The prediction is well intended that the Global High Purity Alumina Market will cross USD 5,816.2 Million mark by 2022 due to its tremendous growth during the past few years. The whooping growth of the market is expected at a CARG of 18.56% till 2022. The impulsiveness of market growth is due to the growing number of electronic industries. From the reports of Market Research Future, the Global High Purity Alumina Market is forecasted to boom a remarkable growth, surpassing its previous growth records concerning valuation.
As the digital world is spreading and access to all digital products is becoming more and more affordable, there has been seen a shift in lifestyle patterns. The consumers are spending on electronics, which could see strong growth in the next five years. Growing applications such as LED products, home appliances, hybrid cars, electric vehicles, and others are driving the growth of Global High Purity Alumina Market.
Key Market Holders:
Considering the future potential of the Global High Purity Alumina Market, key players in the market are actively investing in product launches. The key participants are Altech Chemicals Ltd. (Australia), Alcoa Inc. (U.S.), Orbite Technologies (Canada), Sumitomo Chemical Co., Ltd. (Japan), Baikowski Pure Solutions (France), Nippon Light Metal Company Ltd. (Japan), Rusal (Russia), Sasol (South Africa), Xuancheng Jingrui New Material Co., Ltd. s(China), and HPA Sonics LLC (U.S.).
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Factors Driving High Purity Alumina Market:
MRFR reports include that world demand for High Purity Alumina has expanded incredibly, owing to growing developments in technology and progressive demands from applications such as LED bulbs, electronic displays, and more. This trend is expected to continue gripping the emerging technological advancements in the electronic industry.
High Purity Alumina is extensively used in the manufacturing of the single crystal synthetic sapphire wafers, which is considered to be the second hardest material in the world to produce LED lightings. High Purity Alumina is noted for having high mechanical strength, melting point, and high electrical insulation and good thermal conductivity.
Lighting market across the globe is increasingly penetrating LEDs with newer applications of High Purity Alumina. The usages can be seen in smartwatches, smartphones and tablets, which is supporting in the growth of the High Purity Alumina Market. At the same time, the high costing of production is expecting to load up High Purity Alumina Market growth. With time, many companies are making heavy investments to cater the needs of the market to compliment applications and increasing demands.
In reports by MRFR it is stated that in 2016, the LED bulbs occupied a leading position in high purity alumina market. Recently, this trend is increasing speedily, owing to the shift towards LED lighting from traditional lighting. Moreover, stringent regulations for environmental conditions across the globe have led to increased penetration of LED lights that are energy efficient light sources. Also, increasing consumption of power has also boosted the demand for electricity across the globe.
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Presence of a few key players in the Global High Purity Alumina Market a monopoly situation leads in the way of innovation and technology advancements. Resultantly, the high purity alumina market is less competitive.
In 2016, LED bulbs application segment occupied the highest share and was expected to grow with a CAGR of 20.3% in terms of volume during the analysis period.
The Global High Purity Alumina Market is segmented based on Products, Application for forecasted period 2016 to 2022.
High Purity Alumina is segmented by product type as 4N, 5N, and 6N. Of these, 4N segment is widely used in manufacturing semiconductors. 5N is popularly used in LED applications.
All three segments are costly, but they are strongly capable of delivering high performance for long-run purposes. These high valued products are widely used as lighting and displays, heat dissipation, and inorganic fillers.
By Application, LEDs accounts for around 54% of High Purity Alumina production in the forecasted period, whereas semiconductors and phosphorus account for 15% and 10% respectively. LED products have a high life span, greater reliability, and durability, due to which there is a high adoption rate in the end user. This adoption rate compels the market to reach a whopping CAGR by 2022.
MRFR reports have found that the APAC region holds the High Purity Alumina Market largely concerning volume and value. This significant feature is expected to grow at a CAGR of 20.75 % in 2022.
Due to rapid industrialization in China, it is the fastest growing revenue generating country. Low cost of raw material and labor, high manufacturing process of LED products has driven the market share to rise.
Whereas, North America is counted for having second market share geographically. Looping, Europe accounts for the third market share globally.
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