The alumina trihydrate market is estimated to be USD 1.5 billion in 2020 and is projected to reach USD 1.9 billion by 2025, at a CAGR of 5.5% from 2020 to 2025. The rising demand for alumina trihydrate from the plastics industry, increasing demand for non-halogenated flame retardants, and the surge in demand for alumina trihydrate in paints and coating industry are expected to drive the alumina trihydrate market.
The alumina trihydrate market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific alumina trihydrate market in 2019. Moreover, the Asia Pacific region is an emerging and lucrative market for alumina trihydrate, owing to industrial development and improving economic conditions. The presence of a number of plastic products manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the alumina trihydrate market during the forecast period.
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Sumitomo Chemical Company, Limited (Japan), Hindalco Industries Limited (India), Aluminum Corporation of China Limited (China),Nabaltec AG (Germany), and Huber Engineered Materials (US are the key players in the alumina trihydrate market. These companies are focused on investing in plant capacity expansions and acquisitions. They are expanding their product portfolios and compete with other key market players.
Huber Engineered Materials is a subsidiary of JM Huber Corporation (US). It is a global leader in industrial chemical manufacturing. Huber Engineered Materials focuses on growth strategies to expand its business. For example, to expand its geographical footprint, the company expanded its Martinswerk facility in Bergheim, Germany in September 2020. It also acquired Miller Chemical & Fertilizer, LLC, which helped it to build a diverse portfolio of small-to-medium sized, competitively advantaged businesses in the chemical and mineral markets.
Sumitomo Chemical Company, Limited has continuously expanded its global presence over the years through strategic acquisitions and expansions. It focuses on extending and maintaining technological leadership, accelerating its penetration in the developing regions, and cash flow generation to enhance its position as a leading player for alumina trihydrate. The extensive distribution network, geographical presence, and reach to diversified end markets positions helps the company to capitalize the propelling growth opportunities. In April 2020, Sumitomo Chemical Company, Limited acquired four South American subsidiaries of Nufarm Limited in Brazil, Argentina, Chile, and Colombia. Through this acquisition, the company expanded its geographical presence in these countries.
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