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Aluminum is a highly durable and corrosion-resistant metal used in numerous industries. Its use is particularly extensive in the manufacturing and construction industries, where it is used in a variety of products including transportation equipment, container packaging, automobiles, and construction materials.
In recent months, aluminum prices have declined. They were down 40 percent from their March record high of $4,100 per ton. The global economy is still cooling, and geopolitical affairs have added downside pressure. However, with the healthcare industry expected to grow, the aluminum oxide market should see robust growth over the forecast period.
Asia-Pacific dominates the aluminum oxide market. Several players are active in the region, including China Hongqiao Group Limited, Aluminum Corporation of China Limited (CHALCO), and Xinfa Group Co. Ltd.
Demand for the metal is expected to continue to rise in the industrial and healthcare sectors, with the pharmaceutical sector growing the most. In addition, the healthcare sector will increase its investments in the coming years. This will further drive the aluminum oxide market.
Currently, the largest aluminum oxide producer is China. According to the International Monetary Fund, the price will reach $2,126/ton in 2022. During the same year, imports will surge to $102M, the highest rate of growth in two years. Moreover, the foreign inventories will be exhausted in the second half of 2020.
Meanwhile, Brazil was the largest supplier of alumina to the United States. In value terms, it accounted for 80 percent of the total imports.