Global High-Purity Alumina Market was valued at US$ 3157.2 Mn in 2022. Burgeoning growth in use of high purity alumina across various end-use industries such as electronic display, synthetic sapphire, semiconductors, and phosphorus is attributable to the projected rampant growth of the market over the forecast period. The growing demand for LED lights and advanced electronic display leads to a traction in global high purity alumina market.
Global High Purity Alumina Market was valued at US$ 3157.2 Mn in 2022. The market is expected to register a CAGR of 19.45% over the forecast period (2023–2030), to reach US$ 13081.2 Mn by 2030.
Global High Purity Alumina Market - Impact of Coronavirus (Covid-19) Pandemic:
The Covid-19 pandemic had a negative impact on the world’s economy. Since the pandemic had affected the major high purity alumina producing countries, it caused supply chains and logistic disruptions slowing down the market progress. However, the growing usage of the sustainable electronic gadgets, LED lights and the shift towards electric vehicles and lithium ion-based batteries, following the crisis and post pandemic are projected to amplify industry profits. It led to huge loss for merchants prevailing in the High Purity Alumina Market segment.
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Key Trends and Analysis of the High Purity Alumina Market:
- Global High-purity Alumina is one of the known chemical compounds used for several end-use applications especially in the end use industry. End users are always demanding economic. 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 purity level. This factor is also responsible for product innovation, which increases demand and sales in the high purity alumina market space.
- Hydrolysis of alkoxide is one of the commonly used processes for production of high purity alumina. This process involves hydrolysis of alkoxide to produce hydrate alumina, followed by calcination to form a high purity alumina. Increasing demand for consumer electronic products, such as high resolution televisions and smartphones, is fueling growth of associated industries such as high purity alumina market. Asia Pacific holds dominant position in high purity alumina market, owing to rapidly growing electronics and semiconductor equipment industries in that region, which in turn is driving growth of the market. North America and Europe are projected to witness steady growth, owing to presence of highly developed economies and end-use industries.
Key Takeaways of the High Purity Alumina Market:
- Asia Pacific is projected to have held a dominant position in global high purity alumina market. It accounted for around 72.6% of overall high purity alumina market revenue in 2016. The market in this region is expected to be primarily driven growing end-use industries in China, India, South Korea, and Taiwan. The growing smartphones and LED display industries, are some of the key drivers for the growth of high purity alumina in the Asia Pacific region.
- The market in North America is expected to register a significant growth rate over the forecast period. Increasing R&D investment and technological advancement in electronics and semiconductor are expected to create lucrative growth opportunities.
- Rising demand for high purity alumina for scratch proof sapphire glass is expected to boost the global market growth. Moreover, ceramic crucibles, integrated circuit (IC), and high strength cutting tools are various tools used in ceramics industry is expected to drive the market growth. Furthermore, strict government regulations on using energy efficient products like LED bulbs and high performance display in smartphones and television is estimated to double the market.
- Altech Chemicals Limited, Baikowski Pure Solutions, Nippon Light Metal, Polar Sapphire Ltd., Sumitomo Chemical Co. Ltd., Orbite Technologies Inc., and Alcoa Inc. are few of the key players in the global high purity alumina market
