The global aluminum oxide market is expected to post a CAGR of nearly 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is rapid development in the automotive industry. Aluminum oxide is used to manufacture several ceramic parts in vehicles, such as valve plates, oxygen sensors, electronic displays, fiberglass, spark plugs, and heat sinks. In electric vehicles, aluminum oxide is used as separators in battery units. Aluminum oxide is also used as a polishing material for aluminum rims, paint plastics, and brake rims. In the automotive industry, aluminum oxide is considered indispensable due to their strong electrical and thermal properties.
This market research report on the global aluminum oxide market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising applications in the medical sector as one of the key emerging trends in the global aluminum oxide market:
Global aluminum oxide market: Rising applications in the medical sector
Aluminum oxide is finding increased application in bone and joint replacement, owing to its superior mechanical properties and high resistance to wear and tear. The medical grade aluminum oxide is extensively used in diverse medical applications such as artificial bone and joints, dental roots, and hip replacement. In ceramic bearings used in medical applications such as artificial hearts, aluminum oxide acts as a key strengthening agent.
The excellent chemical stability of aluminum oxide enables their application in bioengineering as aluminum oxide cannot be dissolved by strong adds or bases present in the human body. Similarly, aluminum oxide possesses excellent lubricating properties owing to their hydrophilic nature. Thus, with advances in medical sciences and technology, the adoption of aluminum oxide will increase in medicine and bioengineering applications during the forecast period, says a senior analyst at Technavio for research on specialty chemicals.
Global aluminum oxide market: Segmentation analysis
This market research report segments the global aluminum oxide market by application (metallurgical and non-metallurgical) and geographical regions (APAC, EMEA, and the Americas).
The metallurgical segment held the largest market share in 2017, accounting for nearly 61% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 72%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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