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Real Estate News Releases
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(EstateNewsWire.com, October 16, 2019 ) Tabular Alumina Market worth around US $3.39 Billion by 2026
The global tabular alumina market is forecasted to grow at a stable CAGR of around 6.24% during the forecast period 2018 to 2026.
The growth of the iron and steel industry all across the globe is the major driver for the market. The growing global population and rapid migration to urban regions have resulted in a surge in demand for iron and steel, and as such, steel companies are compelled to increase annual production volume to cater to the consumer needs on a global basis. The global steel production increased from 1606.3 million metric tons in 2016 to 1691.2 million metric tons surging to 1808.6 million metric tons in 2018.China is the global leader of crude steel production, with an annual production of 928.3 million metric tons in 2018. Market Leaders are majorly focusing on the expansion of facilities, mergers, and acquisitions, entering into strategic partnerships, and focusing on technological advancements to improve their product portfolio and contribute to the market competitiveness of the organization. For instance, in September 2018, Tata Steel acquired India based Usha Martin’s Steel and Wire rope business for a cash consideration up to USD 515 million in a slump sale.
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High initial investment and maintenance costs are the major restraint of the market. The installation of tabular alumina equipment requires a high initial investment, coupled with expenditures on subsequent maintenance of machinery during the service life. With rising demand for refractory products globally, the tabular alumina sector is witnessing the equipment manufacturers add or modify components to remain relevant in a highly competitive market scenario. The upgradations might also result in equipment failure, which might hamper the growth prospects of the product in terms of production downtime as well.
The need to replace outdated machinery has also seen a recent surge, as the advancements in the industry have compelled manufacturers to come up with innovations to maintain annual processing volume while also keeping up with the quality of the products being offered. The modifications require subsequent capital investment regularly. The practice of preventative maintenance of equipment is prevalent throughout the industry, owing to the demand volume of refractory items and time consumed in the packaging of finished goods.
The practice, however, results in inflated costs, also incurring additional expenses through production downtime and a decrease in throughput volume. Moreover, rising environmental concerns of alumina production resulting from poor maintenance of equipment and facilities is a rising concern responsible for hampering the growth of the market. The high costs have thus resulted in the closing down of some processing facilities, with the equipment and machinery sold to offset massive losses incurred.
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Asia-Pacific to Grow at the Highest Rate in Flexible Packaging Market
Geographically, the global tabular alumina market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia-Pacific is forecasted to witness high growth during the forecast period owing rapid growth of the construction, mining, and manufacturing industries in the APAC countries are the primary reason for the growth of the market. The market is estimated to grow at a CAGR of 6.48% in the forecasted period 2018-2025. China dominates the Asia Pacific tabular alumina market as it is the largest manufacturer and supplier of magnesia, bauxite, brown fused alumina, graphite, and silicon carbide in APAC. The growth of the construction, automobile, aerospace, and railways sectors will lead to higher demand for iron and steel, cement, and glass, which bodes well for the refractory materials market in the region.
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Market Players
The global tabular alumina market is consolidated, with the market being in the hands of few major players. Almatis GmbH, CHALCO Shandong Advanced Material Co. Ltd, Imerys Fused Minerals, AluChem are the key players in this market. Almatis GmbH is the global major tabular alumina player holds a market share of more than 30 percent. The companies are highly focused on enhancing their production facilities to advance their production at lower input costs. Though many new companies are entering the global Tabular Alumina market to tap the large customer base, only a few players that properly manage their sales, distribution, and working capital effectively to survive and continue their operations. The market is competitive with the presence of well-established companies globally that have similar product offerings. Intense competition among the companies has resulted in an increase in price wars among the companies.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
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