SAN FRANCISCO, June 29, 2020
SAN FRANCISCO, June 29, 2020 /PRNewswire/ -- The global bauxite market size is projected to reach USD 12.88 billion by 2027, expanding at a CAGR of 3.3% from 2020 to 2027, according to a new report by Grand View Research, Inc. Continuous growth in the production of primary aluminum is expected to remain a key factor in driving the market over the coming years.
Bauxite is the key raw material used for the production of primary aluminum. As per the statistics released by the International Aluminum Institute, in 2018, the primary aluminum production increased from nearly 54,647 kilotons in 2014 to approximately 64,336 kilotons in 2018. This caused a subsequent increase in the demand for the product over the respective period.
Key suggestions from the report:
Read 104 page research report with ToC on "Bauxite Market Size, Share & Trends Analysis Report By Product (Metallurgical Grade, Refractory Grade), By Application (Alumina Production, Refractory), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/bauxite-market
The market is undergoing significant transformational change, driven by strong demand for aluminum. Until 2013, China targeted Malaysia and Indonesia for its bauxite supply, however both countries imposed bans or restrictions owing to poor mining practices in 2014. Since 2014, China has been sourcing its bauxite supply largely from Guinea and to some extent form Australia.
As per statistics from the United States Geological Survey (USGS), in 2019, global bauxite resources are estimated to be around 55 to 75 billion tons. Africa (mainly Guinea) and Oceania (mainly Australia) accounts for more than 50% of the global resources. Major bauxite consuming countries such as China, Russia, and India source their products mainly from Australia and Guinea.
The lockdowns imposed by many countries across the globe owing to COVID-19 pandemic have stalled construction activities and caused a severe decline in terms of downstream demand for aluminum. However, major smelters and bauxite miners were largely unaffected, which has pushed inventory levels to a new high, putting additional pressure on product prices along the entire value chain.
Among the leading players operating in the market, Alcoa Corporation holds the largest market share. The company has a wide portfolio comprising joint ventures, subsidiaries, and affiliated companies in the industry. The company has carried out many strategic investments over the years to capture the largest portfolio of mined bauxite around the globe.
Grand View Research has segmented the global bauxite market on the basis of product, application, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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