The High Alumina Aggregate Market is estimated to be valued at US$ 439.88 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
High alumina aggregate products contain around 80-90% alumina and is used as a refractory material due to its high temperature resistance property. It is used to manufacture non-clay refractory products that are used in furnaces, kilns, incinerators and other processing equipment requiring heat resistance. High alumina aggregate finds its applications in industries like iron & steel, aluminum, cement, glass and petrochemical. The growing infrastructure development and industrialization globally is driving the demand for high alumina aggregate.
Market Dynamics:
The rapid growth of construction industry globally is driving the demand for cement which in turn is driving the growth of high alumina aggregate market. Cement manufacturing involves high temperature processing which requires heat resistant materials like high alumina aggregate for construction of rotary kilns and other processing equipment. According to Global Cement Report, the global cement consumption is estimated to reach around 5 billion tons by 2023. In addition, growth of the petrochemical industry is also fueling market growth. Key petrochemical processes such as cracking require furnaces lined with heat resistant materials containing high alumina aggregate to withstand high operating temperatures.
Segment Analysis
The Global High Alumina Aggregate Market Size is dominated by the fused and sintered segment. This segment accounted for over 60% of the overall market share in 2022. Fused and sintered high alumina aggregates have higher strength, mechanical stability, and corrosion resistance as compared to other aggregates. This makes them ideal for use in electric resistance welding, furnaces, kilns, ladles, and other metallurgical applications where strength and heat resistance are key requirements.
PEST Analysis
Political: The market is influenced by regulations related to energy efficiency and environment protection standards set by governments worldwide. Stringent pollution norms spur demand for high-performance refractories.
Economic: Growth in core industries like iron & steel, cement, non-ferrous metals drives demand. However, economic slowdowns impact capital expenditure of end-use industries.
Social: Increasing population and urbanization is increasing demand for residential & commercial construction and energy requirements.
Technological: Developments in synthetic fused casting, sintering processes aid mass production of consistent quality products catering to diverse refractory applications.
Key Takeaways
The global high alumina aggregate market size was valued at US$ 439.88 Mn in 2023 and is expected to reach over US$ 620 Mn by 2030, expanding at a CAGR of 4.0% during the forecast period. Growth in core end-use industries and stringent environmental regulations are driving demand.
Regional analysis indicates that Asia Pacific accounted for over 35% share in 2023 owing to presence of large steel and cement industries in China and India. The region is anticipated to continue dominating aided by growing construction activities and government investments in infrastructure development projects.
Key players operating in the high alumina aggregate market are Zhengzhou Rongsheng Refractory CO, LTD, Shanxi Guofeng Ruineng Refractory Co., Ltd., Orient Abrasives Ltd., Henan Lite Refractory Material Co. Ltd., Almatis, Kerneos, Cimsa, Calceum, Fengrun Metallurgy Material, RWC, and Caltra Nederland. Players are focusing on partnerships, mergers, and expansion of production facilities to consolidate market presence and cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
