteriorated the global business environment, resulting in an uncertain outlook for the activated alumina market. The pandemic negatively impacted various industries by hampering the production and working capacities due to lockdowns and work restrictions, thereby disrupting the global supply chain.
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Companies are unable to predict the business impacts of the pandemic due to uncertainties related to the global spread of the virus, the severity of the infection, duration of the outbreak, and the length of the travel restrictions and business closures imposed by the governments of impacted countries. In addition, the pandemic has resulted in a widespread health crisis, negatively affecting financial markets across many countries. These factors have lowered the demand for activated alumina and impacted the operations and revenues of the companies operating in this market.
Additionally, it has been observed that countries across the world have started easing the lockdown restrictions due to the decreasing number of new infections and growing populations vaccinated against the coronavirus. Thus, it can be expected that operating capacities will rise across industries, which in turn will drive the demand for activated alumina globally. For instance, as per the data from the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the biopharmaceuticals industry is undertaking extraordinary measures to deliver vaccines to patients. As of February 2021, 234 manufacturing and production deals had been signed exclusively for vaccines, indicating that the sector is striving to increase manufacturing capacities to ensure the availability of vaccines. Some of these include:
- Eli Lilly and Company (Lilly) (U.S.) and the Bill & Melinda Gates Foundation (U.S.) signed an agreement to facilitate access to future Lilly therapeutic antibodies under development for the prevention and treatment of COVID-19 to benefit low- and middle-income countries.
- Gilead Sciences (U.S.) signed voluntary licensing agreements with nine generics manufacturers to further expand the supply of Remdesivir to 127 countries that represent nearly all low-income and lower-middle-income countries. Moreover, Gilead has expanded its global manufacturing sites by partnering with industry peers to improve manufacturing capacities worldwide. Also, Pfizer (U.S.) announced a multi-year agreement with Gilead to manufacture and supply remdesivir.
Thus, the increasing manufacturing and R&D capacities across the pharmaceutical and biopharmaceutical sectors are expected to boost the demand for activated alumina in the coming years.
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Activated Alumina Market: Future Outlook
The overall activated alumina market has been segmented based on function (adsorption, catalysis, desiccation, and other functions), form (beads and powder), and application (water treatment, oil & gas, chemicals, healthcare, and other applications), and geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market share at global and regional levels.
Based on function, the overall activated alumina market is segmented into adsorption, desiccation, catalysis, and other functions. In 2021, the adsorption segment is expected to account for the largest share of the activated alumina market. This segment’s large share can be attributed to the increasing demand for decontaminated water across various industries, stringent regulatory and sustainability mandates, and the high focus on providing potable water to the large populations in developing countries.
Based on form, the beads segment is expected to grow at the highest CAGR during the forecast period. Activated alumina is majorly used in the bead form across most application areas due to its wide use in the water treatment and oil & gas industries. Activated alumina beads can dehydrate compressed air and gases such as liquid petroleum gas (LPG) and compressed natural gas (CNG) and hence are widely used in oil & gas applications. Also, their adsorption capabilities make them suitable for water treatment.
Based on application, the water treatment segment is expected to register the highest CAGR in the forecast period. The increasing demand for decontaminated water among various industries, stringent regulatory and sustainability mandates, and a high focus on providing potable water to large populations in developing countries make the water treatment segment the largest among these applications.
Geographically, North America is estimated to command the largest share of the global activated alumina market in 2021, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. However, Asia-Pacific will be the fastest-growing regional market due to rising demand for decontaminated water, increasing pharmaceutical production, and government initiatives to promote hydrogen fuel in the region.
Key companies operating in the global activated alumina market are BASF SE (Germany), Sumitomo Chemical Co., Ltd. (Japan), Honeywell International, Inc. (U.S.), J.M. Huber Corporation (U.S.), Porocel Corporation (U.S.), AGC Chemicals Pvt. Ltd. (India), Axens SA (France), Dynamic Adsorbents, Inc. (U.S.), Sorbead India (India), and Camfil Group (Sweden) among others.
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Scope of the Report
Activated Alumina Market, by Function
- Adsorption
- Catalysis
- Desiccation
- Other Functions
(Note – Other functions include hydrogen generation and gas and liquid purification)
Activated Alumina Market, by Form
- Beads
- Powder
Activated Alumina Market, by Application
- Water Treatment
- Oil & Gas
- Chemicals
- Healthcare
- Other Applications
(Note – Other applications include textiles, edible oil, and inorganic gases.)
Activated Alumina Market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific (APAC)
- Japan
- China
- India
- Australia
- Rest of APAC (RoAPAC)
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Latin America
- Middle East & Africa
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