Activated alumina is being widely used as an absorbent, catalyst, desiccant, and catalyst carrier. It bears a high surface area and is an extremely porous material, which ensures superior moisture absorbing capabilities. The rising popularity of activated alumina in diverse industries owing to its favorable features is accelerating the growth of the overall market. Some of the key applications of activated alumina are liquid dehydration, reaction catalyst, pharmaceutical, biomaterial, water treatment, gas dehydration, and oil and gas. In addition, the key factor driving the demand for activated alumina is its growing use in the industrial division in the Claus process. This process is considered as a significant process for gas desulfurizing.
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According to a research study by Transparency Market Research (TMR), in 2015, the global market for activated alumina was valued at US$770.6 mn and is projected to reach a value of US$1,108.9 mn by the end of 2024. With the rising demand, this market is anticipated to register a healthy 4.20% CAGR between 2016 and 2024.
Rising Demand in Diverse Industries to Encourage Growth of Global Market
The growing use of activated alumina in catalyst applications is one of the key factors fuelling the growth of the global market. Additionally, the favorable regulations imposed by governments and regulatory bodies and the rising demand for activated alumina for the production processes in nutraceuticals and biopharmaceuticals are anticipated to augment the growth of the overall market in the next few years.
On the flip side, the reduction in adsorption capacity of activated alumina and the issues related to activated alumina filters are some of the primary factors restricting the growth of the overall market. In addition, the easy availability of substitutes is expected to hamper the growth of the global activated alumina market in the next few years. Nevertheless, the growing demand for activated alumina from the natural gas industry and the industrial and economic growth in the developing nations in Asia Pacific are anticipated to offer potential opportunities for leading companies.
Growing Focus on Innovation to Bolster Global Activated Alumna Market
The global activated alumina market is highly fragmented in nature with a large number of players operating in it. The rising demand for activated alumina for diverse applications is attracting several players to enter the market, which will further strengthen the competitive scenario of the market. In addition, the rising number of mergers and acquisitions and strategic collaborations is expected to encourage the growth of the market in the next few years.
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Some of the prominent players operating in the activated alumina market across the globe are KIN Filter Engineering Co., Limited, Luoyang Xinghua Chemical Co., Ltd., Sumitomo Chemical, Albemarle Corporation, BASF SE, Shayan Corporation, Baltimore Innovations Ltd., Sialca Industries, Axens, Dynamic Adsorbents, Inc., Sorbead India, Porocel, and Honeywell International Inc. In order to attain a dominant position in the global market, these players are focusing on research and development activities to introduce technologically advanced and innovative products. The increasing application base of activated alumina is expected to generate potential opportunities for market players.