Global Aluminum Hydroxide Market: Industry Analysis and Forecast (2020-2027)Posted by jay on December 28th, 2020 The global aluminum hydroxide market was valued US$ X.43 Bn and is expected to reach X.82 Bn by 2027, at a CAGR of 5.13% during a forecast period.
Aluminum Hydroxide Market
Market Definition:
Aluminum hydroxide is a white crystalline powdered mineral obtained from bauxite having formula 〖Al(OH) 〗_3. Aluminum hydroxide is basic in nature which is also famous as a hydrate of alumina and have broad range of applications in the production of ceramic, aluminum salt, glass and others.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Drivers and Restraints:
Greater demand for functionality and performance drives the demand for the global aluminum hydroxide market during the forecast period. Technological advancement and industrial development across the globe are leading the market demand and in 2019, the major market demand was recorded for the batteries manufacturing industries. Worldwide development in the pharmaceutical segment dominated the market. It is likely to grow during the forecast period, with increasing investments in the healthcare industry across the world. Characteristics of the material which allow for electric conductivity, are ductile and can be used to develop the strength of several metals and alloys boosting the market demand. Increasing evolution observed by the construction industry is forcing the market demand owing to the great thermal conductivity and excellent properties. The crystalline form of aluminum hydroxide delivers high strength and hardness which makes it the most preferable as an abrasive. It is further utilized as an advanced material in ceramics manufacturing owing to its different levels of purity and resistance towards alkali and acidic substances. Alumina is non-toxic and serves as a filler in plastics and as an ingredient in cosmetic products owing to the high demand and popularity amongst the growing population is influencing the market demand in several segments. The upsurge in water pollution and amplified environmental concern are creating a thirst for market demand as it has excellent property required for wastewater management, hence boosting the global aluminum hydroxide market.
Moreover, the presence of substitutes and stringent regulation for the activity is expected to hinder the global aluminum hydroxide market growth during the forecast period.
Aluminum Hydroxide Market Segment analysis:
By application, the plastic segment is most likely expected to develop at a constant rate. As it is the most dominating segment amongst others expected to secure a share of 40% by the end of 2027. The plastic segment is gaining a huge response from manufacturers owing to its properties like durability, water-resistant, low weight, inexpensive. Attracting the huge number of end user’s industries including construction, transportation, automotive, electrical and electronics, and others are helping the segment to expand its root in the market which is supporting the global aluminum hydroxide market to grow. Trend and bending interest of manufacturers and consumers towards electrical, fire-resistance, and lightweight automobiles in terms of offering developed design flexibility and efficiency is mainly responsible for the growth of the plastics market. The preference of plastic over steel and metal products is another factor to propel the segment demand.
Aluminum Hydroxide Market Regional Analysis:
Regionally, Asia Pacific is anticipated to take over the aluminum hydroxide market and is expected to grow at a CAGR of 8.23% during the forecast period. Developing regions like India, China, and Japan are considered major contributors to the aluminum hydroxide market growth in the Asia Pacific region. India, China, and Brazil are focusing mainly on improving their infrastructure and agenda of city development promoting their manufacturing industry, which will increase the ultimate demand of aluminum hydroxide in several sectors like electrical and electronics, automobile, transportation, construction, and others expected to grow market size by 2027. It covers the market share ~ 50.12% as numerous key vendors are investing in the market owing to its high demand. Furthermore, the recent COVID-19 pandemic outbreak will negatively hinder market growth in the Asia Pacific region.
North America will also generate numerous incredible growth employment to the overall market in the coming years though, high living standers from the developed regions and huge demand for cosmetics and automotive products will further propel the market growth in North America. Furthermore, North America aluminum hydroxide market size was valued XX Bn and expected to increase by US$ XX Bn in the coming years as vendors are shifting their interest in Asia Pacific region.
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