Increasing adoption of LED products, smart watches, lithium ion battery separators, sapphire glass for smartphones, etc., to boost global high purity alumina market through 2024
According to TechSci Research report, “Global High Purity Alumina Market By Technology, By Product, By Application, By Region, Competition, Forecast & Opportunities, 2024’’, the market for global high purity alumina (HPA) is anticipated to grow at a CAGR of over 18% during forecast period. HPA is a high-value, high margin as well as a highly demanded product since it is the critical ingredient required to produce synthetic sapphire. There is no alternative for HPA in the manufacture of synthetic sapphire. Notably, the market for high purity alumina is driven by the growth in adoption of LEDs across the globe as LEDs are an energy efficient, durable and lower operating cost form of lighting. Due to these properties, LED lighting is replacing the conventional incandescent bulbs. Notably, significant demand for the material from the LED industry on account of increasing use of energy efficient lighting in emerging economies such as China, India, etc., coupled with growing government initiatives to increase the adoption of LED lamps and reduce the use of incandescent lamps is further anticipated to boost the growth of HPA market.
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The market for high purity alumina has been segmented into technology, product, application and region. Among the product segmentation, 4N high purity alumina is projected to hold over two-thrids of the market share through 2024 and the segment is anticipated to witness significant growth during forecast period on account of widespread acceptance in energy-efficient lighting solutions and electronic displays. Furthermore, 5N HPA is expected to account for over $ 1.4 billion by the end of 2024, due to its growing usage in sapphire substrates, electronic storage systems, electrolytic capacitor foils and photovoltaic cells.
Among applications, LEDs segment is forecast to capture over 56% share by 2024 in global high purity alumina market. Additionally, the phosphor segment is expected to cross over $ 580 million by 2024 on account of rapid growth of phosphor-based products including plasma televisions wherein the high purity alumina is used to control the characteristics of phosphorous products.
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“Regionally, the market for high purity alumina is segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among these regions, Asia-Pacific held the major share in global high purity alumina market in 2018 and is anticipated to grow at the highest CAGR during forecast period. Among countries in the region, China dominates Asia-Pacific HPA market on account of the technological advancements made in the electronics sector within the country. North America is the second largest market for high purity alumina, wherein the region witnessed a demand for approximately 6 kilotons in 2018. Within the region, the material is widely used in plasma displays as it helps in decreasing the overall dimensions of the final product by making it lighter and thinner.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global High Purity Alumina Market By Technology, By Product, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global high purity alumina market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in global high purity alumina market.
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