High Purity Alumina (HPA) Market Size USD 4.8 Billion By 2026 At A CAGR of 20.7% - Valuates Reports
BANGALORE, India, Dec. 24, 2020 /PRNewswire/ -- High Purity Alumina Market is segmented by Type (4N High Purity Alumina, 5N High Purity Alumina, and 6N High Purity Alumina), Technology (Hydrolysis and Hydrochloric Acid Leaching), and Application (LED Bulbs, Semiconductor Substrate, Li-Ion Batteries, Optical Lenses, Bio Medical Devices, and Others). This report is published on Valuates Reports in the Chemical Industry Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2027.
The global High Purity Alumina (HPA) market size was valued at USD 1.3 Billion in 2019 and is projected to reach USD 4.8 Billion by 2026, growing at a CAGR of 20.7% from 2020 to 2026.
Major factors driving the growth of high purity alumina marker size are, increasing application in semiconductor, phosphor, and sapphire, raising adoption of LED bulbs, increase in the electric vehicles.
The global high purity alumina market analysis covers in-depth information of major industry participants. Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
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TRENDS INFLUENCING THE HIGH PURITY ALUMINA MARKET SIZE
4N high-purity alumina is used in the manufacture of Li-ion batteries. Automotive manufacturers are concentrating on the development of electric vehicles (EVs) due to environmental regulations imposed by the Governments to reduce environmental pollution and to reduce reliance on traditional fuel sources. This in turn is expected to increase the demand for Li-ion batteries, thus driving the growth of high purity alumina market size.
Demand for LED bulbs is significantly higher in developing economies such as China and India. The Government of these countries has urged people to use energy-efficient lights to reduce the country's energy usage. The growing adoption of LED bulbs is expected to drive the high purity alumina market size.
High purity alumina is the key source material used in the development of scratch-resistant artificial sapphire glass. They are also used in smartphones and tablet computers. This wide range of end-user applications is expected to dive into the high purity alumina market size.
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HIGH PURITY ALUMINA MARKET SHARE ANALYSIS
Based on type, the 4N high purity alumina segment accounted for the largest high purity alumina market share in 2019. 4N HPA finds its major demand for LED bulbs and electronic displays. Leading companies in this market invest more in R&D to provide product customization as per the requirements of the application areas. Government funding, coupled with lower costs compared to other forms of HPA, is expected to drive the 4N HPA market size during the forecast period.