DUBLIN--(BUSINESS WIRE)--The "High Purity Alumina Market by Type, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025" report has been added to ResearchAndMarkets.com's offering.
Global high purity alumina market accounted for revenue of $987,042.9 thousand in 2017 and is anticipated to generate revenue of $4,131,799.9 thousand by 2025. The market is projected to grow at a CAGR of 19.4% from 2018 to 2025.
The demand for high-purity alumina has gained traction, and is expected to grow at a CAGR of 16.7% in terms of volume during the analysis period, owing to increase in demand from applications such as LED bulbs, electronic displays, automotive, and medical. This trend is anticipated to continue with surge in adoption of HPA by end users and emerging technological developments in the electronics industry.
Increase in penetration of LEDs in the lighting market and rise in applications of high-purity alumina in smartphones, smartwatches, and tablets are the major factors propelling the growth of the global market. However, higher cost of production is expected to impede the market growth.
The LED bulbs segment dominated the high purity alumina market in 2017, owing to the shift toward LED lighting as compared to traditional lighting. Moreover, rise in need for energy-efficient light sources has increased the demand for LED bulbs, which has fueled the growth of this segment. Increase in per capita consumption of power has boosted the demand for electricity across the globe.
This in turn has led to rise in demand for high purity alumina in the lighting industry. Electronics display serves as the most lucrative application segment, as several companies are investing in enhanced quality products such as high-purity alumina in electronics displays, encompassing tablets, smartphones, and smartwatches.
Based on technology, the market is bifurcated into hydrolysis and hydrochloric acid leaching (HCL). Hydrolysis is the most adopted technique to manufacture HPA. Orbite Technologies is the first to start the commercial production of HPA using the HCL process, thereby reducing the cost of HPA.
Asia-Pacific accounted for more than half of the total high-purity alumina market in 2017, and is expected to maintain its lead position during the forecast period, owing to increase in domestic production of energy efficient lightings, such as LEDs. China is one of the largest countries in the Asia-Pacific region, and is expected to continue its dominance during the analysis period in terms of volume and revenue, since it is a hub for LED manufacturing in Asia-Pacific.
Key Findings of the High Purity Alumina Market:
- The North America high purity alumina market is projected to grow at a highest CAGR of nearly 24.5%, in terms of revenue, during the forecast period
- The 5N of by type segment of high purity alumina market is anticipated to witness moderate growth rate of 21.1%, in terms of revenue, during the forecast period.
- Asia-Pacific dominated the high purity alumina market with a revenue share of over 68.5% in 2017
- The high purity alumina market trends are analyzed across the North America, Europe, Asia-Pacific, and LAMEA.
- The qualitative data in this report aims on the market dynamics, trends, and developments in the high purity alumina industry while the quantitative data provides information of the market size in terms of revenue and volume.
- Increase in adoption of LED bulbs over traditional bulbs
- Rise in investment in end-use industries
- High cost of production
- Surge in demand from emerging economies
Top player positioning, 2017
Price trend analysis of hpa (4N, 5N, & 6N) for end-user industries
- Alcoa Corporation
- Altech Chemicals Ltd.
- Baikowski SAS
- Hebei Pengda Advanced Materials Technology Co., Ltd.
- Nippon Light Metal Holdings Company, Ltd.
- Orbite Technologies Inc.
- Sumitomo Chemical Co., Ltd.
- Xuancheng Jingrui New Material Co., Ltd.
- Zibo Honghe Chemical Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/z9fdz0