Soaring Construction Activities Fueling Global Alumina Demand

The surging demand for cement, specialty steel, and high-quality glass and the expansion of the global construction industry, due to the macroeconomic growth and rising industrialization rate in Eastern European and Asia-Pacific countries, is driving the worldwide demand for alumina. Russia, India, China, the U.S., and the U.K. are the biggest consumers of alumina across the world, on account of their high-volume manufacturing and consumption of steel. Moreover, the burgeoning requirement for chemical-grade alumina, owing to the emergence of various advanced technologies, is also contributing to the soaring demand for alumina.

The use of chemical-driven alumina is primarily driven by the escalating demand for eco-friendly, energy-efficient, and technologically feasible products and the implementation of supportive government policies. For example, the U.S. and the European Union (EU) have enacted several policies aimed at augmenting the domestic production of liquid crystal displays (LCDs) for meeting the requirement for high-resolution, flexible, and large-panel LCD TVs. Besides these factors, the mushrooming demand for various high-performance substances for stationary energy storage devices such as gas turbines and lithium-ion batteries, is also amplifying the sales of alumina.

Many countries around the world are increasingly focusing on reducing their reliance on fossil fuels and diversifying their energy portfolios with the adoption of renewable energy sources for power generation, owing to which, they are rapidly adopting high-performance energy generating devices. This is consequently propelling the demand for alumina, which is, in turn, driving the growth of the global alumina market. According to the forecast of the market research firm, P&S Intelligence, the alumina market revenue will rise from $61,093.4 million in 2018 to $54,907.3 million by 2024.

Geographically, the alumina market registered the highest growth in the Asia-Pacific (APAC) region during the last several years and this trend will continue in the upcoming years as well, as per the predictions of the market research company, P&S Intelligence. This is attributed to the surging alumina manufacturing capacities of India, Indonesia, and China. According to the data published in the British Geological Survey’s World Mineral Production 2013–2017, the production of alumina in these countries accounted for more than 58.0% of the total alumina produced in the world in 2017. 

Hence, it can be safely said that due to the surging aluminum production, burgeoning requirement for cement, high-quality glass, and specialty steel, increasing industrialization rate, and the rapidly expanding construction industry, the demand for alumina will shoot up all over the world in the coming years.

Source: www.psmarketresearch.com

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