(MENAFN- GlobeNewsWire - Nasdaq) New York, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global A ctivated A lumina S pheres M arket is expected to witness significant growth at a remarkable CAGR of 4.1% during the forecast period of 2023-2030. The factors such as the increasing development of new water treatment plants, the rising investment in food & beverage projects, and others are accelerating the demand for activated alumina spheres, which, in turn, is boosting the market growth. In addition, the rising development of a new range of activated alumina spheres product categories will further boost the market growth during the forecast period. According to a recent report by Consegic Business Intelligence, the activated alumina spheres market is poised for strong expansion and is expected to reach USD 975.38 Million by 2030. The market, which was valued at USD 708.45 Million in 2022, is predicted to grow at a compound annual growth rate of 4.1% during the period 2023-2030. The report highlights the increasing adoption of activated alumina spheres in the oil & gas industry, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the activated alumina spheres market.
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Activated alumina spheres are frequently deployed in the oil and gas industry to ensure efficient drying of air, gases, and liquids. The development of new oil & gas facilities, increasing production activities, and others are driving the oil & gas industry growth at the global level. For instance, according to the recent statistics published by the U.S. Energy Information Administration, in 2021, the annual production of crude oil at the global level was 95.69 million barrels per day, and in 2022, it was 99.85 million barrels per day. In 2022, the year-on-year growth of crude oil production at the global level was 4.34%. Hence, the bolstering oil & gas industry is fueling the demand for activated alumina spheres to ensure efficient oil purification. This key trend is boosting market growth.
In addition, activated alumina spheres are employed in food and beverage manufacturing facilities for ensuring higher standards of water purification standards. The increasing development of new food manufacturing facilities at the global level is attributed to factors such as increasing investments in new manufacturing plants, government subsidies, and others. Thus, the development of new food and beverage manufacturing facilities at the global level will create a lucrative opportunity for market growth in the forecast years.
Global Activated Alumina Spheres Market : Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 975.38 Million |
| CAGR (2023-2030) | 4.1% |
| By Application | Catalyst, Desiccant, Fluoride Adsorbent, Bio Ceramics, and Others |
| By End-use Industry | Oil and Gas, Water Treatment, Chemical, Food & Beverage, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | ВАЅF ЅЕ, DYNAMIC ADSORBENTS, INC., Sorbead India, Huber Corporation, Sumitomo Chemical Co., Ltd., Axens, Patalia Chem Industries., ACURO ORGANICS LIMITED, AGC CHEMICALS PVT. LTD., and Nitrotech Engineers |
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Global Activated Alumina Spheres Market Segmentation Details:
Based on Application, catalyst segment contributed the largest shares to the market growth in 2022. Activated alumina sphere act as a buffer to manage liquid and gaselevels to protect the natural composition of substances. The activated alumina sphere ensures efficient adsorption and a large surface area for activity in the reaction process. This makes the activated alumina sphere an ideal catalyst. Henceforth, the deployment of activated alumina sphere is increasing in catalyst application due to the above-mentioned benefits, which are fostering market growth.
Based on End-use Industry, the oil and gas segment accounted for the largest market share in the year 2022. The vital characteristics related to activated alumina spheres include excellent catalytic properties, high-temperature resistance, superior adsorbing features, and others. Hence, activated alumina sphere is widely used in gaseand liquid desiccation in the oil & gas industry. As a result, the increasing utilization of activated alumina spheres in the oil & gas industry is supplementing the market growth.
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Based on Region , in the year 2022, North America accounted for the largest share contribution to the market growth, owing to the increasing adoption of activated alumina spheres in the oil & gas industry. For instance, Pikka Oil Field is an onshore oil and gas project in Alaska, United States. The production activities associated with the Pikka Oil Field are projected to commence by the year 2026. Therefore, the booming oil & gas industry in the North American region is amplifying the market growth.
Competitive Landscape
ВАЅF ЅЕ, DYNAMIC ADSORBENTS, INC., Sorbead India, and Huber Corporation, are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of activated alumina spheres. Further, the activated alumina spheres market is expected to grow steadily due to rising demand from the water treatment industry, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing adoption of activated alumina sphere players in the food & beverage manufacturing plants is expected to increase the competition in the industry.
Recent Developments
In November 2020, Evonik, a leading chemical manufacturer at the global level acquired Porocel Group for USD 210. Porocel Group is a leading manufacturer of activated alumina products. The prime aim of the acquisition was to increase the product offering in the global activated alumina sphere business.
Key Market Takeaways
The global activated alumina spheres market size is estimated to exceed USD 975.38 million by 2030 with an astonishing CAGR of 4.1% during the forecast period (2023-2030). North America accounted for the highest market share at 36.55% and was valued at USD 258.94 million in 2022, and is expected to reach USD 358.45 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 65.30% during the base year of 2022. Based on application, the catalyst segment accounted for the highest share contribution to the activated alumina spheres market statistics in 2022. In the context of end-use industry, the oil & gas segment is expected to contribute significant shares to the growth of activated alumina spheres market statistics during the forecast period. Asia Pacific is expected to boost the market demand for activated alumina spheres due to the increasing investments in new food & beverage projects in countries such as India, Singapore, and others.
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List of Major Global Activated alumina spheres Market:
ВАЅF ЅЕ DYNAMIC ADSORBENTS, INC. Sorbead India Huber Corporation Sumitomo Chemical Co., Ltd. Axens Patalia Chem Industries. ACURO ORGANICS LIMITED AGC CHEMICALS PVT. LTD. Nitrotech Engineers
Global Activated Alumina Spheres Market Segmentation:
By Application Catalyst Desiccant Fluoride Adsorbent Bio Ceramics Others
By End-use Industry Oil and Gas Water Treatment Chemical Food & Beverage Others
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Frequently Asked Questions in the Activated Alumina Sph eres Market Report
What was the market size of the activated alumina spheres industry in 2022? In 2022, the market size of activated alumina spheres was USD 708.45 million.
What will be the potential market valuation for the activated alumina spheres industry by 2030? In 2030, the market size of activated alumina spheres will be expected to reach USD 975.38 million.
What are the key factors driving the growth of the activated alumina spheres market? The booming oil and gas industry is fostering the activated alumina sphere market growth at the global level.
What is the dominating segment in the activated alumina spheres market by application? In 2022, the catalyst segment accounted for the highest market share of 28.15% in the overall activated alumina spheres market.
Based on current market trends and future predictions, which geographical region is the dominating region in the activated alumina spheres market? North America accounted for the highest market share in the overall activated alumina spheres market.
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