Global Bauxite Mining Industry Market - Forecast(2024 - 2030)
Global Bauxite Mining Industry Market Overview
The Global Bauxite Mining Industry market size is forecast to reach US$122.6
billion by 2026, after growing at a CAGR of 4.8% during 2021-2026. Bauxite
is a reddish clay mineral kaolinite rock found primarily in tropical and
subtropical areas. Aluminum oxide compounds (alumina), silica, iron oxides, and
titanium dioxide make up the majority of bauxite. The growing demand for
aluminum from various end-use sectors, such as construction, automotive,
electrical and electronics, and aerospace is largely responsible for the
market's growth. Metallurgical grade bauxite is principally used as a source
for the production of alumina and aluminum sulfate, which is then used as a
feedstock for the production of aluminum, so global aluminum production drives
the market. Furthermore, bauxite production growth will also be driven by new
projects coming online in key producer countries during the forecast period.
COVID-19 Impact
Global metallurgical grade bauxite mine production was unaffected by
the COVID-19 pandemic. Even though mining companies in several countries
temporarily halted operations as a precaution, production declines were only
seen in small bauxite-producing countries, which were partially offset by
stable production in the leading producers. Rather, it was expected that the
production would exceed expectations. For example, Norsk Hydro ASA, one of the
world's largest bauxite producers, announced that its bauxite volumes increased
in April and May 2020 compared to the same period last year, following the
lifting of the country's production embargo, increased production at the
Paragominas bauxite mine and the Alunorte alumina refinery in Brazil. However, with
declining demand in major markets, the scenario for bauxite consumption was hindered.
Alumina, cement, refractories, and abrasives production were all shut down or
halted as a result of government lockdown and safety measures. In addition, the
COVID had a significant impact on the construction industry, resulting in lower
cement and refractory usage. In the short term, all of these factors had an
impact on bauxite demand in 2020.
Report Coverage
The report: “Global Bauxite
Mining Industry Market – Forecast (2021-2026)”, by IndustryARC, covers an
in-depth analysis of the following segments of the Global Bauxite Mining
Industry market.
By Mineralogy: Trihydrate or Gibbsitic Bauxite, Mixed Bauxite, and Monohydrate
Bauxite.
By Geological Formation: Lateritic (Silicate Bauxite), and Karst (Carbonate Bauxite).
By Application: Alumina, Refractories, Abrasives, Chemicals, Castables, Steel,
Petroleum, Catalyst Cement, Paints & varnishes, and Others.
By End-Use Industry: Chemical, Oil & Gas, Transportation [Automotive (Passenger
Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)),
Aerospace (Commercial Aircrafts, Military Aircrafts, and Others), and Others],
Electrical & Electronics (Transformers, Capacitors, Motors &
Generators, and Others), Building and Construction (Residential, Commercial,
Industrial, and Infrastructural), Agriculture, Food & Beverages, Consumer
Goods, and Others
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World
(Middle East, and Africa).
Key Takeaways
- Asia-Pacific dominates the global bauxite mining industry market owing to the increasing automobile industry in the region. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of light commercial vehicles increased from 2,002,284 in 2019 to 2,151,347 in 2020, an increase of 7.4% in China.
- The expanding construction industry coupled with advanced features of using aluminum such as higher strength, durability, high corrosion resistance, and high heat resistance are some of the factors that are boosting the market growth.
- In addition, aluminum is often used in the energy industry to manufacture components such as pressure vessels, valve bodies, turbine blades, rotors, and more, owing to which the demand for metallurgical grade bauxite is on an upsurge in the energy sector.
- Furthermore, increasing investments in the electric vehicles industry are expected to augment the product demand in near future.
Figure: Asia-Pacific Global Bauxite Mining Industry Market Revenue, 2020-2026 (US$ Billion)
For More Details on This Report - Request for Sample
Global Bauxite Mining Industry Market Segment Analysis – By Application
The alumina segment held the largest share in the global bauxite mining
industry market in 2020 and is estimated to grow at a CAGR of 5.1% during
2021-2026. In metallurgy, it is used as a raw material for making aluminum and
aluminum sulfate because of its high alumina content. Increasing demand for
aluminum finished products from the end-use industries, such as automotive and
construction, owing to its various superior properties such as low
density, non-toxic, has high thermal conductivity, excellent corrosion
resistance, and can be easily cast, machined, and this is likely to fuel
segment growth. Therefore, increasing demand for alumina and aluminum sulfate
for metallurgical purposes is expected to boost demand for the market studied
over the forecast period due to all of the aforementioned factors.
Global Bauxite Mining Industry Market Segment Analysis – By End-Use Industry
The building and construction segment held the largest share in the global
bauxite mining industry market in 2020 and is growing at a CAGR of 8.3% during
2021-2026. In the building and construction industry, there is an increasing
demand for aluminum in applications such as windows, curtain walls, roofing and
cladding, solar shading, solar panels, railings, shelves, and more, which is consecutively
driving the demand for metallurgical grade bauxite from this end-use industry.
Thus, the increasing application of aluminum in the building and construction
industry, owing to its extensive applications is the major factor driving the
demand for bauxite in the building and construction industry during the
forecast period. In addition, calcined bauxite is used by construction
companies as an anti-skid road aggregate which is used in selected areas to
prevent accidents and in cement, which is also aiding in driving the demand for
bauxite in the building and construction industry. Furthermore, the increasing
building and construction activity across the world is also contributing
towards the global bauxite mining industry market growth.
Global Bauxite Mining Industry Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the Global Bauxite
Mining Industry market in 2020 up to 43%, owing to the increasing demand for aluminum
and aluminum sulfate from the building and construction industry in the region,
which is driving the demand for bauxite in the industry. Due to the increasing
population and increasing per capita income of individuals, the need for
buildings and infrastructure is growing at a lucrative rate in Asia Pacific
countries such as China, India, Singapore, and more. For instance, the Chinese
construction industry is expected to expand at an annual average of 5% in real
terms between 2019 and 2023, according to the International Trade
Administration (ITA). Also, Over the forecast period, the Indian government has
launched projects such as "100 smart cities" and "Housing for
All by 2022," which are expected to drive the Indian residential construction
market. Furthermore, due to various government measures, such as Foreign Direct
Investments (FDI), building and construction activities are also growing. Such
investments and initiatives by the government are flourishing the building and
construction sector in the APAC region, which is further driving the bauxite
market growth in the region as it is extensively employed in aluminum
production. In addition, the presence of primary aluminum-producing countries
such as China, Australia, and India in the Asia Pacific is also propelling the
global bauxite mining industry market. According to the International Aluminum
Institute (IAI), Asia Pacific produced 67.5 percent of global primary aluminum
in 2019. These factors accumulatively are set to accelerate the global bauxite
mining industry market in Asia-Pacific during the forecast period.
Global Bauxite Mining Industry Market Drivers
Increasing Automobile Production in Various Regions
Automobile manufacturers have been compelled to produce fuel-efficient lightweight vehicles as a result of stringent government regulations on carbon dioxide (CO2) emissions. Aluminum's superior properties, such as corrosion resistance, high density, high ductility, high strength, and lightweight, have led to an increase in its use in the automobile industry for lightweight vehicle parts. The production and adoption of electric vehicles are anticipated to increase globally. For instance, according to Invest India, between 2020 and 2027, the Indian EV market is expected to grow at a CAGR of 44 percent, with annual sales reaching 6.34 million units by 2027. By 2030, the electric vehicle industry will have created five crore direct and indirect jobs. California has mandated that all new passenger vehicles sold in the state should be 100% electric by 2035. The American Jobs Plan, which was recently unveiled, proposes US$174 billion in incentives, rebates, and investments to encourage the production and adoption of electric vehicles. GM has also proposed that by 2035, all diesel and gasoline-powered cars are phased out and the company's entire fleet be converted to electric vehicles. It is anticipated that a gradual shift towards electric vehicles will strengthen the demand for aluminum to manufacture lightweight electric vehicle components, which as a result will drive the global bauxite mining industry market.
Flourishing Aerospace Sector
Aluminum is a lightweight and strong material that is ideal for aircraft construction. Aluminum is about a third the weight of steel, allowing an aircraft to carry more cargo or save fuel. Furthermore, aluminum's high corrosion resistance ensures the aircraft's and passengers' safety. Aluminum's strength allows it to replace heavier metals without sacrificing strength as other metals do, while also benefiting from its lighter weight. Aluminum's strength can also benefit load-bearing structures, making aircraft production more reliable and cost-effective. The demand for aircraft is on an upsurge in various regions. For instance, in November 2020, Boeing projected that China's airlines will buy US$1.4 trillion worth of 8,600 new aircraft and US$1.7 trillion worth of commercial aviation services over the next 20 years. According to Boeing's current business forecast, the Middle East would need 2,520 new aircraft by 2030. Also, according to Boeing India is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years. Considering the benefits associated with using aluminum in the aerospace industry, it is expected that the demand for metallurgical grade bauxite will eventually increase in the aerospace industry. Hence, the increasing aerospace industry will act as a driver for the global bauxite mining industry market.
Global Bauxite Mining Industry Market Challenges
Drawbacks Associated with Bauxite Mining
The conversion of bauxite to aluminum consumes a lot of energy and
has several negative environmental consequences. Mines, both open and
underground, have long-term effects on the plant and animal life in the
immediate vicinity and beyond. Clear-cutting trees and grasslands cause
biodiversity loss, habitat destruction, carbon emissions, and erosion. For many
people, especially low-income earners, bauxite mining has become a good source
of income. Regulators, on the other hand, should implement a responsible action
plan to strictly enforce safety and health regulations and ensure the safety of
consumers. The bauxite mining industry has the potential to be a boon to
everyone if and only if mining operators and transportation contractors manage
mining and transportation operations responsibly and in accordance with
established rules and regulations. Therefore, the global bauxite mining industry
market growth is expected to be hampered due to the above-mentioned factors.
Global Bauxite Mining Industry Market Landscape
Technology launches, acquisitions, and R&D activities are key
strategies adopted by players in the global bauxite mining industry market. Global
bauxite mining industry market top companies are:
- Alcoa Corporation
- Rio Tinto Plc
- The Aluminium Corporation of China
- National Aluminium Company Limited
- Norsk Hydro ASA
- Australian Bauxite Ltd
- Ashapura Group of Industries
- Gujarat Mineral Development Corporation Ltd
- Metro Mining Ltd.
- United Company Rusal PLC.
Acquisitions/Technology/Product Launches
- In November 2020, the Bauxite Residue Roadmap was launched by the International Aluminium Institute (IAI) to maximize the use of bauxite residue in cement and concrete products. The roadmap addresses concerns, prejudices, technical, and legislative barriers to the use of bauxite residue.
Relevant Reports
Ore Metals Market - By Type, By Application and By Geography Analysis-
Forecast 2020 – 2025
Report Code: CMR 56404
Bauxite Cement Market - Industry Analysis, Market Size, Share, Trends,
Application Analysis, Growth and Forecast 2021 – 2026
Report Code: CMR 36682
For more Chemicals and Materials related reports, please click here
LIST OF TABLES
1.Global Bauxite Mining Market, by Type Market 2023-2030 ($M)2.Global Bauxite Mining Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
3.Global Bauxite Mining Market, by Type Market 2023-2030 (Volume/Units)
4.Global Bauxite Mining Market Analysis and Forecast by Type and Application Market 2023-2030 (Volume/Units)
5.North America Bauxite Mining Market, by Type Market 2023-2030 ($M)
6.North America Bauxite Mining Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
7.South America Bauxite Mining Market, by Type Market 2023-2030 ($M)
8.South America Bauxite Mining Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
9.Europe Bauxite Mining Market, by Type Market 2023-2030 ($M)
10.Europe Bauxite Mining Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
11.APAC Bauxite Mining Market, by Type Market 2023-2030 ($M)
12.APAC Bauxite Mining Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
13.MENA Bauxite Mining Market, by Type Market 2023-2030 ($M)
14.MENA Bauxite Mining Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
LIST OF FIGURES
1.US Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)2.Canada Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
3.Mexico Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
4.Brazil Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
5.Argentina Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
6.Peru Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
7.Colombia Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
8.Chile Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
10.UK Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
11.Germany Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
12.France Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
13.Italy Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
14.Spain Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
16.China Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
17.India Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
18.Japan Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
19.South Korea Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
20.South Africa Global Bauxite Mining Industry Market Revenue, 2023-2030 ($M)
21.North America Global Bauxite Mining Industry By Application
22.South America Global Bauxite Mining Industry By Application
23.Europe Global Bauxite Mining Industry By Application
24.APAC Global Bauxite Mining Industry By Application
25.MENA Global Bauxite Mining Industry By Application