Wilmington, Delaware, United States, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The high purity alumina market is anticipated to rise at a CAGR of 15.1% during 2022 to 2031. In 2021, the market was valued at US$ 2 Bn. According to the recent high purity alumina market trends, the industry is most likely to witness growth over the next decade, due to the increasing demand for these materials from electronics and semiconductors industry. Furthermore, varied high purity alumina uses make them ideal for application in a wide range of products, such as semiconductors, li-ion batteries, LED lights, sapphires, and phosphor, among others. Apart from this, these products and materials are also utilized to produce or manufacture optical windows, glasses for wrist and smart watches, and TVs.
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High Purity Alumina Market – Key Findings of the Report
- Increasing Demand for Production of Li-Ion Batteries: Batteries made using Lithium –ions are extremely popular in the electronics industry. Furthermore, its applications are not only limited to electronics, but span over various industries, including automotive, construction equipment, etc. High purity alumina materials are used in the manufacture of these li-ion batteries in order to enhance their chemical and physical properties, strengthen the battery separators, and prevent from battery failure. Apart from this, using HPA in production of li-ion batteries can also aid in boosting the thermal stability of finished battery product. Owing to such factors, the demand for these high-grade materials has been consistently rising in the manufacture of li-ion batteries in the recent years.
High Purity Alumina Market – Growth Drivers
- Increasing demand for automobiles, computers, display materials, and semiconductors propels market growth
- Lack of efficient and precise alternative or substitute for high purity alumina materials and products drives market demand
- Rising adoption of smartphones, electric vehicles, emerging medical technologies, Li-ion batteries, solar panels, and LED lights stimulates market development
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High Purity Alumina Market – Key Players
Few of the leading companies operating in the market include Sasol Ltd., Nippon Light Metal Co. Ltd., Dalian Hiland Photoelectric Material Co., Ltd., Xuancheng Jing Rui New Material Co., Ltd., Altech Chemicals Ltd., Sumitomo Chemical Co. Ltd., Baikowski SAS, HMR Co., Ltd., Hebei Hengbo New Material Technology Co., Ltd., and Polar Sapphire, among others. The presence of a relatively smaller number of large scaled manufacturers and players makes the competitive landscape of the HPA market extremely consolidated in nature. A large number of these players are increasing their investments aimed at research and development projects in order to develop and market new and environmentally friendly products and solutions.
Furthermore, some other notable growth and expansion strategies used by these industry players include mergers and acquisitions, as well as new product launches to expand their product inventories. Similarly, they are also focusing on designing and developing new high purity alumina process for its production, in order to achieve new standards of purity, quality, and desired production quantity. To facilitate this, certain players are creating and building new production and treatment plants and facilities.
High Purity Alumina Market: Regional Growth Assessment
Regionally, Asia Pacific stood as the leading high purity alumina market in 2021. This lucrative positioning of Asia Pacific in the global market can be ascribed to rising demand for stems created from high purity alumina from the regional electronics industry. Furthermore, the presence of major electronic manufacturing hubs in countries, such as South Korea, Japan, China, and Taiwan, is also bolstering development of Asia Pacific market. Another attractive region in the global HPA market, in terms of value is North America. Growth of North America region can be attributed to the increasing number of high purity alumina manufacturers in the region.
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High Purity Alumina Market: Segmentation
High Purity Alumina Market, by Grade
- 4N
- 5N
- 6N
High Purity Alumina Market, by Application
- LEDs
- Semiconductors
- Phosphor
- Li-ion batteries
- Sapphires
- Others
High Purity Alumina Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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