High Purity Alumina Market industry growth forecast from 2016 to 2024
High Purity Alumina (HPA) Market size is booming and is likely to generate revenue of more than USD 6 billion and henceforth projecting a CAGR of over 17% by 2024.
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HPA is an expensive product form of Aluminum Oxide (Al2O3) and is widely used in non-metallurgical applications across globe. The product is used as a base to produce sapphire substrates which are widely applicable in industry. It is used to manufacture a wide range of products such as plasma display screens, scratch resistant sapphire glasses for smart watch and smart phones, LED lights, lithium ion battery separators, sodium lamps, semiconductors, optical lenses, hybrid cars, electric vehicles and others. The value-added features such as durability, reliability, brightness, low radiated heat led to rising adoption of LED products initiating a positive shift in the market.
Supply deficit is observed in the market due to excess utilization of high purity alumina (HPA) products in the market across globe. It is likely to overcome by upgrading technology used to extract the product from aluminum clay resources. Rise in aluminum clay resources can help surge the overall production of the product across globe.
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High purity alumina (HPA) is divided into various types pf products including 4N, 5N, and 6N. They differ from one another based on purity level with 4N having lesser percentage of Al2O3 compared to 5N and 6N. 4N is most prominent and has captured market share of around 54% by volume in the market. It usually seeks its demand from electronic display and LED bulbs. Due to strict regulation norms for using energy conserving light sources has led to shift in market giving rise to 4N market size. 5N held market share of around 30% whereas remaining is held by 6N.
The industry is segmented into various technology including hydrochloric acid (HCL) leaching and hydrolysis. The hydrolysis method is the most viable method to synthesize high purity alumina (HPA). On adding alcohol to aluminum metal, high purity aluminum alkoxide is produced which further synthesizes alumina. Later, the final product is obtained by Calcination.
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Regionally, Asia Pacific market of the product holds a prominent position both in terms of value and volume making it extremely competitive by holding market share of over 70%. Moreover, China accounts for market size of over 45% by volume in Asia Pacific region. This is due to easy access to cheap labor and raw material for manufacturing which is a driving force for consistently growing market size in High Purity Alumina (HPA) market.
The global key players involved in the market are Altech Chemicals Limited, Coorstek Inc., Orbite Technologies Inc., Baikowski SAS, Sasol Germany GmbH, Polar Sapphire Limited, Sumitomo Chemical Co Limited, Nippon Light Metal Co Limited, Alcoa, Norso Hydro, Rio Tinto Alcan, RUSAL and Zibo Xinfumeng Chemicals.
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