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.
The global Aluminum Oxide market is slated record the CAGR of nearly 4.5% over the period from 2020 to 2026. The report offers assessment and analysis of the Aluminum Oxide market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Aluminum oxide, which is commonly refereed as alumina, is used lucratively in myriad industrial manufacturing applications and myriad engineering methods. It is utilized for imparting durability and hardness to the materials. In addition to this, aluminum oxide crystals are utilized in myriad kinds of sandpaper and is also used as a cost-effective alternative to industrial diamond. Its large-scale resistance to base or acid at high temperature makes it fit for myriad production activities. Some of the most product forms available today are powder, sputtering targets, pellets, nanoparticles, and tablets.
Market Growth Dynamics
Rise in the use of the chemical compound in electronics & ceramic sectors will steer the growth of the market over the forthcoming years. Furthermore, beneficial product features like high heat conductivity and ductility has enhanced its utilization in thermal test instruments. Furthermore, massive application of aluminum oxide in pharmaceutical sector and its large-scale sage in Abrasive transplantation will provide lucrative growth avenues for the market over the forthcoming years.
Furthermore, enhanced product features like alloy hardness, high electrical conductivity, and ductility will prompt the product penetration across myriad sectors. However, adverse side-effects like eye inflammation and infection of respiratory tract caused due to short-term contact with aluminum oxide will reduce the use of aluminum oxide in the near future.
Asia Pacific To Contribute Towards Major Market Revenue Share By 2026
Massive product demand in the thriving pharma sectors like China and India will upsurge the growth of aluminum market in Asia Pacific over the forecasting years. Apart from this, presence of reputed firms manufacturing the chemical compound in the region will prompt the regional market growth over the estimated timespan.
Key players influencing the market growth are Khambhalay Abrasive, Almatis, Nivaka Pharmaceuticals Industries, Sasol Limited, Tirupati Industries, Snam Abrasives Pvt. Ltd., MTC Wesgo, and Chemicals India Company.
The global aluminum oxide market is segmented as follows:
By Structural Form Type
Rise in the use of the chemical compound in electronics & ceramic sectors will steer the growth of the market over the forthcoming years.
The CAGR of the industry is expected to be nearly 4.5% during the forecast timeline.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.
The key market players include Snam Abrasives Pvt. Ltd., Almatis, Nivaka Pharmaceuticals Industries, Tirupati Industries, Khambhalay Abrasive, Sasol Limited, MTC Wesgo, and Chemicals India Company.