Global High Purity Aluminum (HPA) Market Size to Reach USD 11.69 Billion in 2032 | Emergen Research

Vancouver, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global High Purity Aluminum (HPA) market size was USD 2.16 Billion in 2022 and is expected to register a steady revenue CAGR of 18.6% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of lightweight materials in the automotive and aerospace sectors is the key factor driving market revenue growth.

Automotive and aerospace manufacturers are seeking lightweight materials to replace heavier counterparts with a strong emphasis on fuel efficiency, emissions reduction, and overall performance enhancement. High Purity Aluminum (HPA) is a lightweight and strong metal that is well-suited for demanding applications in the aerospace and automotive industries. HPA is used in critical components, such as airframes, engine components, structural elements, body panels, and chassis, to reduce weight without compromising structural integrity. This can lead to improved fuel efficiency, increased payload capacity, and enhanced overall performance. For example, in September 2022, MetLase, an engineering company based in Yorkshire, collaborated with the Advanced Manufacturing Research Centre (AMRC) to innovate the production of vital aerospace components, reducing their weight by 12%. The manufacturing process for these components involves the use of 7,000-grade aluminum, which is known for its significant internal residual stress and propensity to warp during machining. This is particularly evident when working with thin-walled components, as it diminishes the final component's geometric stiffness. As the aerospace and automotive industries continue to prioritize weight reduction strategies, the demand for high purity aluminum is expected to rise, hence driving revenue growth of the market.

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However, increasing competition from alternative materials is a key factor, which could restrain revenue growth. As industries seek to diversify and explore more cost-effective and readily available alternatives, other materials are gaining traction and competing for market share. This heightened competition exerts downward pressure on the demand for HPA, as potential clients weigh the benefits and costs of various options.

Scope of Research

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Major Companies and Competitive Landscape

The global high purity aluminum (HPA) market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective HPA. Some of the major companies included in the global high purity aluminum (HPA) market report are:

• Rio Tinto 
• Alcoa Corporation
• Rusal
• Norsk Hydro ASA
• Nippon Light Metal Co., Ltd.
• Sakai Aluminium Corporation
• Sumitomo Chemical Co., Ltd.
• Sasol
• Baikowski SAS
• Honghe Chemical

Strategic Development

• On 16 February 2023, Mining company Rio Tinto and Japanese trading and business conglomerate Marubeni Corporation finalized their initial transaction under a recently established strategic collaboration agreement. This arrangement aims to ensure a consistent and environmentally responsible source of Rio Tinto's Responsible Aluminium products for downstream manufacturers in Japan. The inaugural sale involves a shipment of Rio Tinto's RenewAl high purity aluminum, sourced from the sustainably powered New Zealand Aluminium Smelters (NZAS), and it is destined for a prominent Japanese motorcycle manufacturer that has made a firm commitment to lowering carbon emissions across its supply chains and production procedures.
• On 4 August 2022, Norsk Hydro ASA, a Norwegian aluminum manufacturer, announced a USD 51.3 million investment in its extrusion facility located in Cressona, Pennsylvania. This endeavor aims to enhance the plant's recycling capabilities, encompassing remelt and extrusion billet casting, to produce aluminum products with a low carbon footprint. The Cressona project is expected to be in full operation by late 2024 and will augment the casting capacity of the facility by over 50,000 metric tons.

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Some Key Highlights from the Report

• The lithium-ion (Li-Ion) batteries segment is expected to account for largest revenue share in the global HPA market over the forecast period. This is due to  rapid proliferation of Electric Vehicles (EVs) and the escalating need for energy storage solutions. HPA plays a critical role in enhancing the performance and efficiency of lithium-ion batteries. In addition, exceptional thermal conductivity and high purity levels of HPA enable effective heat dissipation, which is crucial for maintaining the stability and longevity of battery cells, especially in high-demand scenarios such as EVs. In addition, HPA's superior conductivity facilitates the smooth flow of electric charge, enhancing the overall efficiency of battery.
• The electronics and semiconductors segment is expected to register steadily fast revenue growth rate in the global HPA market over the forecast period. This is because HPA's exceptional purity levels and superior conductivity make it an ideal material for semiconductor manufacturing. It enables the precise deposition of thin films during the fabrication process, a critical step in creating intricate semiconductor components. Moreover, high thermal conductivity of HPA aids in dissipating heat generated by electronic devices, preventing overheating and ensuring optimal performance.
• The Asia Pacific market accounted for largest revenue share in the global high purity aluminum market in 2022. This is due to increasing adoption of LED lighting and Li-ion batteries in countries such as China, Japan, South Korea, and India. For instance, China experienced a substantial surge in its production of lighting fixtures and fittings, reaching 5.5 billion units in 2021, representing a notable 28.6% rise from the previous year. These products include a range of lighting technologies such as LEDs, Compact Fluorescent Lamps (CFLs), Electrodeless Discharge Lamps (EDLs), and Organic Light-Emitting Diodes (OLEDs).
• On 30 September 2021, Alcoa Corporation announced a joint development project to evaluate potential entry into the  HPA market in response to the escalating demand for eco-friendly products. In collaboration with FYI Resources Ltd, an enterprise based in Western Australia, Alcoa of Australia Limited (AoA), a subsidiary of Alcoa Corporation, has formalized a binding term sheet to embark on development endeavors aimed at producing HPA. Under this agreement, AoA will possess a 65% stake in the project, which will undergo various developmental phases leading up to the potential construction of a full-scale HPA plant with a capacity of 8,000 metric tons per year in 2024.

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Emergen Research has segmented the global HPA market on the basis of type, technology, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • 4N High Purity Aluminum
  • 5N High Purity Aluminum
  • 6N High Purity Aluminum

• Technology Outlook (Revenue, USD Billion; 2019-2032)

• • Hydrolysis
  • Hydrochloric Acid Leaching

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Light Emitting Diode (LED) Lighting
  • Phosphor
  • Technical Ceramics
  • Lithium-ion (Li-Ion) Batteries
  • Semiconductor
  • Others

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Electronics & Semiconductors
  • Packaging
  • Automotive
  • Aerospace & Defense
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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