High Purity Alumina Market to Grow at 22.6% CAGR by 2030
Surging demand for LED lights in developing nations due to various government initiatives to reduce energy consumption and increasing technology adoption to upgrade aerospace equipment are the factors driving the growth of high purity alumina market.
The High Purity Alumina Market is expected to grow at a CAGR of 22.6% from 2021-2030, according to a new research report by Next Move Strategy Consulting.
High purity alumina is a non-metallurgical premium alumina, which has purity level equal to or more than 99.99%. This high level of purity is achieved through various manufacturing processes such as the alkoxide, thermal decomposition, chlorine hydrolysis, and modified Bayer process. It’s properties such as good thermal conductivity, high melting point, chemical stability and high mechanical strength make it suitable for manufacturing various electronic and automobile components such as LED lights, semiconductors, plasma display screens and Li-ion.
The growth of high purity alumina market is propelling due to the growing use of smart watches, optical lenses and plasma TVs. In addition, increasing adoption of electric vehicles has resulted into growing demand of li-ion batteries. This in turn is expected to boost the growth of the market. However, availability of various substitute in the market such as copper, brass, silver and limited knowledge of production procedure of HPA are the factors restraining the market growth.
The high purity alumina market is segmented on the basis of type, technology, application and geography. On the basis of type, the market is divided into 4N, 5N and 6N high purity alumina. On the basis of technology, the market is classified into hydrolysis and hydrochloric acid leaching. On the basis of application, the market is categorized into LED Bulbs, Semiconductor Substrate, Li-Ion Batteries, Optical Lenses, Bio Medical Devices, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.
According to the report, Asia Pacific holds the major share of the high purity market owing to factors such as growing usage of LED based lights and increasing adoption Li-ion batteries in countries such as India, China and South Korea. Some of the LED lighting products commonly used in China are light emitting diodes (LEDs), compact fluorescent lamps (CFLs), electrodeless discharge lamps (EDLs), and organic light emitting diodes (OLEDs). However, North America is expected to grow rapidly in HPA market due to factors such as increasing adoption of HPA in electronic industry and growing development of high–end products.
Browse key industry insights from the report, “High Purity Alumina Market by Type (4N High Purity Alumina, 5N High Purity Alumina, and 6N High Purity Alumina), by Technology (Hydrolysis and Hydrochloric Acid Leaching) and by Application (LED Bulbs, Semiconductor Substrate, Li-Ion Batteries, Optical Lenses, Bio Medical Devices, and Others)- Global Opportunity Analysis and Industry Forecast 2021-2030.”
According to the report, the key players of high purity alumina market are Norsk Hydro ASA, Sumitomo Chemical Co., Ltd., Baikowski SAS, Alcoa Inc., Nippon Light Metal Holdings Company, Ltd., Altech Chemicals Ltd., Zibo Honghe Chemical Co. Ltd., Sasol and Xuan Cheng Jing Rui New Material Co. Ltd., and Hebei Pengda Advanced Materials Technology Co., Ltd. Other players operating in this market include AEM Canada, Kraton, Rio Tinto Alcan Inc., Polar Sapphire Ltd., Shandong Keheng Crystal Material Technologies Co., Ltd., and Chalco Shandong Co., Ltd.
Key Insights from the Defibrillator Market Report:
- Current and emerging trends along with opportunities are extensively analysed in the high purity alumina market report.
- The forecast of the alumina market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report high purity alumina market- segmented by type, technology, application and geography.
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