Unprecedented Growth Foreseen in Global Alumina Market with a Projected Value of USD 102.5 Billion by 2030
The global alumina market is preparing for a remarkable journey of expansion from USD 69.8 billion in 2022 to an anticipated value of USD 102.5 billion by 2030, showcasing a significant CAGR of 3.7% during the 2023-2030 period.
Serving as the fundamental raw material for aluminum production, alumina finds itself at the heart of a revolution spurred by the progressive emphasis on a low-carbon economy and extensive application in a variety of end-use industries including ceramics, refractories, and flame retardants, amongst others.
Smelter Grade Alumina (SGA) in the Limelight: In 2022, SGA accounted for over 90% of the total alumina demand, leveraging the rising needs in the automotive, aerospace, and consumer goods domains, and is projected to ascend at a CAGR of 2.9% from 2023-2030.
China’s Unparalleled Contribution: China emerged as a titan in 2022, being responsible for over half the global alumina production, which stood at an impressive 140 million tons.
Geopolitical Influences in Europe: Russia, accountable for over 40% of Europe’s alumina output in 2022, finds itself at a juncture of fluctuating prices induced by geopolitical unrest.
Challenges and Roadblocks
The alumina market navigates through a turbulent phase with the Covid-19 pandemic unsettling the aluminum supply chain and causing plummeting prices in 2020. Moreover, heightened energy costs and supply disturbances continue to maintain elevated alumina prices, which averaged at USD 480 per ton in 2022.
Unveiling Opportunities in India and Southeast Asia
A surge of investment in the aluminum value chain earmarks promising developments with India and Southeast Asia taking substantial strides. Adani Group in India, with a USD 5 billion investment plan for a new refinery, and Indonesia’s proactive stance on bauxite processing, represent significant milestones.
Sustainability: A Paramount Objective
Leading corporations like Aluminium Corporation of China Limited and Alcoa are steadfast in their commitment to sustainability, with a focus on green technology and reduction of GHG emissions across the value chain.
Escalating Aluminum Demand: A valorous path awaits the global aluminum market, forecasted to nearly double from USD 245.7 billion in 2021 to USD 498.5 billion by 2030.
Navigating Challenges: The industry prepares to steer through persistent challenges, including volatile prices and potential disruptions stemming from geopolitical tensions.
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