Chemical companies often bear the brunt of the massive waste generation that emanates from the production of chemical compounds and their spent forms which should be recycled. The Aluminum Oxide Market has faced a similar challenge, which has gradually been resolved with the efforts made by key market players. Washington Mills, one of the world’s largest producers of abrasive minerals and products has pioneered a closed-loop recycling process. This process solely focuses on the recycling of aluminum oxide that is already spent. The recycling of aluminum oxide will greatly help in the reduction of waste generation and increase the value of this chemical compound by making it more environmentally friendly.During the forecast period 2019-2025, the Aluminum Oxide Market will grow with a CAGR of 4.9%. In 2018, the market earned a revenue of $21.6 billion.
The APAC Region Leading the Global Aluminum Oxide Market
According to IndustryARC’s research, the APAC region has emerged as the leading region of the aluminum oxide market with an evaluated 46% share out of the total revenue earned by the market in 2018. The primary reason for this share is the presence of industrial manufacturing units in South-east Asian countries, including India, China, South Korea, and others which are generating a high demand for aluminum oxide.
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Increasing Demand for Ceramics Boosting the Aluminum Oxide Market Growth
The demand for ceramic is growing at a fast rate owing to its wide range of applications in several industries. Ceramic is also gaining immense popularity for its use in 3D printers which are also being employed in a multitude of industries. The technical ceramics market earned a revenue of $6 billion in 2018 for its temperature stability and additional rigidity. In the healthcare industry, ceramic is being used in bone implants, which are printed through 3D printers.
Aluminum Oxide Market: Competitive Landscape:
Key players of the aluminum oxide market have consistently focused on refining production techniques for meeting the rising demand for aluminum oxide. Owing to its abrasiveness and low reaction to acids while exhibiting a high boiling demand, different kinds of industries are openly using this compound to maximize production. Some of the companies which are ahead of the curve in the aluminum oxide market are Sasol Limited, Tirupati Industries, Chemicals India Company, Khambhalay Abrasive, Nivaka Pharmaceuticals Industries, MTC Wesgo, Snam Abrasives Pvt. Ltd., and Almatis. Sasol Limited is a South-Africa based chemical company that produces some of the finest chemical products in the world.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.