The global bauxite market size is expected to reach USD 18.15 billion by 2030, registering a CAGR of 1.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing use of aluminum foil in the packaging industry is one of the key growth drivers for the market.
Bauxite Market Report Highlights
- Based on the product, the metallurgical grade is anticipated to register the fastest CAGR of 1.7%, in terms of revenue, from 2022 to 2030. Aluminum is preferable in various end-use industries such as automotive, medical, and construction which is expected to drive segment growth
- Based on application, alumina production is expected to grow at a CAGR of 1.8%, in terms of revenue, during the forecast period. This growth is credited to the increasing demand from the downstream end-users like the automobile industry
- Based on region, North America is expected to register a CAGR of 3.9%, in terms of revenue, during the forecast period. Rising emphasis on the EV industry and increasing demand for the aluminum products are propelling growth in the region
- Due to the rising demand for bauxite residue in the cement industry, the cement application segment is expected to register a CAGR of 1.5% in terms of revenue, during the forecast period
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Bauxite is a heterogeneous sedimentary rock with a relatively high aluminium content and minor or trace amounts of silica, iron oxide, gallium, titania, aluminosilicate, and other impurities. It is used as the main raw material for alumina and rare metal gallium, 90% of the world’s production of bauxite is consumed in the aluminium industry. They are used in chemical industry, refractory brocks, abrasive, cement, steel, petroleum industry, and as raw material in building and road construction.
The rising need for packaged food is causing manufacturers of aluminum foil to invest in new production plants. For instance, in January 2022, SRF Limited, a manufacturer of industrial and specialty intermediates, decided to invest USD 55.80 million in setting up an aluminum foil manufacturing plant with a production capacity of 21,000 tons in Indore, Madhya Pradesh, India.
Bauxite is an ore that contains a high level of aluminum content. The product is soft in nature with a hardness of 1 to 3 on the Mohs scale. The different grades of products that are available in the market include metallurgical grade, refractory grade, abrasive grade, and chemical grade, which are used according to their application requirements.
Based on the product, metallurgical grade held the largest revenue share of the global market in 2021 and this trend is expected to continue throughout the forecast period. Metallurgical grade bauxite is mainly used to produce alumina which is a key raw material for primary aluminum production. The production of primary aluminum is mainly driven by its demand from downstream sectors.
Bauxite Market Insights By Region
The Asia Pacific held a revenue share. China is anticipated to dominate the region during the coming years; however, India is expected to register the fastest growth rate during the forecast period. The increasing requirement for aluminum in EVs, packaging, and construction industries is anticipated to propel the demand for bauxite in the forecast period. Europe accounted for the second-largest share, in terms of revenue. The region is investing in decarbonizing by increasing the usage of aluminum in lightweight mobility, construction of energy-efficient buildings, and making packaging more efficient. North America is expected to register the fastest growth across the forecast period. The widespread presence of numerous end-users in the region along with large-scale automobile plants, a robust construction industry, and infrastructural developments are propelling the demand for alumina, which is further anticipated to benefit the demand for bauxite in the forecast period.
Competitive Analysis By Major Producers
Key market players compete largely based on quality, price, and proximity to customers, as well as strategically located long-term bauxite resources in Guinea, Australia, and Brazil which are the world’s largest reserves of the product. The rising demand for aluminum is causing bauxite mining companies to expand their mining and production capacity. Furthermore, they engage in capacity expansions, mergers & acquisitions, and aggressive R&D activities to stay ahead of their competitors. Some of the prominent players in the bauxite market include:
- Alcoa Corporation
- Rio Tinto
- Aluminum Corporation of China Limited (CHALCO)
- Norsk Hydro ASA
- South32
- Rusal
- NALCO India
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Bauxite Market Segmentation
Grand View Research has segmented the global bauxite market based on the product, application, and region:
- Bauxite Product Outlook (Revenue, USD Billion; Volume, Kilotons, 2017 – 2030)
- Bauxite Application Outlook (Revenue, USD Billion; Volume, Kilotons, 2017 – 2030)
- Bauxite Regional Outlook (Revenue, USD Billion; Volume, Kilotons, 2017 – 2030)
- List of Key Players in Bauxite Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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