The high purity alumina market size expected to reach US$ 5.5 billion by 2028 and registering at a CAGR of 15.1% between 2022 and 2028, according to a new research study conducted by The Insight Partners.
Rise in Demand for LEDs is Catalyzing High Purity Alumina Market Growth
High Purity Alumina Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Product (4N, 5N, and 6N), Application (LED, Semiconductor, Lithium-Ion Battery, Phosphor, Sapphire, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
High Purity Alumina Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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High purity alumina (HPA) is primarily used in the manufacturing of ingots, which are then utilized in sapphire-based products, semiconductors, and LEDs. Due to various government initiatives to promote energy-efficient lighting worldwide, the production of LEDs has increased, which has led to significant growth in the HPA market. The global market for LED lighting is expected to grow at a fast pace in the coming years, which is one of the key factors fueling the demand for HPA. Moreover, the increased demand for electric vehicles is another major factor driving the HPA market. HPA is used in the production of li-ion batteries, which are extensively used in electric vehicles. As numerous countries continue subsidizing electric vehicles (EVs) and restrict the use of fossil fuel-based vehicles, the li-ion battery consumption is expected to significantly increase over the forecast period.
Based on application, the high purity alumina market is segmented into lithium-ion batteries, sapphire, phosphor, semiconductors, LED, and others. The LED segment held a significant share in the high purity alumina market in 2021. Moreover, the trend is expected to continue over the forecast period. Increased requirement for the conservation of energy, driven by treaties such as the Paris Agreement to bring down the temperature to combat global warming, is fueling the development of technologies that are energy efficient. This is expected to benefit the high purity alumina market over the forecast period.
Semiconductor is a major application of the HPA market, accounting for a significant share. High strength, chemical stability, and thermal stability are some of the properties that sapphire substrates possess, which are then used in semiconductors utilized in electronic devices. The electronics industry's growth is expected to positively impact the consumption of sapphire substrates and, therefore, the demand for high purity alumina.
The sapphire segment is expected to register one of the fastest growth rates over the forecast period. The growth rate is attributed to the increased use of sapphire glass in smartphone displays, wearables, and electronics. Prominent smartphone manufacturers, including Xiaomi, HTC, and Apple, use sapphire glass to manufacture their smartphones. The growth in manufacturing & sales of smartphones is expected to fuel the consumption of sapphire, thus leading to high growth prospects for the sapphire segment in the high purity alumina market.
Sumitomo Chemical Co., Ltd; Altech Chemicals Ltd.; Almatis, Inc.; Nippon Light Metal Holdings Co., Ltd.; and Baikowski are among the key high purity alumina market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the high purity alumina market and its ecosystem.
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