- The rising demand from LED industry for LED bulbs, tube lights, torches, increase in production of electric vehicles (EVS), and growing electronics & semiconductors industry is expected to fuel the growth of the High Purity Alumina Market.
JERSEY CITY, N.J., Oct. 28, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "High Purity Alumina Market" By Grade (4N HPA, 5NHPA, 6NHPA), By Technology (Hydrolysis, Hydrochloric Acid Leaching), By Application (LED, Semiconductor, Phosphor, Sapphire), and By Geography. According to Verified Market Research, the Global High Purity Alumina Market size was valued at USD 1.48 Billion in 2020 and is projected to reach USD 6.29 Billion by 2028, growing at a CAGR of 19.9% from 2021 to 2028.
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Global High Purity Alumina Market Overview
The rising demand from LED industry for LED bulbs, tube lights, torches, increase in production of electric vehicles (EVS), and growing electronics & semiconductors industry is expected to fuel the growth of the high purity alumina market. Moreover, increasing demand for lithium-ion batteries in automobiles, growing demand of HPA in LEDs for various applications, such as home lighting, televisions globally is likely to drive the demand for the forecast period.
Furthermore, ever-increasing demand from developing countries, and no substitutes availability are anticipated to propel the market growth. On the contrary, the high cost of production, government regulation on "red mud" extracts, and closure of aluminum smelting units are the potential restraints hampering the overall high purity alumina market. Whereas, increasing the applicability of high purity alumina in the sapphire market, increasing demand in the electronics and automotive industries, and surge in demand and untapped potential from emerging economies offers the favorable growth opportunities.
Key Developments in High Purity Alumina Market
- In September 2020, FYI and Alcoa signed a memorandum of understanding for the potential joint development of FYI's HPA project in Australia using feedstock from Alcoa's bauxite mines.
- In March 2019, Pure Alumina acquired the Polar Sapphire, Canada based high-purity alumina (HPA) company for approximately $19.18 million with the aim to produce 5,000 tonnes per annum (tpa) of HPA production in three years.
The major players in the market are Sumitomo Chemicals Co. Ltd., Orbite Aluminae Inc., Alcoa Inc., United Company RUSAL Limited, Mitsubishi Chemical Corp., Nippon Hydro ASA, Hong Fu Crystal Technology (Anhui) Co. Ltd., Dalian Hiland Photoelectric Material Co. Ltd., Hebei Pengda Advanced Material Technology Co. Ltd., HMR Co. Ltd.
Verified Market Research has segmented the Global High Purity Alumina Market On the basis of Grade, Technology, Application, and Geography.
- High Purity Alumina Market, By Grade
- 4N HPA
- 5N HPA
- 6N HPA
- Others
- High Purity Alumina Market, By Technology
- Hydrolysis
- Hydrochloric Acid Leaching
- Other
- High Purity Alumina Market, By Application
- LED
- Semiconductor
- Phosphor
- Sapphire
- Others
- High Purity Alumina Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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