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MA_171403
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Pages: 273
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Apr 2019 | 8310 Views
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Author(s) :
Krunal Yeware, Shruti Hariharan
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Tables: 205
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Charts: NA
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The global high purity alumina market was valued at $987,042.9 thousand in 2017, and is expected to reach $4,131,799.9 thousand by 2025, registering a CAGR of 19.4% from 2018 to 2025. Alumina is also known as aluminum oxide, it is available in two major groups‐first is with at least 99% Al2O3 and the second grade is between 80% and 99% Al2O3. Major difference between the grades is the amount of impurities.
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Factors driving the growth of the market are its properties such as chemical and thermal stability, high strength, thermal and electrical insulation, which makes high purity alumina an ideal choice for engineering applications. In addition, increase in demand for high purity alumina from the LED industry is also fueling the growth of the market. However high cost of production is hampering the market growth. On the contrary surge in demand from emerging economies is anticipated to offer lucrative growth opportunities for the high purity alumina market during the forecast period.
The high purity alumina market is segmented into type, technology, application, and region. Based on type, the market is divided into 4N High Purity Alumina, 5N High Purity Alumina, and 6N High Purity Alumina. Based on the technology, the market is classified into hydrolysis, and hydrochloric acid leaching. Based on application, the market is categorized into LED bulbs, semiconductor substrate, LI-Ion batteries, optical lenses, bio-medical devices, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is expected to account for the highest market share of the high purity alumina market. In Asia-Pacific, the LED bulbs segment accounted for more than half of the total market and is driven by the high demand from countries such as China and Japan, for LED lighting.
The high purity alumina market analysis covers in depth information of major industry participants. Some of the major players in the market include Alcoa Corporation, Sasol Ltd, Nippon Light Metal Holdings Company Ltd., Sumitomo Chemical Co., Ltd., and Altech Chemicals Ltd. The other players in the value chain include Orbite Technologies Inc., Xuancheng Jingrui New Material Co., Ltd., Zibo Honghe Chemical Co., Ltd., Hebei Pengda and Baikowski SAS.
To stay too competitive in the high purity alumina market, key players are adopting strategies such as, business expansion. For instance, Sasol chemicals inorganics and catalyst division expanded the alumina capacity at its Brunsbüttel site in Germany. This expansion enhanced its alumina hydrate production capacity in Brunsbüttel by approximately 15,000 tons per annum and also helped Sasol in development of high purity alumina.
High Purity Alumina Market Share, by Type
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Based on type, the market is classified into 4N High Purity Alumina, 5N High Purity Alumina, and 5N High Purity Alumina. The 4N segment is expected to generate the highest revenue during the projected period. Government support for cost effective lighting solutions such as LED, leading to growing adoption of LEDs coupled with less cost compared with other types of HPA, are the factors expected to drive the market for 4N HPA during the forecast period.
High Purity Alumina Market Share, by Technology
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Based on technology, the market is divided into hydrolysis, and hydrochloric acid leaching. Hydrolysis had the largest share in 2017 and is anticipated to dominate the market during the forecast period.
High Purity Alumina Market Share, by Application
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Based on application, the market is classified into LED bulbs, semiconductor substrate, li-ion batteries, optical lenses, bio medical lenses, and others. Among all, the LED bulbs segment has the largest share in 2017, as there is a shift from traditional incandescent light bulbs to energy-efficient LED lighting systems, which is driving the market for LEDs. LED lighting has been rapidly adopted by developed as well as developing countries, thereby driving the demand for HPA, which is the main raw material for LED.
High Purity Alumina Market Share, by Region
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Based on region, the high purity alumina market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is expected to have the highest growth rate as compared to other regions. Increase in demand for electric vehicles is the factor driving the demand for HPA in North America. As high purity alumina is used in manufacturing LI-ion batteries, the U.S. government actively supports vehicle electrification by providing tax exemption and subsidies.
The high purity alumina market is segmented based on type, technology, application, and region.
Key Market Segments
According to the perspectives of CXOs of leading companies in the market, surge in demand from end-user industries such as electronics, semiconductors, and automotive and rise in adoption of energy-efficient lighting such as LED bulbs, are some of prominent factors driving the growth of the global high purity-alumina market. However, high cost of production hampers the growth of this market. According to the CXOs, the consumption of HPA is highest in Asia-Pacific, due to rise in per capita consumption and increase in industrialization in this region.
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