Dec 28th, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the High Purity Alumina Market.
High Purity Alumina (HPA) Market is likely to witness a CAGR of more than 14% during the forecast period. The demand for high purity alumina is expected to rise in response to the rapid growth of the electronics and related industries. Furthermore, globally, the electronics sector has experienced substantial expansion, innovation, and change to higher levels over the last two decades. Additionally, owing to its increased use in many electrical components, a key section of the electronics industry - LEDs - has seen profitable expansion in recent years. One such high-value-added chemical substance is high-purity alumina, which is employed in a variety of electronic applications for high-grade end use. Demand for high purity alumina is expected to increase significantly in the future years, assisting the market's growth.
High purity alumina is a high-value, highly demanded product. It is an essential ingredient in synthetic sapphire production. The production of LED lights, semiconductor wafers and scratch-resistant glass used on wristwatch faces, optical glass and smartphones is based on HPA.
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High Purity Alumina Market Share: By Technology Type
Based on the technology type, the market is segmented as hydrolysis and HCl leaching. Hydrolysis process led the market in 2020, and is expected to maintain its dominance during the forecast period as well. The growth of the segment is owing to the fact that this is a widely-preferred and feasible practice for HPA synthesis. Post the alcohol addition to aluminum metal, high purity aluminum alkoxide is formed, which further helps in the synthesis of alumina. Finally, the end product is further obtained through the process of calcination. The hydrolysis process has added advantage, in terms of, reduced operational costs as it can recover and reuse the acids, which are otherwise wasted in the production process.
High Purity Alumina Market Share: By Application Type
Based on the application type, the market is segmented as LEDs, semiconductors, phosphor, sapphire, and others The LED segment is estimated to witness the highest growth during the forecast period, owing to the increasing usage of LED-based equipment across the globe. The surge in LED demand is on account of an increasing shift in technology from traditional bulbs to energy-efficient and high-performing LED counterparts. Additionally, incessant researches remain crucial to the growth of LED technology, which is fast becoming a means to reduce electricity consumption.
High Purity Alumina Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the leading region in the market over the forecast period. The growth of the region is attributed to easy access to raw material and economical labor, which aids manufacturing of HPA, thus driving the market for high purity alumina. Furthermore, the market growth is owing to the increasing usage of electronics and growing adoption of LED lights across the region. Another major driving force of the regional growth is the automotive sector, where HPA is used in lithium-ion batteries.
COVID-19 Impact on Global High Purity Alumina Market
Covid-19 outbreak impacted the growth of the bearing for steel market negatively. The spread of coronavirus led to enforcement of lockdown to curb the spread of virus. This led to travel restrictions and supply chain disruptions, which in turn affected the product availability on time.
Key players operating in the High Purity Alumina market are-
Hebei Pengda Advanced Materials Technology Co. Ltd.
Nippon Light Metal Holdings Company Ltd.
Norsk Hydro ASA
Rio Tinto Alcan
Shangdong Keheng Crystal Material Technologies Co. Ltd.
United Company RUSAL
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Features of the Report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The High Purity Alumina Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors.
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