The latest report by IMARC Group, titled “Aluminum Oxide Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global aluminum oxide market reached a value of US$ 5.7 Billion in 2022. 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.
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$ 8.06 Billion by 2028, exhibiting a CAGR of 5.3% during the forecast period (2023-2028).
- Based on the form type, the market has been segmented into nanoparticles, powder, pellets, tablets, and sputtering targets.
- On the basis of the application, the market has been categorized into aluminum smelting, abrasive, aluminum chemicals, engineered ceramics, and refractories.
- Based on the end-user, the market has been classified into medical, automotive, industrial manufacturing, electronics, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being Alcoa Corporation, Aluminum Corporation of China Limited, BASF SE, Cabot Corporation, Evonik Industries AG, Hangzhou Jinjiang Group Co. Ltd., Honeywell International Inc., J.M. Huber Corporation, Merck KGaA, United Company Rusal Plc, Sasol Limited, Sumitomo Chemical Co. Ltd. and W.R. Grace & Co.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal