London, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The alumina market, a vital player in the global aluminum industry, is on the brink of a significant expansion. Valued at around US$69.8 Bn in the year 2022, the market for alumina is projected to scale new heights in the years to come, reaching a value of US$102.5 Bn by the end of 2030. This growth trajectory is supported by a modest CAGR of 3.7%, anticipated during the period of 2023 to 2030.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$69.8 Bn | |
| Estimated Market Size in 2030 | US$102.5 Bn | |
| CAGR | 3.7% | |
| Segmentation | Grade, Application | |
| Regional Coverage | North America, Europe, Asia Pacific, Rest of the World | |
| Key Players | Rio Tinto Group, China Hongqiao Group Co. Ltd., South32 Limited, Norsk Hydro ASA, Aluminum Corporation of China Limited (Chalco), Alumina Limited, Jinjiang Group, Alcoa Corporation, Vedanta Limited, Shandong Xinfa Aluminium Group, United Company Rusal IPJSC, Hindalco Industries Limited | |
A new report of Fairfield Market Research refers to alumina as a versatile, globally valued commodity that spans a wide application range from refractories, ceramics, and flame retardants. The rise of recycled aluminum, particularly secondary aluminum, will be crucial for its lower energy consumption and production costs.
“The worldwide alumina market is geared towards nearly 1.5x growth in revenue between 2022 and 2030. A glimpse into the market’s current scenario reveals major gains from the exponential growth of the primary aluminum industry over recent decades,” remarks the company analyst.
Key Research Insights
- Global alumina production exceeded 140 million tons in 2022, with China contributing more than 50%.
- Russia held over 40% of the alumina production share in Europe in 2022, with geopolitical tensions leading to price volatility.
- In 2022, smelter grade alumina (SGA) accounted for over 90% of the global alumina demand.
Insights into Segmentation Analysis
SGA Surges Ahead
- Among manufacturing processes, Bayer's process dominated alumina production for its cost-effectiveness. Based on grade of alumina, smelter grade alumina (SGA) holds a commanding share of the alumina landscape.
- This alumina grade category accounted for more than 90% of the total alumina demand in 2022 and remains crucial for producing aluminum that is subsequently used across industries such as automotive, aerospace, packaging, and consumer goods.
- The global aluminum market is valued at US$245.7 Bn in 2021 and projected to reach US$498.5 Bn by the end of this decade. The demand for SGA will maintain a modest CAGR of 2.9% till 2030-end.
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Key Report Highlights
- The COVID-19 pandemic brought about disruptions across the aluminum supply chain, impacting factory operations, ports, and container ships. These disruptions caused alumina prices to drop by 15% in 2020. Although prices rebounded in 2021, ongoing supply disruptions and high energy costs in 2022 maintained elevated alumina prices, reaching an average of US$480 per ton, a 40% rise compared to 2020.
- The key players in alumina market space will continue their pursuit of sustainability. Companies like Aluminium Corporation of China Limited (CHALCO), and Rio Tinto Alcan are prioritising sustainable upgrades to reduce greenhouse gas emissions and promote circular economies.
Insights into Regional Analysis
- Investments in Aluminum Value Chain: India and Indonesia Take the Lead
Recent years have witnessed a surge in investments across the aluminum value chain. The Adani Group's US$5 Bn investment proposal for a new alumina refinery in India and Southeast Asia's increasing integration into the aluminum sector reflect this trend. Indonesia's ban on bauxite exports and China's focus on overseas alumina projects are also driving growth.
- China Dominates Global Alumina Production
China stood at the forefront of global alumina production, contributing more than 50% to the total in 2022. The nation's increasing alumina output is a result of new projects and capacity restarts. Australia ranked second in production, maintaining its status as a significant alumina exporter.
- Russia Holds a Strategic Position
Geopolitical tensions, particularly between Russia and Ukraine, created further price volatility in Europe. Additionally, elevated energy prices and supply disruptions posed challenges across the alumina value chain.
Global Alumina Market is Segmented as Below:
By Grade
- Smelter Grade Alumina
- Chemical Grade Alumina
By Application
- Aluminum Production
- Calcined Alumina
- Alumina Hydrate
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- China Hongqiao Group Co. Ltd.
- Rio Tinto Group
- Norsk Hydro ASA
- South32 Limited
- Aluminum Corporation of China Limited (Chalco)
- Alcoa Corporation
- United Company Rusal IPJSC
- Shandong Xinfa Aluminium Group
- Alumina Limited
- Jinjiang Group
- Hindalco Industries Limited
- Vedanta Limited
Global Alumina Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Grade Coverage, By Application Coverage, By Geographic Coverage and By Company) : https://www.fairfieldmarketresearch.com/report/alumina-market
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