New York, NY -- (SBWIRE) -- 10/18/2016 -- Persistence Market Research (PMR), delivers key insights on the high purity alumina (HPA) market in its latest report titled "Global Market Study on High Purity Alumina (HPA): High Demand for LED's and Displays to Drive Growth During 2015-2021." According to the report, the global HPA market was valued at US$ 1.2 Bn in 2014 and is projected to expand at a CAGR of 6.9% during the forecast period to reach US$ 3.6 Bn by the end of 2021.
High purity alumina or HPA is a high-end product of the non-metallurgical alumina market. It is a high-value product that serves as a base material for the manufacture of sapphire substrates used in various applications such as scratch-resistant artificial sapphire glass, light emitting diodes (LEDs), and semiconductor wafers.
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Manufacture of synthetic single crystal sapphires (used as a base substrate for manufacturing LEDs) is a major application of HPA. LEDs are used in traffic lights, LED-backlit LCDs, backlights in electronics, and general lighting products. According to PMRs market assessment, global packaged LED production is witnessing a significant annual growth rate of 9%-11%. This is expected to drive demand for HPA, considering that it finds major application in the manufacture of LEDs. Hence, the LED application segment is expected to expand at a CAGR of 18% during the forecast period. The HPA market in China is projected to exhibit the fastest growth during the forecast period, owing to a favorable economic environment and the need for technological advancements in electronics products such as mobile phones and cameras.
From a regional perspective, Asia-Pacific was the largest market for HPA in 2014, accounting for approximately 60% volume share of the overall market. North America ranked second, accounting for over 13% market share followed by Europe in 2014, and is forecast to expand at a CAGR of 16.7% and 15.6% respectively, during the forecast period. This growth is attributed to the positive outlook of the economy in Western Europe.
The global HPA market is segmented on the basis of product, application, and region. By product, the market is categorized as 4N, 5N, and 6N. On the basis of application, the market is categorized as LED, semiconductor, phosphorus, and others. Key regions covered in this report include North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
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By product type, 4N HPA was the largest segment in 2014, accounting for 54.1% volume share of the overall market. This segment dominates the market in 2015 and is expected to continue to do so during the forecast period.
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