Market Trends of Activated Alumina Industry
Increased Demand from Oil and Gas Industry
- Due to its capacity to serve as an adsorbent, the oil and gas industry drives demand for activated alumina.
- Activated alumina is used in the oil and gas business to remove water from natural gas streams.Natural gas is regarded as the fastest-growing source of domestic energy production. Establishing new refinery projects is anticipated to be the critical driver for segment growth.
- According to BP statistics, China produced nearly 4 million barrels of oil per day in 2021. State-owned enterprises, including China National Offshore Oil Corp., dominate the oil industry in China.
- Also, China National Offshore Oil Corporation's (CNOOC) oil and gas production is expected to rise by more than 6% each year during the 2022-24 period, playing a critical role in China's energy supply security.
- The Indian government has put in place a number of plans to meet the growing need for oil and gas. It has allowed 100% foreign direct investment (FDI) in many segments of the sector, including natural gas, petroleum products, and refineries.
- Overall, according to the International Energy Agency, global oil demand is expected to reach 104.1 mb/d (million barrels per day) by 2026, with China and India accounting for about half of the growth through 2026. thus supporting market growth in the coming years.
- Owing to all the above-mentioned factors, the market for activated alumina is expected to grow significantly over the forecast period.
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Asia Pacific Region to Dominate the Market
- It is expected that the refining capacities of the key countries, such as India and China, will grow significantly, which will increase the demand for products.Increasing demand for freshwater supply due to the region's population growth will drive the market.
- Rising expenditure on water treatment infrastructure, combined with the increasing demand for gaseous and liquid drying in the oil and gas industry, will accelerate the activated alumina market in the region.
- As a top priority accorded by the Government of India, the budgetary allocation of the Jal Jeevan Mission increased significantly to USD 6.82 billion in 2021-22.
- Together with the 2030 Water Resources Group, the Council on Energy, Environment, and Water (CEEW) wants to improve how India deals with its wastewater and get more private money to build wastewater treatment plants.
- Also, the growing oil and gas industry in the region is adding to the strong growth of the market over the next few years.
- For example, as per BP Stats, Japan is one of the world's major primary energy consumers. In 2021, the country consumed 151.7 million metric tons of oil, representing a surge of nearly 2% compared to the previous year.
- During the forecast period, the demand for activated alumina will grow because of the above factors and government support.
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