MOSCOW (MRC) -- The global alumina trihydrate market is projected to accelerate at a phenomenal CAGR of 7.7% throughout the forecast period from 2023 to 2033, said Hydrocarbonprocessing.
The global market is likely to reach a valuation of USD5,324.6 M in 2023 and surpass a valuation of USD1,180.1 M in 2033. The market touched a valuation of USD4,936.1 M in 2022.
According to Future Market Insights' historical analysis, the global alumina trihydrate market registered a CAGR of 7.4% between 2018 and 2022.
The growth of the global alumina trihydrate market is attributed to its diverse application in numerous industries such as plastics, papers, paints & coatings, and others is the key factor propelling the growth.
All these industries rely heavily on alumina trihydrate, and their anticipated expansion should fuel aluminum hydroxide sales. It has been estimated that more than 90% of alumina trihydrate production goes into manufacturing aluminum. When alumina trihydrate is used for flame retardant applications, it suppresses and reduces fire spread via plastic.
Alumina trihydrate or aluminum hydroxide is known for its power source from bauxite. It is translucent and white in color. Through exposure to heat, alumina trihydrate converts to aluminum oxide and releases water. The powder is most commonly used for preparing transparent lake pigments.
Alumina trihydrate comprises antacid properties and can facilitate the maintenance of optimum pH in the gastrointestinal tract. Its antacid properties are likely to make aluminum hydroxide demand soar from the worldwide pharmaceuticals industry. Furthermore, its excellent filler qualities make it suitable for use in plastics, cosmetics, detergents, inks, ceramics, and glass. It is also an excellent water-repellent, flame-retardant, and paper coating.
Over recent years, strict fire safety regulations have come into force all over the world. This has resulted in augmenting demand for high-quality flame retardants that have been on a consistent rise. Future Market Insights (FMI) expects this trend to continue between 2023 and 2033.
Throughout the assessment period, non-halogenated flame-retardant demand elevated all over the globe, owing to various fire-related accidents. The use of alumina trihydrate also gained traction for engineering papers, plastics, rubbers, paints, and coatings. Automobiles with low weights tend to be more fuel efficient as it takes less power to move them compared to heavy all-metal vehicles.
We remind, in 2022, US ethane demand increased by approximately 9%, or almost 0.2 million bpd, according to the EIA's preliminary annual data published in the Petroleum Supply Monthly. US production and consumption of ethane, a hydrocarbon gas liquid used almost exclusively as a feedstock in the petrochemical industry, has grown since 2010 along with the build-out of US petrochemical capacity. More recently, international demand for ethane exported from the US, also for use as a petrochemical feedstock, has been growing. Petrochemical plants consuming ethane use steam crackers to produce ethylene, a precursor chemical for manufacturing many plastics and resins. US ethane product supplied, a proxy for ethane demand for domestic ethylene production, averaged just under 2.0 million bpd in 2022, reaching a peak of almost 2.2 million bpd in July.