High Purity Alumina is anticipated to have CAGR of ~19.8% over 2019-2028. High purity alumina (HPA) is a product that is a type of non-metallurgical alumina products, and has minimum purity level of 99.99%. It is used as a base material to manufacture sapphire substrates in applications such as light-emitting diodes (LEDs) and artificial sapphire glass. The key aspects attributed to boost the industry include, the surge in adoption of LED bulbs over traditional bulbs and the technological evolution over the period. Furthermore, the increase in the awareness to use energy-efficient lights to reduce the energy consumption would contribute to the growth of the industry in the forecast period. The use of electric vehicles which require HPA products is the growing demand and is helping to curb the environmental pollution and reduce dependency on convention fuel sources which would help the industry grow at a higher pace. However, the higher rate of the HPA may hinder the growth of the industry.
Top Driver: Surge in Government support to boost the industry
High Purity Alumina is projected to grow with the increase in the government support for the use of environment friendly alternatives which require HPA in the coming years. There is a steep rise in the demand for the LED bulbs in the developing countries. The government has been enforcing mediums to make available these LED lights at a lower budget. This owes to the advantage shown by the Led which include the energy efficiency which helps in minimizing the energy consumption which would help the industry to gain maximum revenue shares in the near future. The government in the developing economies issued tenders to install the LED street lights in every region and also distributed the bulbs among the common people to promote energy efficient alternatives to get installed.
Li-ion batteries to Make Crucial Contribution to Growth of Global High Purity Alumina Market
Among application segments of the global High Purity Alumina market, Li-ion batteries are experiencing highest revenue shares gain in the forecast period. This owes to the increase in the innovation of the electric vehicles which are environment friendly and hence the use of the HPA is done for helping in being efficient energy source. This would help the market grow in the coming years. There is a advent of use electric vehicles as a trend and is supported by the government in order to make sure the existing fuel sources are not depleted and hence the use of Li-ion batteries are carried out in these vehicles, which is anticipated to boost the industry in the near future. The growth of LED bulbs is observed and is anticipated to gain highest CAGR, due to the advantage posed than conventional bulbs and is expected to grow further in the coming years.
Growth in the economies to Benefit Asia-Pacific Market
Asia-Pacific is experiencing highest revenue growth than any other country and is anticipated to grow further in the coming years. This is due to growth in economies of the countries especially China and India. Additionally, the presence of key HPA players in the region would help the industry propel. The surge in demand for HPA from the automotive and electronics industries would boost the demand for HPA in Asia Pacific region. The stringent regulations enforced by the government on the production, importing, and sale of incandescent lights is anticipated to help the industry flourish and propel the growth of the smart lighting industry that manufactures LED bulbs.
Due to outbreak of COVID-19 the High Purity Alumina industry has observed a negative impact, due to the lockout situation. The automobile industry has been affected largely and is expected to grow when the pandemic is over. However, the advancement is the technology would help the industry boom in the coming years.
Players to Focus on High Purity Alumina
The global High Purity Alumina market leaders include Sumitomo Chemical Co., Ltd., Nippon Light Metal Holdings Company, Ltd., Baikowski SAS, Alcoa Inc., Altech Chemicals Ltd., Zibo Honghe Chemical Co. Ltd., Norsk Hydro ASA, Sasol and Xuan Cheng Jing Rui New Material Co. Ltd., and Hebei Pengda Advanced Materials Technology Co., Ltd.
Altech Chemicals Ltd.: In August 2018, Altech Chemicals Ltd. had inaugurated its new plant in Malaysia. Furthermore, it is announced that once the expansion is complete, the HPA production capacity is anticipated to reach 4,500 tons per annum. The capacity addition aimed at catering to the increasing demand from synthetic sapphire and lithium-ion battery separators.
Alcoa Corporation: In February 2020, Alcoa Corporation had obtained Aluminium Stewardship Initiative (ASI) certifications. Additionally, they also obtained the right to market products under ASI’s Chain of Custody standard. They have also quite recently launched a technology in Kwinana in Western Australia in order to save water used in the production processes.
Pure Alumina: In March 2019, Australia-based Pure Alumina has signed a binding agreement to purchase Canadian high-purity alumina (HPA) company Polar Sapphire for approximately $19.18m. Under the agreement, Pure Alumina will acquire 100% of Polar’s outstanding equity for A$14.5m ($10.26m) in its shares and A$12.6m ($8.91m) in cash.
Scope of the Report
Key Reasons to Purchase this Report
Table of Content
Please fill out the form to receive sample pages of the report