HIGH ALUMINA AGGREGATE MARKET ANALYSIS

The global high alumina aggregate market was valued at US$ 422.6 Mn and is expected to reach US$ 582.2 Mn in 2030 exhibiting a CAGR of 4.09% during the forecast period 2023-2030.Rising need for lightweight body panels and improved load-bearing capabilities of light-duty commercial vehicles can help to drive the market growth. Moreover, increase the demand of alumina in food and beverages packaging sector in developing nations such as India and China which can help to propel the global high alumina aggregate market growth in forecast period.

Drivers:

Rising automotive production

Rising automotive production and sales in developing countries, such as China and India and increased the per capita discretionary money which helps to boost the market growth in upcoming years. Furthermore, it is anticipated that throughout the projection period, demand for alumina would increase due to the growing need for lighter and rising components to increase automotive fuel efficiency and lower carbon footprint.

Increased the sales of electric cars

Increased the sales of electric cars due to growing need for lithium-ion batteries can help to fuel the global high alumina aggregate market growth in upcoming years. Alumina is widely used to create ballistics and bulletproof glass in the defense sector which can help to propel the market growth.

Figure 1. Global High Alumina Aggregate Market Revenue Share (%), By Product, 2022

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Among product, the refractory grade segment held a dominant position in the global high alumina aggregate market in 2022, accounting for 24% of market revenue share, followed by synthetic grade and grinding grade. High adoption of LED bulbs over traditional bulbs coupled with technological evolution can drive the market growth.

Market Restraints

High cost of raw materials

High cost of raw materials is one of the major restraining factors in the global high alumina aggregate market growth. The availability of substitutes of alumina aggregates, such as zinc hydroxystannate (ZHS), zinc stannite, and magnesium hydroxide which are used as flame retardants due to their excellent flame retardancy and smoke suppression properties is further expected to hinder the growth of the high alumina aggregate market in the coming years.

Market Trends

Expand the alumina industry

Several competitions are available in the market which are used as substitute for alumina such as glass or plastics that can help to expand the alumina industry in forecast period. Moreover, the rapid growth of automobiles, building, and construction industries can help to drive market growth in upcoming years. The qualities of glass and plastics such as low weight, good strength, elasticity, good electrical and thermal conductance, resistance to corrosion, and permeability needed for alumina aggregate can help to boost the market growth over the forecast period.

Growing alumina use in medical and defence sectors

Growing alumina use in medical and defence sectors can helps to boost the global high-alumina market growth in the forecast period. Due to alumina’s hardness and desirable chemical properties, it is a preferred material for numerous biomedical applications. Alimina is used in bearings for hip replacements, in prosthetic limbs, bionic implants, prosthetic eye substitutes, and tissue replacements. Aluminum is also used in defece sector such as ammunition, armored vehicles, body armor, and others.

Figure 2. Global High Alumina Aggregate Market Revenue Share (%), By Application, 2022

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Among application, the abrasives segment held a dominant position in the global high alumina aggregate market in 2022, accounting for 23% of the market share. Increasing grinding productivity can help to boost the market growth in upcoming years.

Global High Alumina Aggregate Market - Impact of Coronavirus (COVID-19) Pandemic

COVID-19 has negatively affected the global high alumina aggregate market. Due to lockdowns, countries were banned to travel and the shutdown of businesses reduced the economic and industrial growth of developing countries such as India and China. Disruption in raw materials supplies and freeze of the supply chain during the pandemic global high alumina aggregate market witnessed lower growth. However, China is the global manufacturing hub of high alumina aggregate, with the presence of the largest raw material suppliers. COVID-19 is also affecting the growth of the global high alumina aggregate market due to shutting down of factories and downturn in world economy.

Competitive Section

Major players operating in the global high alumina aggregate market include Zhengzhou Rongsheng Refractory CO, LTD, Shanxi Guofeng Ruineng Refractory Co., Ltd., Orient Abrasives Ltd., Henan Lite Refractory Material Co. Ltd., Almatis, Kerneos, Cimsa, Calceum, Fengrun Metallurgy Material, RWC, and Caltra Nederland.

Definition - Alumina is a good electrical insulator and one of the most widely used advanced ceramic materials. Alumina is extremely resistant to wear and corrosion and alumina has wide   range of applications such as electronics, pump components, and automotive sensors.