The high-purity
alumina market is heading for growth in the next few years. This is due to
growth in the Asia-Pacific region due to the growing demand for technologically
advanced consumer electronics in China, which maintained a dominant market
share in 2017. Sustainable energy consumption. These factors are expected to
boost the growth of the high purity alumina market during the forecast period.
High Purity Alumina
Market accounted for revenue of $987,042.9 thousand
in 2017 and is anticipated to generate revenue of $4,131,799.9 thousand by
2025. The market is projected to grow at a CAGR of 19.4% from 2018 to 2025.
The demand for high-purity alumina is gaining momentum and is expected to grow at a CAGR of 16.7% during the analysis period due to increased demand from applications such as LED bulbs, electronic displays, automobiles and medical. . This trend is expected to continue with the rapid increase in adoption of HPA by end users and new technological developments in the electronics industry.
The proliferation of LEDs in the lighting
market and the increased use of high-purity alumina in smartphones, smart
watches, and tablets are key factors driving global market growth. However,
higher production costs are expected to hinder market growth.
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The LED bulb segment dominated the high-purity
alumina market in 2017 by shifting to LED lighting compared to conventional
lighting. In addition, the growing need for energy efficient light sources has
increased the demand for LED bulbs and spurred growth in this segment. The
increase in per capita power consumption has boosted power demand around the
world. This has increased the demand for high purity alumina in the lighting
industry. Some companies are investing in high-quality products such as
high-purity alumina for electronic displays, including tablets, smartphones, and
smart watches, so electronic displays serve as the most profitable application
segment.
Based on technology, the market is bifurcated
into hydrolysis and hydrochloric acid leaching (HCL). Hydrolysis is the most
adopted technique to manufacture HPA. Orbite Technologies is the first to start
the commercial production of HPA using the HCL process, thereby reducing the
cost of HPA.
Asia-Pacific accounted for more than half of
the total high-purity alumina market in 2017, and is expected to maintain its
lead position during the forecast period, owing to increase in domestic
production of energy efficient lightings, such as LEDs. China is one of the
largest countries in the Asia-Pacific region, and is expected to continue its
dominance during the analysis period in terms of volume and revenue, since it
is a hub for LED manufacturing in Asia-Pacific.
The key players
operating in the global high-purity alumina market include
·
Orbite Technologies
Inc.
·
Sumitomo Chemical Co.
Ltd.
·
Baikowski SAS
·
Alcoa Inc.
·
Nippon Light Metal
Holdings Company Ltd.
·
Altech Chemicals Ltd.
·
Zibo Honghe Chemical
Co. Ltd.
·
UC Rusal
·
Sasol
·
Xuan Cheng Jing Rui
New Material Co. Ltd.
Key Findings of the
High Purity Alumina Market:
- The North America high purity
alumina market is projected to grow at a highest CAGR of nearly 24.5%, in
terms of revenue, during the forecast period
- The 5N of by type segment of
high purity alumina market is anticipated to witness moderate growth rate
of 21.1%, in terms of revenue, during the forecast period.
- Asia-Pacific dominated the high
purity alumina market with a revenue share of over 68.5% in 2017
- The high purity alumina market
trends are analyzed across the North America, Europe, Asia-Pacific, and
LAMEA.
- The qualitative data in this
report aims on the market dynamics, trends, and developments in the high
purity alumina industry while the quantitative data provides information
of the market size in terms of revenue and volume.
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