Over the last couple of decades, globally, the electronics industry has witnessed significant growth, innovation, and transformation to higher levels. Furthermore, a key segment of the electronics industry – LEDs – has witnessed lucrative growth since the last couple of years, owing to its increased use in many electronic components. High purity alumina is one such high value-added chemical compound used in several electronic applications for high grade end use. Demand is estimated to witness significant growth over the coming years, aiding the growth of the high purity alumina market. The global high purity alumina market is estimated to expand at a CAGR of 12.5% over the forecast period of 2020-2030.
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Key Takeaways from High Purity Alumina Market Study
- The high purity alumina (HPA) market is primarily driven by increasing demand for LED applications. Also, rapidly growing production of electric vehicles is expected to further boost market growth significantly.
- The market is witnessing steady increase in demand for HPA; however, due to supply chain and logistic disruptions amidst the COVID-19 pandemic, things have slowed down. Raw material imports have been affected and end-use demand has fallen sharply.
- The global chemical industry has undergone mass relocation over the past few years. India and China, along with other developing countries, have been preferable destinations for expenditure and investments. Prime driving factors in the region are rapid industrialization, infrastructural developments, and economic growth. This is paving way for substantial growth opportunity for manufacturers in the high purity alumina market.
- High purity alumina is obtained after an extensive amount of chemical processing, which increases as purity grade increases. Processing methods employed are quite energy-intensive, which increases the cost of production; hence, HPA is costlier than other alumina grades.
- Globally, end users are always demanding economic products for their own end products. In order to meet this demand, manufacturers are developing high quality and affordable products. This has led to extensive focus on research & development by manufacturers in order to reduce overall costs, either by optimizing manufacturing or the supply chain or through other methods.
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Market Landscape Continues to Remain Highly Consolidated
The global high purity alumina market is highly consolidated in nature. Top seven players account for around sixty percent of the market at global and regional levels. Some of the leading players included in the report are Sumitomo Chemical Co., Ltd, Sasol Ltd, Baikowski, Nippon Light Metal Co., Ltd. HMR, Co., Ltd, Hebei Heng Bo New Material Technology Co., Ltd, Xuancheng Jingrui New Material Co., Ltd, Dalian Hiland Photoelectric Material Co., Ltd, and others. Key market participants are focused on capturing lucrative growth through collaboration with end-use customers and are continuing to meet targets through sustained operational excellence.
High Purity Alumina Market: Conclusion
The global HPA market is occupied by a few key manufacturers. They are ramping up production in their existing units by increasing production utilization rates to maximum. Moreover, to strengthen their global supply systems and continue to meet robust demand, players are expanding their global presence. Demand for high purity alumina is expected to ascend for its use in LED and other applications. Asia Pacific holds a major portion of the global high purity alumina market. Also, the region has strong potential to export to neighboring regions, which is further anticipated to catalyze the growth of the high purity alumina market in future.
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