High Purity Alumina expected to continue this trend throughout the analysis period
The global demand for high purity alumina (HPA) has received tremendous traction from technological advances and increased demand for LED bulbs, electronic displays, automotive and medical applications. Therefore, the HPA market is expected to grow by 20.7% in volume over the analysis period. The new application of high purity alumina used in the LED market for lighting, smart phones, smart watches and tablets is an important factor driving the growth of the high purity alumina market. However, rising production costs are expected to hinder the growth of the high purity alumina market.
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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. This in turn has led to the rising demand for high purity alumina in 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 common 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.
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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.
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