SPHERICAL ALUMINA MARKET REPORT OVERVIEW
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The global spherical alumina market size is expected to be USD 259.3 million in 2022 and is projected to touch USD 581.3 million by 2028, exhibiting a CAGR of 14.4% during the forecast period.
The sudden spike in CAGR is attributable to the spherical alumina market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with spherical alumina experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Spherical alumina is an alumina that is shaped in a high temperature fusion process. It is a fine chemical product of the family of alumina materials. It has the same intrinsic properties as any alumina. It provides high thermal conductivity and improves the surface hardness of the various resins by filling them. Alumina, also known as aluminum oxide, finds its application in many fields that are closely related to morphology. It is known for its compressing molding and sintering features.
The emergent demand for spherical alumina is due to its various applications and properties. Main factors providing support to the market are properties and applications of the product. Increasing uses of the product in various industries is expected to drive the product demand. Properties such as hardness, high strength, and high conductivity are anticipated to fuel the market growth. Use of the product in the medical industry is anticipated to drive the market share and pose opportunity for the market. Increasing demand from various industries such as petrochemical, medical, electronics, and semiconductor industries is projected to facilitate market development.
COVID-19 Impact: Halt on Various Industries to Hinder Market Growth
The effects of the COVID-19 pandemic are already being felt on a global level, the global spherical alumina market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The demand for alumina is derived from various industries such as The pandemic significantly impacted various industries such as petrochemical, medical, electronics, and semiconductor industries. Halt on such industries impacted the demand for chemicals and advanced materials used in the industries as well. Due to disruptions in the supply chains affected the supply of the raw materials required to make the end-user products from end-user industries. The recovery for the market is characterized by the recovery of end-user industries.
"Use of the Product in the Medical Industry to Facilitate Market Enlargement"
The global spherical alumina market growth is projected to drive due to anticipated use in the medical industry. Aluminum oxide is used for manufacturing of engineered ceramics. Such engineered ceramics are used in increased wear resistance, thermal chemical stability, and other characteristics. It also finds its applications in industries such as electrical, medical, chemical, and industrial sectors. Such trends for application in the medical industry are expected to pose an opportunity for market growth during the forecast period.
SPHERICAL ALUMINA MARKET SEGMENTATION
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- By Type
Based on type; the market is divided into 1-30 μm, 30-80 μm, 80-100 μm, and others.
- By Application
Based on application; the market is divided into thermal interface materials, thermally conductive plastics, high thermal conductive al base ccl, high thermal conductive al base ccl, and others.
"Various Applications of the Product to Facilitate Market Progress"
The global spherical alumina market growth is estimated to develop owing to its increasing applications. Increasing applications of spherical alumina is due to its properties. It is used as a ceramic material due to its good compression molding and sintering features. It is being used as grinding and polishing material for abrasives. In the petrochemical industry, the powder is used for pore size distribution and structure of the alumina carrier. It is also used in the electronics industry as aluminum has thermal, mechanical, and electrical properties. It is majorly used in semiconductor electronic packaging. Growing applications of spherical alumina is anticipated to drive the market size and provide profitable opportunities for the market.
"Advantages of the Product to Increase Market Growth"
Increasing demand for spherical alumina owing to its advantages is expected to drive the product demand. It is used as an abrasive due to its benefits of the products such as it is effective on hard substrates, non-toxic in nature and produces least dust, it is more cost effective, and can produce exceptional results. It can be recycled and it is harder than the majority which results in lower dust levels. Such advantages of the product are anticipated to drive the market growth during the forecast period.
"High Risks to Hamper Product Demand"
There are a number of factors that can push the growth of the spherical alumina market. Restraining factors such as high costs of the dental procedures. One of the limiting factors is high risks with long exposure to aluminum oxide. Continuous exposure to aluminum oxide can cause eye irritation and respiratory tract. Such negative effects of the product are anticipated to restrict and limit the market growth.
SPHERICAL ALUMINA MARKET REGIONAL INSIGHTS
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"Asia Pacific to Lead Market Owing to High Demand for Aluminum Oxide "
Asia Pacific holds the largest part of the global spherical alumina market share owing to the leading region for aluminum oxide. The growth in the region is attributed to increasing investments and production in the various end-user industries such as industrial manufacturing, medical and pharmaceutical, electronics, and other industries. China is one of the fastest growing economies globally and emerging demand from various industries of the region is projected to drive the market share. Vast demand from the pharmaceutical industry from countries such as India and China is anticipated to drive market share.
North America is expected to have considerable growth owing to the growth and increase for aluminum oxide from the ceramics industry of the region.
KEY INDUSTRY PLAYERS
"Market Players to Boost Market Growth"
The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Showa Denko (Japan)
- CMP (India)
- Bestry (China)
- Nippon Steel (Japan)
- Denka (Japan)
- Sibelco (Belgium)
- Anhui Estone Materials Technology (China)
- Dongkuk R&S (South Korea)
- Jiangsu NOVORAY New Material (China)
- Admatechs (Japan)
- Bengbu Silicon-based Materials (South Korea)
- Zibo Zhengze Aluminum (China)
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
|Market Size Value In||US$ 259.3 Million in 2022|
|Market Size Value By||US$ 581.3 Million by 2028|
|Growth Rate||CAGR of 14.4% from 2022 to 2028|
|Historical Data Available||Yes|
|Segments Covered||Type & Application|
Frequently Asked Questions
What value is the spherical alumina market expected to touch by 2028?
The global spherical alumina market is expected to reach USD 581.3 million by 2028.
What CAGR is the spherical alumina market expected to exhibit by 2028?
The spherical alumina market is expected to exhibit a CAGR of 14.4% by 2028.
Which are the driving factors of the spherical alumina market?
Drivers of this spherical alumina market are various applications of the product and advantages of the product.
Which are the top companies operating in the spherical alumina market?
Showa Denko, CMP, Bestry, Nippon Steel, Denka, Sibelco, Anhui Estone Materials Technology, Dongkuk R&S, Jiangsu NOVORAY New Material, Admatechs, Bengbu Silicon-based Materials, and Zibo Zhengze Aluminum are key companies operating in the spherical alumina market.