High Purity Alumina Market Size Worth $6.68 Billion by 2025

Grand View Research, Inc.

SAN FRANCISCO, Feb. 20, 2020 /PRNewswire/ -- The global high purity alumina market size is anticipated to reach USD 6.68 billion by 2025, expanding at a CAGR of 20.3% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the growing demand from LED lighting and electric vehicles. This trend has led the manufacturers to set up new plants and extend their target market to cater to the growing demand.

Key suggestions from the report:

• LED segment accounted for a volume share of 51.1% in 2018, on account of increasing production due to its environmental friendly, energy-efficient, and cost-effective characteristics.
• Sapphire segment is anticipated to augment at a CAGR of 19.6%, in terms of revenue, due to increasing consumption of sapphire glass in smartphones and electronic devices display.
• 4N was the largest product segment in 2018, accounting for a revenue share of 41.6%, owing to its low cost and easy availability compared to other grades is expected to increase the demand further over the forecast period
• North America accounted for a revenue share of 14% in 2018 owing to the increasing demand for electric vehicles in the region which in turn is expected to further boost the demand the product over the forecast period
• Increasing demand from end-use industries is compelling manufacturers to increase their production capacities. For example, as of February 2019, a new added automated press by Polar Sapphire Ltd. for producing HPA pellets is expected to increase production capacity by 500 tons annually.

Read 110 page research report with ToC on "High Purity Alumina Market Size, Share & Trend Analysis Report By Product (4N, 5N, 6N), By Application (LED, Semiconductor, Lithium-Ion Battery, Sapphire), By Region And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/high-purity-alumina-market

This trend has led the manufacturers to set up new plants and extend their target market to cater to the growing demand. For instance, in May 2019, Seacera Group Bhd announced its plan to set up a LED production plant in Tangga Batu, Melaka, Malaysia that is expected to turn operational after three years.

The growing LED production is anticipated to be fruitful for the global HPA demand, as HPA is used in sapphire substrates, which are further used in LEDs. Synthetic sapphire is also used in semiconductors and glass. The rising demand for semiconductors is influenced by the growth of the electronics industry. For instance, in July 2018, SK Hynix announced about its investment of USD 3.1 billion for setting up an additional semiconductor plant in South Korea, in order to meet the increasing demand of memory chips. The increasing production of semiconductor is anticipated to augment HPA demand in near future.