Bauxite Consumption to Reach 445 Million Tons by 2030, CAGR 2.2% | According to Market Study by RationalStat
Rationalstat LLC
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Rationalstat LLC
The global bauxite market is projected to reach US$ 21.3 billion by 2030, at a CAGR of 2.2%. Production of bauxite is concentrated in a few countries, with Australia, China, and Guinea being the top three producers in 2022. Australia produced 100 million tons of bauxite, China produced 90 million metric tons, and Guinea produced 86 million tons.
Wilmington, Delaware, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Global Bauxite Market size is valued at US$ 18.3 billion in 2023 and is predicted to rise at a substantial CAGR of 2.2% during the forecast period of 2023 and 2030 according to RationalStat analysis. Bauxite is the main source of aluminum, and global aluminum production is expected to continue to grow in the coming years. This will likely lead to an increase in demand for bauxite, and production is expected to increase accordingly.
Market Definition, Market Scope, and Report Overview
The bauxite market is influenced by various drivers that impact its supply and demand dynamics. Bauxite is the primary source of aluminum, and the demand for aluminum products in various industries, including automotive, construction, packaging, and aerospace, plays a significant role in driving the bauxite market. As these industries expand, the demand for aluminum increases, leading to a higher demand for bauxite.
Consumption of bauxite is more evenly distributed across the globe, with China being the largest consumer, followed by India, Russia, and Indonesia. China consumed 70 million metric tons of bauxite in 2022, India consumed 35 million metric tons, Russia consumed 18 million metric tons, and Indonesia consumed 15 million metric tons.
Further, the growing emphasis on environmental sustainability and resource conservation has led to increased aluminum recycling. Bauxite demand is influenced by the availability of recycled aluminum. When the recycling rates are high, the demand for primary aluminum produced from bauxite may be relatively lower.
According to a deep-dive market assessment by RationalStat, the bauxite market has been analyzed on the basis of market segments, including type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
Market intelligence for the bauxite market covers market sizes based on market value (US$/EUR Million) and volume (Thousand tons) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the bauxite market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
Global Bauxite Market: Segmental and Market Share Analysis
The growth of the bauxite market is also being driven by technological advancements in mining and processing techniques. These advancements are making it more efficient and cost-effective to mine and process bauxite, which is helping to lower the cost of aluminum.
Based on the Application, the alumina production segment is expected to dominate the market as it is used widely for the production of spark Plug insulators and metallic paints, and is used as a fuel component for solid rocket boosters.
Report Synopsis
Report Metrics
Details
Base Year
2023
Forecast Period
2023-2030
Base Year Market Size
US$ 18.3 billion
Market Size Forecast
US$ 21.3 billion
Growth Rate
2.2%
Dominant Segment
Alumina Production
Leading Region
Asia Pacific
Key Market Drivers
Increasing Demand for Alumina for Metallurgical processes
Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the bauxite market include,
In February 2023, Norsk Hydro ASA announced its collaboration with Wave Aluminium to establish a bauxite waste recovery plant in Brazil. The recovery plant is designed to have the capacity to handle 50,000 tons of bauxite residue per year.
In March 2019, Rio Tinto completed the commissioning of the US$ 1.9 billion Amrun Bauxite mine on the Cape York Peninsula in Queensland, Australia.
Some of the prominent players and suppliers operating and contributing significantly to the bauxite market growth include Alcoa Corporation, Alumina Limited, Aluminum Corporation of China Limited, Australian Bauxite Limited, Compagnie des Bauxites de Guinée (CBG), GRAFIT MADENCILIK SAN. TIC. A.S., Iranian Aluminium Co., LKAB Minerals, Norsk Hydro ASA, and Possehl Erzkontor GmbH & Co. KG, among others.
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
Defining the problem by understanding the type of market and data required by the client.
Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
Evaluating and analyzing the data by referring to data sources utilized and leveraged.
Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
