The Global High Purity Alumina (HPA) Market to Grow at CAGR of 16.15% by 2028

Triton Market Research presents the Global High Purity Alumina (HPA) Market segmented by Technology (Hydrochloric Acid Leaching [HCL], Hydrolysis), Application (Optical Lenses, Biomedical Devices, LED Bulbs, Li-Ion Batteries, Semiconductor Substrate, Other Applications), Type (5N HPA, 6N HPA, 4N HPA), and by Geography (Middle East and Africa, North America, Latin America, Asia-Pacific, Europe). The market report further discusses the Market Summary, Industry Outlook, Market Definition, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Restraints, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report indicates that the global high purity alumina (HPA) market is probable to advance in terms of revenue by 16.15% of CAGR during the phase of 2021-2028. In terms of volume, the market is predicted to showcase growth at 16.67% of CAGR during the same period.

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High purity alumina is a product under non-metallurgical alumina products, and is used as a base material to produce sapphire substrates. Here, the sapphire substrates are utilized for manufacturing LEDs and artificial sapphire glass.

There is a substantial surge in investments across various end-user industries, including automotive, electronics, and medical, owing to the economic development in emerging and developed nations. Additionally, the surge in LED adoption and innovative application of HPA in smartphones, tablets, and more, are motivating the high purity alumina market's growth. Hence, the rising investments in numerous end-user industries are a significant factor offering new opportunities for the studied market over the forecast period. However, the high cost of production and strict rules on red mud extracts impede the HPA market's evolution.

Geographically, North America is expected to become the fastest-growing region in the high purity alumina market during the assessed period 2021-2028. The countries in the region have robust R&D infrastructure, with developments across various industries. In Canada, the consumer electronics industry has witnessed substantial growth, owing to enhanced network connectivity. Moreover, the government is concentrating on emerging sectors, such as flexible and hybrid electronics, adding to the growth of the consumer electronics market. Above all, the growing demand for semiconductor, sapphire, Lithium-ion batteries, and HPA ceramics is anticipated to propel the HPA market on a growth path.

The established companies competing in the HPA market are Andromeda Metals Ltd, Nippon Light Metal Holdings Company Ltd, Altech Chemicals Ltd, Baikowski SAS, Zibo Honghe Chemical Co Ltd, Alcoa Corporation, Alpha HPA Limited, Sumimoto Chemical Co Ltd, Norsk Hydro ASA, Xuancheng Jingrui New Material Co Ltd, Rusal, Polar Sapphire Ltd, Sasol Ltd, and FYI Resources Ltd.

The huge capital investment in the market majorly restricts the entry of new players. However, the product differentiation of HPA is high, which influences the entry of new players. Moreover, the growth in the industry has encouraged new entrants to increase their activities. This denotes that the threat of new entrants in the high purity alumina market is likely to remain at a moderate level. At the same time, the innovations that facilitate the reduction in production costs are estimated to be beneficial for the current market players. Thus, the competitive rivalry among the existing players is likely to be high.

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This release was published on openPR.