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The latest report by IMARC Group, titled “Aluminum Oxide Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global aluminum oxide market reached a value of US$ 5.35 Billion in 2021. Aluminum oxide (Al2O3), also known as alumina, is a white, odorless chemical compound with a relatively high thermal conductivity. It is amphoteric in nature and widely used as an electric insulator in industrial manufacturing processes to prevent devices from weathering. In addition, the high melting point of aluminum oxide makes it a suitable refractory material for lining high-temperature appliances such as kilns, furnaces, incinerators, reactors, and crucibles.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aluminum Oxide Market Trends:
The market is primarily driven by the increasing product applications across various industries. For instance, Al2O3 is employed in the pharmaceutical sector to act as a preferred material in bearings of hip replacements, bionic implants, prosthetic eye substitutes, tissue reinforcements, dental crowns, abutments, bridges, and other dental implants. This, in line with the growing investments in the healthcare sector by governing agencies of numerous countries, is creating a positive market outlook across the globe. Moreover, the market is favored by the increasing usage of Al2O3 in industrial manufacturing processes. For example, it is used to produce piping components and numerous cutting tools, machining tools, wear-resistant pump impellers, thermocouple sheaths, and baffle plates. In addition, Al2O3 is extensively utilized in manufacturing engineered ceramics due to its thermal conductivity. Apart from this, the rising usage of Al2O3 in construction, container packaging, electrical engineering, and smelting processes is also fueling the market growth. Furthermore, key players are collaborating and forming alliances to focus on commercialization and large-scale production, which is expected to propel the market growth in the upcoming years. Looking forward, IMARC Group expects the market to reach a value of US$ 7.72 Billion by 2027, exhibiting a CAGR of 5.70% during the forecast period (2022-2027).
Market Summary:
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