17-Aug-2020 | Zion Market Research
According to the report, global demand for Aluminum Oxide market was valued at approximately USD 23.6 billion in 2019, and is expected to generate revenue of around USD 33.6 billion by end of 2026, growing at a CAGR of around 4.5 % between 2020 and 2026.
A few prominent players actively participating in the global aluminum oxide market consist of Nivaka Pharmaceuticals Industries, Sasol Limited, Snam Abrasives Pvt. Ltd., MTC Wesgo, Khambhalay Abrasive, Tirupati Industries, Almatis, and Chemicals India Company.
Extensive Demand From Several Industries To Boost The Market Growth
The global aluminum oxide market is majorly propelled by numerous applications in several industries like pharmaceutical, ceramic, electronics, and medical. The aluminum oxide, on account of its exclusive chemical and physical properties, is observing wide-ranging demand in several industrial manufacturing applications, thus driving the market growth. The escalating aluminum oxide demand within the ceramic industry to improve the thermal conductivity of porous ceramics materials is projected to drive the market growth. Also, the rising aluminum oxide demand in the medical filed as transplants is anticipated to drive the market in the coming years. Several uses of this compound as nanomaterials are likely to boost the market growth. Nevertheless, health issues owing to the exposure of aluminum oxide are anticipated to hamper the market growth. Though it doesn’t have a carcinogenic effect, temporary exposure is recognized to result in inflammation of eyes and respiratory tract infection, whereas continuing exposure might impact the central nervous system. However, continuous developments are being made to look at hopeful applications in the biotechnology and medical sectors as implantable biomaterials. This is projected to surface potential growth avenues for the market players in the coming period.
Based On Application, Aluminum Smelting Segment To Dominate The Market
The global aluminum oxide market is bifurcated based on structural form type, application, and region. the structural form type segment of the market is categorized into powder, nanoparticles, tablets, sputtering targets, and pellets. The application segment of the market is divided into abrasive, aluminum smelting, engineered ceramics, refractories, and aluminum chemicals. Among these, the largest share was captured by the aluminum smelting segment. Usually, aluminum oxide is utilized to manufacture aluminum with the smelting process, as almost 90% of the entire aluminum oxide generated is used in the aluminum smelting industry.
North America And Asia Pacific To Witness Substantial Growth During Forecast Period
Regionally, Asia Pacific and North America are the key aluminum oxide markets. A huge number of emerging and existing aluminum oxide applications in the medical and pharmaceutical sectors are driving the market growth in Asia Pacific. A major part of the aluminum oxide materials’ consumption comes from nations such as China and India. The considerable expansion of the market in North America can be credited to a huge array of applications within the ceramic industry.
Browse the full “Global Aluminum Oxide Market - By Application (Abrasive, Aluminum Smelting, Engineered Ceramics, Aluminum Chemicals, And Refractories), By Structural Form Type (Powder, Nanoparticles, Tablets, Sputtering Targets, And Pellets), And By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/aluminum-oxide-market
The global aluminum oxide market is segmented as follows:
By Structural Form Type
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