Selbyville, Delaware , Aug. 15, 2024 (GLOBE NEWSWIRE) -- Alumina Trihydrate Market is anticipated to reach USD 7.6 billion by 2032, as per a recent study by Global Market Insights Inc.
The industry growth is driven by extensive application of flame retardants in various industries. With fire safety regulations becoming more stringent worldwide, the demand for fire retardant products in the construction, electronics and automotive industries is increasing. In comparison to other flame retardants, alumina trihydrate is preferred for its effectiveness, non-toxicity, and environmental friendliness. It is widely used for insulation in construction, while being incorporated into cable sheathing and circuit boards to increase fire resistance in electronics. For example, in January 2024, Closed Loop Partners invested in a company that utilized contaminated aluminum to create hydrogen fuel and a raw material for the manufacturing of aluminum.
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The growing demand as a filler in the plastics and rubber industries will also influence the market growth. Alumina trihydrate boasts of properties, such as high whiteness, low friction and chemical inertness, making it an ideal additive for improving the mechanical and aesthetic properties of plastic and rubber products. The increasing need for lightweight and durable packaging, automotive parts and consumer items will also support the widespread product adoption.
Surging preference for black alumina trihydrate
Alumina trihydrate market value from the black type segment may exhibit a decent growth rate over 2024-2032 due to its increasing use in specialized applications where enhanced aesthetic and functional properties are required. Black alumina trihydrate is used in the plastics and rubber industries to produce desired colors and improve the aesthetics of end products while maintaining flame retardant properties. This is important in automotive components, consumer electronics and high-end building products where both performance and appearance are important. Rising usage in coatings and adhesives, where a combination of fire resistance and aesthetic properties is essential, will also favor the segment growth.
Rising adoption in Pharmaceuticals
Alumina trihydrate market from the pharmaceutical segment will register a noteworthy CAGR from 2024 to 2032. This is due to its critical role as an antacid and a filler in pharmaceutical formulations. Alumina trihydrate is widely used in antacids to neutralize stomach acid and provide relief from conditions, such as heartburn, acid malabsorption and gastroesophageal reflux disease (GERD). With its non-toxic and chemically inert properties, it has emerged as an ideal ingredient for these formulations. This compound is also used as a solvent and filler to enhance the stability and performance of the final product.
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Asia Pacific to emerge as a lucrative market
Asia Pacific alumina trihydrate market will register significant growth from 2024 to 2032 attributed to rapid industrialization and urbanization. The expanding industries across the region are necessitating refractory materials, further increasing the use of alumina trihydrate in building materials. The rise in electronics manufacturing, especially in China, Japan and South Korea, has also created a need for more efficient flame retardants for electronic components and cables. Rapid population growth and rising health standards are driving the higher use of chemicals, further pushing the product demand in anti-acid options.
Alumina Trihydrate Market Participants
Albemarle Corporation, TOR Minerals International, Alfa Aesar, Sumitomo Chemical Company, Limited, Almatis, Showa Denko K.K., Alumina Limited, Shandong Aluminium Industry Co., Ltd., Aluminium Corporation of China (Chalco), Chemours Company, Rio Tinto Alcan, Huber Engineered Materials, ICL Group, Nippon Light Metal Company, Ltd., and Nabaltec AG are some major alumina trihydrate market contenders. These players are working on new product developments, collaborations, and mergers to increase their product portfolio. For instance, in May 2023, U.S. Silica Holdings, Inc. introduced EverWhite®, a high-white pigment for coatings and building products, to be used alongside titanium dioxide and aluminum trihydrate.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
