Market Synopsis
Market Research Future (MRFR) postulates that the global High Purity Alumina Market Growth share is anticipated to record 19.4% CAGR and influence income worth USD 9,990.2 Million by the end of 2030.. The market is expanding at an impulsive pace owing to the burgeoning electronics industry. High purity alumina (HPA) is considered a high-end product of the non-metallurgical alumina and is extensively used for the production of synthetic sapphire. HPA is referred to as a high-value product which serves as a base material for manufacturing sapphire substrates utilized in applications like light-emitting diodes, scratch-resistant artificial sapphire glass, and semiconductor wafers.
Market Potential and Pitfalls
The high purity alumina market is rapidly stealing the limelight globally owing to the plummeting electronics industry. With digital access becoming more affordable coupled with the surging product awareness and shift in lifestyle patterns, consumer spending on home appliances and electronics are likely to experience strong growth in the long run. Burgeoning applications like vapor deposition materials, engineering ceramics, heat dissipation sheet, sealant, and automobile battery material are estimated to amplify the demand for HPA across the globe. Global demand for high purity alumina has experienced incredible traction due to the rising demand from LED bulbs, automotive and medical, electronic displays, and augmenting advancements in technology. Moreover, the proliferation of LEDs in the lighting market and growing applications of HPA in smartwatches, smartphones, and tablets are considered to contribute to the market growth during the appraisal period. The substrate of LED comprises HPA’s sapphire as a material. The crystal sapphire is derived from HPA and possesses chemical stability and mechanical properties which makes it ideal for the electronics sector.
The high purity alumina market is expanding at a breakneck speed in the semiconductor industry as it is fairly new for industrial use and is employed in the process of fabrication of the semiconductor devices. HPA is also used in wafer processing equipment due to its improved blending strength and high resistance to plasma corrosion. Such factors further enable the market to reach out to a wider range of audiences.
On the contrary, the higher production cost of HPA is considered to vitiate the market growth over the years. Fluctuation in the prices of raw materials used during its production is likely to limit the market growth across the globe. Owing to the fluctuating cost, companies engaged in the production of aluminum oxide are witnessing alternation in profit margins and are also experiencing difficulties in formulating their expansion plans. Thereby, the continuous variation in the raw material costs is impeding the market growth globally.
Global High Purity Alumina Market: Segmental Analysis
The global high purity alumina market has been segmented on the basis of type and application.
By mode of type, the global high purity alumina market has been segmented into 4N, 5N, and 6N. Among these, the 4N segment is likely to witness a significant share in the global market and is estimated to expand at the highest CAGR. The growth is credited to its extensive use in the manufacturing of electronic displays and LED bulbs.
By mode of application, the global high purity alumina market has been segmented into semiconductors, LED, phosphor, and others. Among these, the LED experiences a high market share with 54% as LEDs possesses high life span, reliability, and durability which makes its adoption rate higher. With the growing adoption rate of LED in end-user industry, the segment is likely to flourish globally.
Regional Insights
Geographically, the high purity alumina market span across regions namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Considering the global scenario, the high purity gas market is dominated by the Asia Pacific region both in terms of value and volume and is anticipated to expand at a CAGR of 20.75 %. China is considered a major revenue generating economy owing to the rapid industrialization, high manufacturing of LEDs, and low cost of labor and raw materials. Several industries have shifted their manufacturing units to the APAC region owing to the high availability of raw materials and labor.
The European and the North American regions are expanding at a significant rate owing to the increased demand for high-resolution smartphones and televisions which is estimated to fuel the demand for HPA in these regions.
Industry Updates
In April 2018, Andromeda Metals decided to manufacture a bee-line for high-grade aluminum with the help a joint-venture farm-in deal with Minotaur Exploration. The companies had agreed to acquire approximately 75% of the halloysite-high purity alumina (HPA) project in South Australia.
Competitive Dashboard
The prominent players operating in the high purity alumina market comprises Xuancheng Jingrui New Materials Co. Ltd, Hebei Pengda Advanced Materials Technology Co. Ltd, Zibo Xinfumeng Chemicals Co. Ltd, Sumitomo Chemical Co. Ltd, Alcoa Inc., Altech Chemicals Limited, Sasol Limited, Nippon Light Metal Holdings Co. Ltd, PSB Industries SA, and others.
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High Purity Alumina Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Altech Chemicals Ltd, Zibo Honghe Chemical Co., Ltd, CoorsTek Inc., Almatis, Inc., Sumitomo Chemical Co., Ltd, FYI Resources Limited, Baikowski, Nippon Light Metal Holdings Co., Ltd, Polar Sapphire Ltd., and Pure Alumina.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global High Purity Alumina Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/high-purity-alumina-market/download-sampleMarket SegmentationThe broad High Purity Alumina market has been sub-grouped into the Application ,Product, and region.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
The high-purity alumina market promises robust growth during 2019-2027 as demand for electric vehicles and production of light emitting diode surges.
High purity alumina finds robust application in sapphire ingots, which is expected to remain a key driver of the market in the near future.Key players in the market including Altech Chemicals Ltd., Nippon Light Metal Co. Ltd., Zibo Honghe Chemical Co. Ltd., Sumitomo Chemical Co., and Xuan Cheng Jing Rui New Material Co., Ltd, are engaging in new investments and mergers to open up new possibilities for growth.Key Application in Lithium Batteries to Remain Most Lucrative Growth ProspectLithium-ion batteries are composed of negative electrodes, and positive electrodes.
These contain a separator which keeps these two poles apart for its smooth operations.
The battery operator make up for as much as 40% of the cost for the batteries.
The growing demand for high-purity alumina for lithium ion-batteries and their various benefits over alternatives are expected to drive significant growth.
Their myriad of benefits like long life cycle, chemical stability, and high thermal stability are ideal for applications such as electric vehicles.
