NEW YORK, Oct. 02, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global alumina market share was valued at $61,093.4 million in 2018 and is forecast to demonstrate a CAGR of 2.2% during the forecast period (2019–2024). In 2018, the global alumina prices jumped to around $470 per ton which are expected to rebalance in the coming future and assist the market to reach $54,907.3 million by 2024. The demand for metallurgical-grade alumina for the production of aluminum, owing to the high demand for the base metal in the automotive, construction, packaging, electrical and electronics, and consumer durables industries, has been identified as the major demand generating area in the market.
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The global primary aluminum production rose from 52.2 million tonnes in 2013 to 60.1 million tonnes in 2017. This, along with smelting capacity additions, low labor and other associated costs, and macroeconomic growth across the APAC region, is providing traction to the demand for aluminum and alumina.
In contrast, countries in the North American and South American regions have reported steep drops in the compound’s production, owing to lower product prices, fall in the demand for final products, and tight refinery margins. Furthermore, processors in the North American region are increasingly focusing on secondary aluminum (aluminum recovered from scrap, casted products, and wrought aluminum processing) production and deferring primary aluminum production, thereby lowering their traditional dependency on alumina for producing aluminum.
In 2018, APAC accounted for the largest size of over 85,000 kilotons in the global alumina market. The regional market is driven by the high alumina manufacturing capacity of China, India, and Indonesia, which together, as per the data released by the British Geological Survey in its publication titled 'World Mineral Production 2013–2017,' accounted for over 58.0% of the global alumina production in 2017. This is chiefly due to the concentrated aluminum production capacities in China, India, Indonesia, Malaysia, and Australia, which draw a high-volume demand for alumina. The region accounted for over 64.0% of the worldwide aluminum production in 2017.
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China generated the highest demand for the compound in the APAC alumina market in 2018. In the recent future, the demand for alumina in the country is expected to witness slow growth owing to a slowdown in the construction sector, government policies aimed at regulating emissions, tight alumina refining margins, and international trade policies. Yet, the country is forecast to continue generating a high-volume demand for metallurgical alumina and witness an increasing demand for the chemical variant as well.
The global alumina market is fragmented, with Chinese market players for large market shares on the backdrop of high production capacities. The Aluminum Corporation of China Limited accounted for the largest market share of over 10.0% of the global market and over 21.0% of the Chinese manufacturing capacity. Alcoa Corporation was the second largest global alumina producer and the largest producer in the Western world. Alcoa Corporation alone produced 8,100 kilotons of alumina in 2018, and along with its joint venture, AWAC, accounted for a production of 12,900 kilotons. Apart from Alcoa Corporation, several other market players are engaged in joint ventures for production flexibilities, cost optimization, and catering to clients in several locations.
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A probable positive growth trend for aluminum production in the U.S., India, Malaysia, and several other countries is expected to encourage market players to increase their production by reopening closed plants or setting up new facilities. The future alumina market in regions like MEA, APAC, and North America is expected to witness a promising CAGR, which, as a result, will generate lucrative opportunities for global operators over the coming years.
In January 2019, Vedanta Limited, a metals and mining company based in India, announced plans to invest $250–$300 million in order to ramp up its Lanjigarh alumina refinery in Odisha. The refinery expansion is expected to lessen Vedanta's dependence on imported alumina and reduce its aluminum production costs.
Some other important players operating in the alumina market are Hindalco Industries Limited, United Company RUSAL PLC, Rio Tinto PLC, National Aluminium Company Limited, Norsk Hydro ASA, South32 Limited, Almatis BV, CVG Bauxilum CA, and Alumina Limited.
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