NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) — IndexBox, a leading market research firm, has published a new comprehensive report on the global alumina market, providing in-depth analysis and forecast through 2030. The full report, titled “World Alumina (Aluminum Oxide) Market Report: Analysis and Forecast to 2030,” can be found at www.indexbox.io
In addition to the report, IndexBox is offering trial access to its platform, which includes access to detailed market data, industry trends, and forecasting tools. This will allow interested parties to gain insights into the global alumina market dynamics and make data-driven decisions.
The report provides a comprehensive market forecast until 2030, highlighting the key growth drivers, challenges, and factors affecting demand. According to the study, the global alumina market is expected to experience significant growth in the coming years, driven by increased demand from major consuming industries such as automotive, aerospace, electronics, and construction.
One of the key growth drivers for the alumina market is the rising demand for lightweight materials in the automotive and aerospace industries. This trend is driven by the need to improve fuel efficiency and reduce greenhouse gas emissions. Additionally, the expansion of the electronics industry, especially in Asia-Pacific, is expected to boost demand for alumina in the production of electronic components.
However, the report also identifies several challenges that may hinder market growth, including environmental concerns, fluctuating raw material prices, and regulatory compliance requirements.
The study identifies the largest markets in terms of consumption.
The Asia-Pacific region is the largest and fastest-growing market for alumina, with China leading the way in terms of both production and consumption. The region accounted for over 60% of the global alumina consumption in 2022, with China alone consuming around 40% of the total. India, Japan, and South Korea are other major consumers in the region. The growth in the Asia-Pacific market is driven by rapid industrialization, expanding automotive and electronics industries, and government investments in infrastructure development. The forecast for the region predicts a steady growth rate, with the market expected to expand at a CAGR of around 6% through 2030.
North America is the second-largest market for alumina, with the United States being the key consumer and producer in the region. The region accounted for around 20% of the global alumina consumption in 2022. The North American market is driven by strong demand from the automotive, aerospace, and electronics industries, as well as ongoing investments in research and development of advanced materials. The market in North America is forecast to grow at a CAGR of approximately 4% through 2030.
Europe is another significant market for alumina, accounting for around 15% of global consumption in 2022. Germany, France, Italy, and the United Kingdom are the primary consumers in the region. The European market is driven by demand from the automotive, aerospace, and construction industries, as well as the adoption of stringent environmental regulations that promote the use of lightweight, energy-efficient materials. The European alumina market is expected to grow at a moderate CAGR of around 3% through 2030.
The Latin American alumina market is comparatively smaller than the other regions, accounting for approximately 3% of the global alumina consumption in 2021. Brazil is the largest consumer in the region, followed by Mexico and Argentina. The Latin American market is primarily driven by demand from the automotive, construction, and electronics industries. The market is expected to grow at a CAGR of around 4% through 2030.
Middle East and Africa
The Middle East and Africa region accounts for the smallest share of the global alumina market, representing around 2% of the global consumption in 2021. South Africa and the countries in the Gulf Cooperation Council (GCC) are the major consumers in the region. The market growth in the Middle East and Africa is driven by increasing industrialization, growing construction activities, and investments in infrastructure development. The market in this region is forecast to grow at a CAGR of around 5% through 2030.
The report also presents key statistics on the global alumina market, such as production and consumption volumes, trade dynamics, and pricing trends. Furthermore, it identifies the largest manufacturers in the industry, including Alcoa, Rio Tinto, Norsk Hydro, and United Company Rusal.
For more information or to obtain a copy of the report, please visit www.indexbox.io
Keywords: alumina market, Alcoa, Rio Tinto, Norsk Hydro, United Company Rusal.