New York, United States , Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Global Alumina Market Size to grow from USD 30.00 billion in 2021 to USD 46.53 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5% during the forecast period. Over the projected period, the demand for alumina in the market will increase due to changing consumer preferences for lightweight materials and increased aluminium consumption for the building and automotive industries.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse 55 market data Tables and 65 Figures spread through 258 Pages and in-depth TOC on “Global Alumina Market Size, Share, and COVID-19 Impact Analysis By Product (Smelter, Chemical, Calcined, Tabular, Fused, Reactive and Aluminum Trihydrate) By Application (Aluminum Production, Non-Aluminum Production, Abrasives, Ceramics, Refractories, Filtration and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030”. View a detailed Table of Content here.
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The Smelter segment to account for the largest market size during the forecast period
Based on the product, the alumina market is categorized into Smelter, Chemical, Calcined, Tabular, Fused, Reactive and Aluminum Trihydrate. The Smelter segment to account for the largest market size during the forecast period. Throughout the forecast period, the Smelter segment is anticipated to maintain its leading position while expanding at the fastest CAGR Because this is explained by the increasing demand for aluminium from end-use industries is to blame for this sector's expansion. Over the course of the research period, the emergence of the automobile sector in emerging nations will increase demand for high-quality aluminium for use in interior and exterior body panels, engine components, and other applications.
The Aluminum Production segment to hold a higher CAGR during the forecast period.
Based on the application, the alumina market is categorized into Aluminum Production, Non-Aluminum Production, Abrasives, Ceramics, Refractories, Filtration and Others. The Aluminum Production segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Aluminum Production segment is anticipated to maintain its leading position while expanding at the fastest CAGR Because Due to the increasing applications in end-use industries, there is a steady demand for high-quality aluminium products from the Asia Pacific and North American areas. The car industry's increased use of aluminium parts for external and interior parts will increase the market share for alumina. 80% of the weight of modern commercial aircraft is made up of aluminium. Additionally, the infrastructure sector in emerging nations will grow quickly, which will increase demand for aluminium.
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North America to hold a higher CAGR during the forecast period.
The Global Alumina Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. The demand for Alumina is being driven by the rising acceptance by the market. The market for Alumina was dominated by the Asia Pacific region Over the projection period, in recent years, nations including China, India, Japan, Malaysia, and South Korea have constantly promoted electric automobiles. Thanks to its supportive governmental policies and central planning, China produces more than half of the world's primary aluminium. Additionally, several nations are concentrating on the wastewater treatment sector to lessen water constraint, which boosts the overall income from the alumina market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Alumina Market include C Alcoa, Queensland Alumina Limited (QAL), Hindalco, Safo Luas (Alumar), Hydro, Porto Trombetas, Aluminum Corporation of China, BHP Billiton Group, Glencore International, CVG Bauxilum, National Aluminum Company, United Company RUSAL Alumina Limited, Sangaredi, Hariom Rocks, Rio Tinto and Others.
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