From a common soda can to entire train sets, a range of things are made from aluminum (Al). The metal is highly useful in places where lightness has to be combined with strength. Moreover, it also provides high thermal insulation, corrosion resistance, and hydrophobic advantages. Due to the increasing usage of aluminum, the demand for is basic raw material, alumina or aluminum oxide (Al2O3), is also rising. The oxide is primarily extracted in the form of bauxite and then processed and purified to retrieve the metal.

Thus, with the rising demand for this versatile metal, the alumina market is expected to grow to $54,907.3 million by 2024, at a CAGR of 2.2% between 2019 and 2024. The oxide is available in several forms, viz. calcined, tabular, metallurgical, reactive, and fused. Of these, the metallurgical type has witnessed the heaviest consumption till now, because it is used specifically to derive aluminum metal, the requirement for which has been rising around the world. In the years to come, the usage of refractory-grade Al2O3 is predicted to surge the fastest.

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Presently, the most productive alumina market is Asia-Pacific (APAC), as it accounts for the highest production and consumption of the oxide. The mining, refining, and processing of bauxite, production of Al metal, and compounding of the chemical-grade metal oxide into the end products happen at a rather large scale in regional countries. India, Indonesia, and China were responsible for around 58.5% of the total alumina produced in the world in 2017, according to the World Mineral Production 2013–2017 report published by the British Geological Survey.

Additionally, according to the article, the region is also highly forward-integrated, producing around 64% of the aluminum metal that year. Closely following the requirement for metallurgical-grade alumina is that for the chemical-grade oxide, which is important in the production of refractories, abrasives, and ceramics. The reasons behind the rising requirement for chemical-grade Al2O3 are its decreasing cost and its numerous advantages as well as the increasing preference for high-quality substrates in the automotive, electrical and electronics, and construction industries.