The use of Aluminum oxide in electrical & electronics has increased significantly. Aluminum oxide is widely used in modern electronic devices due to its excellent electrical insulating properties and good mechanical properties. The growing electrical and electronics sector is driving the market and offering major growth opportunities in the aluminum oxide industry. According to the India Brand Equity Foundation (IBEF), the electronics manufacturing industry in India is projected to reach US$520 billion by the year 2025. The Aluminum oxide Market size is estimated to reach US$7.8 billion by 2027, after growing at a CAGR of 5.8% during the forecast period 2022-2027.
Aluminum Oxide Market: Leading Segment is the Electrical & Electronics Market
On the basis of the end-use industry, the Aluminum oxide market can be segmented into transportation, electrical & electronics and others. The aluminum oxide market’s leading segment has been evaluated to be electrical & electronics. During the forecast period 2022-2027, the electrical & electronics segment is expected to grow with a CAGR of 5.6%. Alumina films are important components in the semiconductor industry. The growing use of electrical and electronic products is propelling the aluminum oxide market. Consumer demand for electronics products is expected to rise as the population grows, and as a result, aluminum oxide products are seeing emerging growth in the segment.
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Aluminum Oxide Market: Leading Region in Asia-Pacific
On the basis of geography, the Aluminum market can be segmented into North America, South America, Europe, APAC, and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 38.4% share of the total revenue earned by the market globally. Asia-Pacific countries including the India and China are ahead comparatively in terms of consumer electronics products. Aluminum oxide demand and growth in this region are being driven by booming demand from key industries like electrical & electronics, automotive, and others, as well as by the expanding manufacturing sector in APAC. The Asia-Pacific region has a large number of OEMs, which will likely cause the industry to expand significantly during the forecast period. The Aluminum oxide market will also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the Aluminum oxide market.
Aluminum Oxide Market: Competitive Landscape
Key companies holding major shares in the Aluminum market are Almatis, Aluminum Corporation of China Limited (CHALCO), Chemicals India Company, China Hongqiao Group Limited, Khambhalay Abrasive, MTC Wesgo, Nivaka Pharmaceuticals Industries, Sasol Limited, Tirupati Industries and Xinfa Group Co. Ltd.
In September 2021, Alcoa Corporation introduced the growing high-purity alumina market through a joint development project to meet the rising demand for sustainable products.
In August 2021, Vedanta Aluminium Business became India's largest green power purchaser on the Green Market at the Indian Energy Exchange Limited (IEX) platform, In Q1 FY 21-22.
In September 2020, Indian Oil introduced low-cost aluminum-air batteries for EVs.
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