Alumina Market will surpass USD 9.06 billion, Booming Worldwide with Trend and Scope 2029

Increasing growth of paper and paints & coatings industry is driving the Alumina Market.

PUNE, India, Feb. 2, 2023 /PRNewswire/ --

Alumina Market Overview:

The global Alumina Market is currently valued at USD 1.56 billion and is expected to reach USD 9.06 Billion by the end of 2029, growing at a CAGR of 21.93% over the next decade.

Alumina, or aluminum oxide, is a white crystalline chemical made primarily from the mineral bauxite. It is used in a wide range of engineering applications such as anti-corrosion materials, wear-resistant parts and electronic devices. Aluminum oxide is a cost-effective product with quality features such as high durability, brightness, low heat radiation, and high temperature stability. The worldwide alumina market is growing due to the increased usage of LED bulbs over conventional bulbs, as well as technical advancements. In rising economies like China and India, demand for LED lights is quite strong. To lower the country's energy usage, the governments of these nations have urged citizens to adopt energy-efficient lighting. Furthermore, by the end of 2018, the Indian government had distributed 210 million LED bulbs around the country and had launched contracts for LED streetlight conversion projects. Furthermore, to fulfil bid criteria for income, production capacity, and manufacturing capabilities, multinational bidders are forming joint ventures with local lighting firms.

Growth Drivers:

Due to rising use of LED bulbs over traditional bulbs, as well as technological improvements, the global alumina market is growing. LED lights are in high demand in emerging economies like China and India. The governments of these countries have advised residents to use energy-efficient lighting in order to reduce their country's energy consumption. In addition, by the end of 2018, the Indian government had distributed 210 million LED bulbs around the country and had begun contracting for LED streetlight conversion projects. Furthermore, global bidders are creating joint ventures with local lighting enterprises to meet bid conditions for income, production capacity, and manufacturing capabilities. 

The worldwide alumina market is growing because to the increased usage of LED bulbs over conventional bulbs, as well as technical advancements.

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Instant Developments:

In January 2019, Vedanta Limited, a mining company based in India and a major alumina market player, planned to increase its capital expenditure to $250–$300 million in order to raise the production capacity of its Lanjigarh alumina refinery in Odisha. The refinery expansion is aimed at reducing Vedanta's dependence on imported alumina and also lead to decreased aluminum production costs.

Alumina Market Share Insights: Asia pacific (43%) accounts for the largest share of the global Alumina Market due to significant presence of key market players in the region.

Market Segmentation Summary:

Based on type, the global alumina market is segmented into 4N high purity alumina (HPA), 5N high purity alumina (HPA), and 6N high purity alumina (HPA). The 4N high purity alumina segment holds a large share of the alumina market. LED lamps and electrical displays are the most common applications of 4N HPA. Leading companies in this market invest more in research and development to tailor their products to the needs of specific application areas. During the forecast period, the market for 4N HPA is likely to be driven by government support, which will lead to greater use of LEDs and lower cost than other forms of his HPA. Based on technology, the global alumina market is segmented into hydrolysis and hydrochloric acid leaching. The hydrolysis segment accounts for a significant portion of the high purity alumina market.

Alumina Market Report Scope:

Learn about the contribution of each segment summarized in concise info graphics and thorough descriptions View a FREE PDF Sample Report

Alumina Market: Regional Landscape

Presence of well-developed primary, secondary, and tertiary care facilities in the North America region drives market growth.

Asia Pacific to dominate the market

The rising focus of organizations on product quality and durability is one of the key factors driving the growth of the Alumina market. APAC is expected to lead the market for Alumina. Due to the rise of economies such as China and India, Asia-Pacific accounted for a significant portion of the market

In this report, the market has been segmented on the basis of:

Alumina Market by Type, 2022-2029, (USD Millions)

• 4n High Purity Alumina
• 5n High Purity Alumina
• 6n High Purity Alumina

Alumina Market by Technology, 2022-2029, (USD Millions)

• Hydrolysis
• Hydrochloric Acid Leaching

Alumina Market by Application, 2022-2029, (USD Millions)

• Led Bulbs
• Semiconductor Substrate
• Li-Ion Batteries
• Optical Lenses
• Bio Medical Devices
• Others

Alumina Market by Region, 2022-2029, (USD Millions)

• North America
• Europe
• Apac
• Mea
• Latin America

Important Countries in All Regions Are Covered.

Key Target Audience

• Industry and consulting firms
• State and national regulatory authorities
• Investors
• Suppliers and Distributors
• Research Institutes
• Others

Browse Full report: https://exactitudeconsultancy.com/reports/12442/alumina-market/#report-details

What are the goals of the report?

• The projected market size of the Alumina Market at the end of the forecast period is presented in this market report.
• Analysis of past and present market size.
• Chart shows annual growth rate (%) and compound annual growth rate (CAGR) for each forecast period based on various indicators.
• The Research includes market overview, geographic scope, segmentation and financial performance of key competitors.
• The research assesses the current status and future growth opportunities of the industry in North America, Asia Pacific, Europe, Latin America, Middle East and Africa.

Read Exactitude Consultancy's research report on the global healthcare industry: https://exactitudeconsultancy.com/product-category/life-sciences/healthcare/

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