The global alumina market was valued at around US$69.8 Bn in 2022 and is projected to reach US$102.5 Bn by the end of 2030, growing with a modest CAGR of 3.7% during 2023 - 2030. The global alumina market expects approximately 1.5x expansion in revenue between 2022 and 2030.
Market Analysis in Brief
Aluminum oxide, commonly referred to as alumina is the key raw material to produce aluminum, a metal slated for significant growth towards a low-carbon economy. One of the most ubiquitous commodity metals of modern society, alumina has seen significant uptake in the consumption with exponential growth of primary aluminum industry over the past couple of decades. Due to its valuable combination of characteristics, alumina is used in range of end uses from competitive applications such as refractories, ceramics, ATH flame retardant, abrasives, zeolites, to high-value specialty alumina such as high purity alumina, and activated alumina. Bauxite is the primary raw material used in alumina production. Alumina is produced by refining bauxite. Around 4-5 tons of bauxites is refined into 1.95 tons of alumina from which about 1 ton of primary aluminium is produced through electrolytic process.
Key Report Findings
Market Drivers
Rise in Aluminum Demand Uplifts Smelter Grade Alumina
Alumina is classified into two major categories: Smelter Grade Alumina (SGA) and Chemical Grade Alumina (CGA). All commercial smelter grade alumina is manufactured via calcination of aluminium hydroxide in refineries. In 2022, smelter grade accounted for more than 90% of the overall alumina demand and is projected to grow with a CAGR 2.9% between 2023 and 2030.
Smelter grade alumina is primarily used to produce aluminum which is then converted into flat, extruded, or forged products. Aluminium is considered as an integral building material in the automotive, aerospace, automotive, packaging, and consumer goods industries. In 2021, the global aluminum market was valued at US$245.7 and is forecast to reach US$498.5 Bn by the end of this decade.
Market Challenges
Volatile Prices to Affect the Overall Profitability
The covid pandemic disrupted the overall aluminum supply chain with three key factors affecting the supply: factory shutdowns, port shutdowns, and shortages of container ships. There were nation-wide lockdowns globally to contain the pandemic spread creating acute overland transportation bottlenecks. The prices of alumina plummeted by 15% to near four-year low in 2020. With these price ranges, around 25% of global aluminum smelters went into losses or had to cut/halt down the productions.
Alumina prices recovered in 2021 to pre-pandemic levels, however, there were still events of lockdown or restricted movement to contain the pandemic in some of the alumina producing countries. In 2022, the prices of alumina stayed elevated due to high energy costs and ongoing supply disruptions in Australia. The average alumina prices stood at US$480 per ton in 2022, a sharp rise of 40% as compared to 2020. The prices of alumina are expected to stay elevated over the coming years with rising energy costs remains a cause of concern across the value chain.
Alumina Manufacturing Costs Soared Due to Russia-Ukraine Geopolitical Tensions
Russia is one of the major producers of alumina and aluminum in Europe. In 2022, Russia accounted for over 40% the alumina production in Europe. The geopolitical tensions in between Russia, and Ukraine have resulted in volatile prices of alumina, especially in Europe. The conflict has hit the alumina production refinery in Ukraine while, Australia has banned exports of bauxite and alumina to Russia. This situation has negatively affected the overall supply of raw materials which might also turn into eventual suspension of aluminum smelters in Russia.
However, there has been significant imports of alumina from China which will plug the significant hole in Russia’s alumina supply. Sanctions on Russia have already significantly distorted global alumina trade flows. The geopolitical tension has soared to price of aluminum at unprecedented levels. Furthermore, elevated energy prices have also resulted in halting aluminum smelters in Europe, threatening their goal of green transition.
Growth Opportunities Across Regions
Rise in Investments in Aluminum Value Chain (India, and Indonesia Lead)
In the past couple of years, there has been a huge surge in the investment in the aluminum value chain. Adani Group has recently announced a US$5 Bn investment proposal for a new alumina refinery in India. The facility will include a 4 Mn tons per annum integrated alumina refinery and a 175- megawatt (MW) captive power plant. The new facility will aid India moving towards import substitution.
Southeast Asia is another sub-region that has witnessed huge investment in the overall aluminum and integrated businesses. With China setting sights on overseas alumina projects to unlock bauxite deposits, Southeast Asia is expected to be major beneficiary. Efforts to protect resources have led to export bans especially in Indonesia. From second week of June 2023, the country has banned outflows of bauxite outflows.
There was a significant push in Indonesia for the processing of bauxite, an integral raw material from aluminum smelters. Indonesia is expected to post the fastest growth in alumina industry globally in the coming years, as the country has emerged as the top spot for China to build alumina project. Shandong Nanshan has plans to soon expand its new Indonesian alumina plant to a huge US$6 Bn aluminum smelting complex.
China Dominates the Global Alumina Production, Followed by Australia
In 2022, the global alumina production stood at over 140 Mn tons with China accounting for over 50% of the global production. In the past few years, China's alumina output has been on the rise due to successive new projects and restart in the idled capacity. China is one of the major importers of bauxite. The imports have grown significantly in the past few years, especially from Guinea. In 2021, China’s total bauxite imports stood at 107 Mn tons. Australia was the second-largest producer of alumina with country producing in the range of 21 Mn Tons. In the past few years, Australia has maintained its position as one of the largest exporters of alumina. The country has 6 refineries and mostly produce smelter grade alumina.
Latin America is the second-largest producer of alumina after Asia Pacific region. Brazil is the mainstay of alumina production in Latin America. In 2022, Brazil produced more than 10 Mn tons of alumina. Jamaica is another major alumina producer in the region. Jamaica also has rich bauxite reserves and is ranked among top 5 countries for bauxite reserves. Jamaica is expected double its earnings from bauxite and alumina sector in 2023.
Alumina Market - Competition Landscape Analysis
Sustainability is Manufacturers’ Primary Commitment and Goal to Achieve
Companies such as Aluminium Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., Shandong Xinfa Group, Aloca, Rio Tinto Alcan, and Rusal have integrated alumina businesses. Alumina companies are also focusing on capacity expansion and debottlenecking their existing facilities to improve the overall business performance.
Manufacturers in the alumina market are prioritising sustainable technology upgrades to reduce GHG emissions and implement circular economy. The new transformation is likely to apply to the entire value chain - from bauxite and alumina to aluminium products. For e.g., in 2022, Alcoa adopted state-of-the-art alumina refining technology that reduced energy emissions, and bauxite residue.
Notable Recent Developments
The Global Alumina Market is Segmented as Below:
By Grade
By Application
By Region
Leading Companies
1. Executive Summary
1.1. Global Alumina Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Volume, 2022
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Government Policies to Encourage Alumina Sustainability
2.7. Impact of Ukraine-Russia Conflict
2.8. Economic Overview
2.8.1. World Economic Projections
2.8.2. Electric Car Registrations and Market Share, 2015 - 2021
2.8.3. Per Capita Alumina Consumption, by Major Countries, 2020
2.9. PESTLE Analysis
3. Production Output and Trade Statistics
3.1. Global Bauxite Reserves, by Country, 2021
3.2. Global Bauxite Production, by Region, 2021
3.3. Global Smelter Grade Alumina Installed Capacity, by Region, 2018 - 2023
3.4. Global Alumina Production, by Region, 2021
3.5. Global Smelter Grade Alumina, Production, 2018 - 2023
3.6. Global Smelter Grade Alumina Production, 2018 - 2021
3.7. Smelter Grade Alumina Import Statistics, 2018 - 2023
3.8. Smelter Grade Alumina Export Statistics, 2018 - 2023
4. Price Trends Analysis and Future Projects, 2018 - 2030
4.1. Global Average Price Analysis, by Grade, US$ per Kg
4.2. Prominent Factors Affecting Alumina Prices
4.3. Global Average Price Analysis, by Region, US$ per Kg
5. Global Alumina Market Outlook, 2018 - 2030
5.1. Global Alumina Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Smelter Grade Alumina
5.1.1.2. Chemical Grade Alumina
5.2. Global Alumina Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Aluminum Production
5.2.1.2. Calcined Alumina
5.2.1.3. Alumina Hydrate
5.3. Global Alumina Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. North America
5.3.1.2. Europe
5.3.1.3. Asia Pacific
5.3.1.4. Latin America
5.3.1.5. Middle East & Africa
6. North America Alumina Market Outlook, 2018 - 2030
6.1. North America Alumina Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Smelter Grade Alumina
6.1.1.2. Chemical Grade Alumina
6.2. North America Alumina Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. Aluminum Production
6.2.1.2. Calcined Alumina
6.2.1.3. Alumina Hydrate
6.3. North America Alumina Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.3.1. Key Highlights
6.3.1.1. U.S. Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.3.1.2. U.S. Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.3.1.3. Canada Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.3.1.4. Canada Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
6.3.2. BPS Analysis/Market Attractiveness Analysis
7. Europe Alumina Market Outlook, 2018 - 2030
7.1. Europe Alumina Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.1.1. Key Highlights
7.1.1.1. Smelter Grade Alumina
7.1.1.2. Chemical Grade Alumina
7.2. Europe Alumina Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.2.1. Key Highlights
7.2.1.1. Aluminum Production
7.2.1.2. Calcined Alumina
7.2.1.3. Alumina Hydrate
7.3. Europe Alumina Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1. Key Highlights
7.3.1.1. Germany Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.2. Germany Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.3. France Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.4. France Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.5. Norway Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.6. Norway Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.7. Iceland Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.8. Iceland Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.9. Sweden Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.10. Sweden Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.11. Slovakia Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.12. Slovakia Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.13. Russia Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.14. Russia Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.15. Rest of Europe Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.1.16. Rest of Europe Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
7.3.2. BPS Analysis/Market Attractiveness Analysis
8. Asia Pacific Alumina Market Outlook, 2018 - 2030
8.1. Asia Pacific Alumina Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.1.1. Key Highlights
8.1.1.1. Smelter Grade Alumina
8.1.1.2. Chemical Grade Alumina
8.2. Asia Pacific Alumina Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. Aluminum Production
8.2.1.2. Calcined Alumina
8.2.1.3. Alumina Hydrate
8.3. Asia Pacific Alumina Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1. Key Highlights
8.3.1.1. China Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.2. China Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.3. Australia Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.4. Australia Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.5. India Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.6. India Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.7. Kazakhstan Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.8. Kazakhstan Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.9. Southeast Asia Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.10. Southeast Asia Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.11. Rest of Asia Pacific Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.1.12. Rest of Asia Pacific Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
8.3.2. BPS Analysis/Market Attractiveness Analysis
9. Latin America Alumina Market Outlook, 2018 - 2030
9.1. Latin America Alumina Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.1.1. Key Highlights
9.1.1.1. Smelter Grade Alumina
9.1.1.2. Chemical Grade Alumina
9.2. Latin America Alumina Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.2.1. Key Highlights
9.2.1.1. Aluminum Production
9.2.1.2. Calcined Alumina
9.2.1.3. Alumina Hydrate
9.3. Latin America Alumina Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.1. Key Highlights
9.3.1.1. Brazil Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.1.2. Brazil Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.1.3. Argentina Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.1.4. Argentina Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.1.5. Rest of Latin America Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.1.6. Rest of Latin America Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
9.3.2. BPS Analysis/Market Attractiveness Analysis
10. Middle East & Africa Alumina Market Outlook, 2018 - 2030
10.1. Middle East & Africa Alumina Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.1.1. Key Highlights
10.1.1.1. Smelter Grade Alumina
10.1.1.2. Chemical Grade Alumina
10.2. Middle East & Africa Alumina Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.2.1. Key Highlights
10.2.1.1. Aluminum Production
10.2.1.2. Calcined Alumina
10.2.1.3. Alumina Hydrate
10.3. Middle East & Africa Alumina Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1. Key Highlights
10.3.1.1. GCC Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.2. GCC Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.3. South Africa Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.4. South Africa Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.5. Iran Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.6. Iran Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.7. Egypt Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.8. Egypt Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.9. Mozambique Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.10. Mozambique Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.11. Rest of Middle East & Africa Alumina Market by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.1.12. Rest of Middle East & Africa Alumina Market by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
10.3.2. BPS Analysis/Market Attractiveness Analysis
11. Competitive Landscape
11.1. Product vs Application Heatmap
11.2. Manufacturer vs Application Heatmap
11.3. Company Market Share Analysis, 2022
11.4. Competitive Dashboard
11.5. Company Profiles
11.5.1. Alumina Corporation of China Limited (Chalco)
11.5.1.1. Company Overview
11.5.1.2. Product Portfolio
11.5.1.3. Financial Overview
11.5.1.4. Business Strategies and Development
11.5.2. China Hongqiao Group Co. Ltd.
11.5.2.1. Company Overview
11.5.2.2. Product Portfolio
11.5.2.3. Financial Overview
11.5.2.4. Business Strategies and Development
11.5.3. Shandong Xinfa Aluminium Group
11.5.3.1. Company Overview
11.5.3.2. Product Portfolio
11.5.3.3. Financial Overview
11.5.3.4. Business Strategies and Development
11.5.4. Rio Tinto Alcan
11.5.4.1. Company Overview
11.5.4.2. Product Portfolio
11.5.4.3. Financial Overview
11.5.4.4. Business Strategies and Development
11.5.5. Alcoa Corporation
11.5.5.1. Company Overview
11.5.5.2. Product Portfolio
11.5.5.3. Financial Overview
11.5.5.4. Business Strategies and Development
11.5.6. United Company Rusal IPJSC
11.5.6.1. Company Overview
11.5.6.2. Product Portfolio
11.5.6.3. Financial Overview
11.5.6.4. Business Strategies and Development
11.5.7. Norsk Hydro ASA
11.5.7.1. Company Overview
11.5.7.2. Product Portfolio
11.5.7.3. Financial Overview
11.5.7.4. Business Strategies and Development
11.5.8. Alumina Limited
11.5.8.1. Company Overview
11.5.8.2. Product Portfolio
11.5.8.3. Financial Overview
11.5.8.4. Business Strategies and Development
11.5.9. South32 Limited
11.5.9.1. Company Overview
11.5.9.2. Product Portfolio
11.5.9.3. Financial Overview
11.5.9.4. Business Strategies and Development
11.5.10. Hindalco Industries Limited
11.5.10.1. Company Overview
11.5.10.2. Product Portfolio
11.5.10.3. Financial Overview
11.5.10.4. Business Strategies and Development
11.5.11. Jinjiang Group
11.5.11.1. Company Overview
11.5.11.2. Product Portfolio
11.5.11.3. Financial Overview
11.5.11.4. Business Strategies and Development
11.5.12. Vedanta Limited
11.5.12.1. Company Overview
11.5.12.2. Product Portfolio
11.5.12.3. Financial Overview
11.5.12.4. Business Strategies and Development
12. Appendix
12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations
BASE YEAR |
HISTORICAL DATA |
FORECAST PERIOD |
UNITS |
|||
2022 |
2018 - 2022 |
2023 - 2030 |
Value: US$ Mn Volume: Kilo Tons |
REPORT FEATURES |
DETAILS |
Grade Coverage |
|
Application Coverage |
|
Geographical Coverage |
|
Leading Companies |
|
Report Highlights |
Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Price Trend Analysis, Competition Landscape, Grade-, Application-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends |
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
View Methodology