High Purity Alumina Market Booming at a CAGR of 17.0% |Major players are Dalian Hiland Photoelectric Material Co., Ltd., Norsk Hydro ASA, Rio Tinto Alcan, Hebei Pengda, Wuxi Tuoboda, Shandong Keheng Crystal Material Technologies Co.
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According to a new report published by Allied Market Research, titled, "World High Purity Alumina (HPA) Market - Opportunities and Forecasts, 2017-2023", the high purity alumina (HPA) market would garner a value of $5,293 million by 2023, registering a CAGR of 17.0% during 2017-2023. 4N high purity alumina segment occupied more than half of the total HPA market by volume in 2016 and is expected to continue this trend throughout the analysis period.
Global demand for high purity alumina (HPA) has gained incredible traction, owing to growing technological advancements and increasing demand from applications namely LED bulbs, electronic displays, automotive and medical. Thus, the HPA market is expected to grow at a CAGR of 20.7% in terms of volume, during the analysis period. Increasing penetration of LEDs in the lighting market, newer applications of high purity alumina in smartphones, smartwatches, and tablets, are significant factors driving the growth of the high purity alumina market. However, the higher cost of production is expected to impede the high purity alumina market growth.
In the year 2016, the LED bulbs application segment occupied a dominating position in the global high purity alumina market, owing to the shift towards LED lighting as compared to traditional lighting. Moreover, stringent regulations across the globe have led to increased penetration of energy efficient light sources such as LED bulbs. In addition, increasing per capita consumption of power has boosted the demand for electricity across the globe.
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This, in turn, has led to the rising demand for high purity alumina in the lighting industry. Electronics display is another key application segment in this market since several companies are investing in better purity alumina in electronic displays, encompassing tablets, smartphones, and smartwatches.
Hydrolysis is the most commonly adopted technique to manufacture high purity alumina. HCL is not yet commercialized but this technique will be adopted by companies in the near future since it helps to reduce the production cost of HPA.
Key Findings of the World High Purity Alumina (HPA) Market:
• LED bulbs application segment occupied the highest share in 2016 and is expected to grow with a CAGR of 20.3% in terms of volume during the analysis period.
• Hydrolysis was the dominating technology segment in 2016 and would continue to lead the high purity alumina market throughout 2023.
• 5N type segment is expected to expand with the highest CAGR of 22.1% in terms of volume throughout the analysis period.
• China leads in consumption of the high purity alumina in the Asia-Pacific region followed by Japan.
• Asia-Pacific accounted for more than half of the total high purity alumina market in 2016 and is expected to maintain its lead position throughout the forecast period, owing to the increasing domestic production of energy efficient lightings, such as LEDs.
• China is the fastest growing country in the Asia-Pacific region during the forecast period in terms of both volume and revenue, since it is a hub for LED manufactures in Asia-Pacific.
Considering the future potential of the market, key players in the market are actively participating in product launches and supply contract activities in order to establish their footprint in the global market.
The prominent players profiled in this report 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., and Xuan Cheng Jing Rui New Material Co. Ltd.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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