The Global High Purity Alumina (HPA) Market Measured to Garner $3121.61 Million in Revenue by 2028

A recent study by Triton Market Research titled 'Global High Purity Alumina (HPA) Market' includes the Global Analysis and Forecasts by Type (4N HPA, 5N HPA, 6N HPA), Technology (Hydrochloric Acid Leaching [HCL], Hydrolysis), Application (Biomedical Devices, Optical Lenses, Li-Ion Batteries, Semiconductor Substrate, LED Bulbs, Other Applications), and by Geography (Latin America, Europe, Asia-Pacific, Middle East and Africa, North America).

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Triton's report predicts the global high purity alumina (HPA) market to exhibit growth based on revenue and volume at a CAGR of 16.15% and 16.67%, respectively, during the period of 2021-2028. It is further evaluated to attain revenue worth $3121.61 million by 2028.

High purity alumina is utilized as a base material to produce sapphire substrates that are used for application in LEDs and artificial sapphire glass.
In the automobile sector, 4N high purity alumina is used in the production of Li-ion batteries. These batteries are employed in electric vehicles. In recent years, several automobile manufacturers are concentrating on manufacturing EVs due to the environmental regulations imposed by the government across various countries. Hence, the surge in the manufacturing of electric vehicles, coupled with a growing preference for LED bulbs, are market aspects driving the growth of the HPA market.

However, the manufacturing cost of HPA is high as it comprises high labor and energy cost. Hence, the high cost of production is limiting the evolution of the high purity alumina market.

The high purity alumina market is categorized into type, technology, and application. Based on type, it is branched into 4N HPA, 5N HPA, and 6N HPA. The technology segment is subdivided into hydrochloric acid leaching (HCL) and hydrolysis. Lastly, the application section is divided into biomedical devices, optical lenses, li-ion batteries, semiconductor substrate, LED bulbs, and other applications.

Geographically, North America is expected to become the fastest-growing region in the high purity alumina market over the considered phase. In the United States, the proliferating housing sector is anticipated to supplement the demand for HPA in the upcoming years. Additionally, the rising use of high purity alumina in the electronics industry is further adding to the growth of the studied market. Further, the region's market is mainly driven by the increase in the demand for HPA from various end-user industries, such as lighting, consumer electronics, and medical, among others. Therefore, the growing demand for high purity alumina for multiple applications is supplementing the growth of the HPA market across North America.

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

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Question & Answer: High Purity Alumina (HPA) Market

Question 1: What market aspects are driving the growth of the HPA market?
Answer: In the automobile sector, 4N high purity alumina is used in the production of Li-ion batteries. These batteries are employed in electric vehicles. In recent years, several automobile manufacturers are concentrating on manufacturing EVs due to the environmental regulations imposed by the government across various countries. Hence, the surge in the manufacturing of electric vehicles, coupled with a growing preference for LED bulbs, are market aspects driving the growth of the HPA market.

Question 2: What factor is limiting the evolution of the high purity alumina market?
Answer: The manufacturing cost of HPA is high as it comprises high labor and energy cost. Hence, the high cost of production is limiting the evolution of the high purity alumina market.

Question 3: Which region is expected to become the fastest-growing in the HPA market?
Answer: Geographically, North America is expected to become the fastest-growing region in the high purity alumina market over the considered phase.

In the United States, the proliferating housing sector is anticipated to supplement the demand for HPA in the upcoming years. Additionally, the rising use of high purity alumina in the electronics industry is further adding to the growth of the studied market. Further, the region's market is mainly driven by the increase in the demand for HPA from various end-user industries, such as lighting, consumer electronics, and medical, among others. Therefore, the growing demand for high purity alumina for multiple applications is supplementing the growth of the HPA market across North America.

Question 4: Which are the key competitors profiled in the high purity alumina (HPA) market?
Answer: FYI Resources Ltd, Nippon Light Metal Holdings Company Ltd, Sasol Ltd, Rusal, Baikowski SAS, Polar Sapphire Ltd, Alpha HPA Limited, Zibo Honghe Chemical Co Ltd, Sumimoto Chemical Co Ltd, Altech Chemicals Ltd, Andromeda Metals Ltd, Alcoa Corporation, Xuancheng Jingrui New Material Co Ltd, and Norsk Hydro ASA are key competitors profiled in the market.

Related Report:

Global Electric Vehicle Market - https://www.tritonmarketresearch.com/reports/electric-vehicle-market#report-overview

The global electric vehicle market is estimated to witness growth in its revenue during 2019-2027 at a CAGR of 20.95%. It is likely to attain revenue worth $747.17 billion by 2027.

Electric vehicles are primarily employed as electric spacecraft and road vehicles. They are powered through electric current transmitted via charging stations or portable batteries.

Factors such as favorable government policies to encourage the adoption of EVs and the growing per capita income of consumers, are propelling the studied market on a positive growth trajectory. The government initiatives to curb greenhouse gas emissions are generating opportunities for the electric vehicle market over the forecast period.

However, lack of public awareness, high cost of EVs, and a dearth of electric vehicle charge infrastructure, are restricting the electric vehicle market's progress globally.

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This release was published on openPR.