HIGH PURITY ALUMINA MARKET ANALYSIS

High Purity Alumina MarketSize and Trends

The global high purity alumina market size was valued at US$ 3157.2 million and is expected to exhibit a CAGR of 19.45% during the period 2023 – 2030.

Plummeting costs of LEDs and increasing consumer preferences of replacing incandescent lights with LED lights, owing to high energy efficiency and low carbon emissions of LED lights, is  expected to create highly lucrative growth prospects for the global high purity alumina market throughout the forecast period (2023–2030). Artificial sapphire is used as a substrate in production of LED lights, on which the emitting layer of the LED is deposited as a vapor. Artificial sapphire is derived from high purity alumina, by single crystal technology. According to stats released by Coherent Market Insights, 4N purity segment was pegged at US$ 744 million in 2016. 4N grade alumina of 99.99% purity level is widely used due to easier availability of smelter grade and low production cost. The 4N grade high purity alumina is widely used in gas separation and ultra-filtration process due to its high chemical resistance, porous nature, and mechanical strength. Moreover, demand for 5N grade high purity alumina is expected to witness significant growth during the forecast period as it finds wide application in scratch-proof sapphire glass and high end electronic displays manufacturing. The market is expected to gain traction in Asia Pacific region due to increasing growth of various end-use industries in China, Taiwan, South Korea and India.

Global High Purity Alumina Market: Trends

Product customization based on Grade and Specific applications to meet End-use industry Demands

High purity alumina is one of the chemical compounds and is used for several end-use applications, especially in the end- use industries. End users always demands for  customized, low-Carbon emission, high purity level range of products. In order to meet this demand for customized and tailored products, key manufacturers are focusing on improving product quality as well as its purity level. This factor is also responsible for product innovation, which increases demand and sales in the high purity alumina market.

Among application, LED bulb segment accounted for a major high purity alumina market share in 2019. The demand for LED bulbs in comparison to traditional incandescent bulb has been surged significantly across the globe. Implementation of stringent regulations to deploy energy-efficient lights across the globe, fuels the penetration of LEDs in the market. Moreover, government initiative to encourage the people to use LED bulbs, to reduce the energy consumption, is likely to increase the demand for LED bulbs. The Indian government has distributed 210 million LED bulbs in the country under the “UJALA Scheme” at the end of 2018, and issued tenders on LED streetlights retrofit projects. Moreover, international companies are forming joint ventures with local lighting companies to increase the production capacity and manufacturing facilities to meet the growing demand of LED bulbs across the country

Impact of COVID-19 on High Purity Alumina Market

The Covid-19 pandemic had a negative impact on the world’s economy.  The pandemic had affected the major high purity alumina producing countries, by causing supply chains and logistic disruptions and slowing down the market progress. However, the growing usage of the sustainable electronic gadgets, LED lights and the preferences for electric vehicles and lithium ion-based batteries, following the crisis and post pandemic are projected to amplify industry profits.