High Purity Alumina Market to Reach a Valuation of ~US$ 4 Bn by 2026
High Purity Alumina Market
Albany, NY -- (SBWire) -- 01/15/2020 --High Purity Alumina Market: Key Highlights
The high purity alumina market was valued at ~ US$ 1.1 Bn in 2017, and is anticipated to expand at a robust CAGR of ~15% during the forecast period.Expansion of the high purity alumina market is primarily driven by its rising demand from manufacturers of LEDs, lithium-ion batteries, and related products. The demand for LED products has increased significantly in developing economies such as China, Japan, Taiwan, and South Korea, due to increasing regulations pertaining to the use of incandescent bulbs.
HPA is used in the coating of lithium-ion battery separators, found in electric vehicles and portable electronics. The rising use of sapphire glass by smartphone manufacturers is adding to demand for HPA.
Key Drivers of High Purity Alumina Market
Currently, LED bulbs reduce electricity consumption by 85% as compared to incandescent light bulbs, and by 40% as compared to fluorescent lights. With developments in technology, LEDs are expected to save electricity by 90% and 50% as compared to incandescent light bulbs and fluorescent lights, respectively, by 2020.
LEDs last 50 times longer than incandescent lights, and three to seven times longer than fluorescents. In addition, LED bulbs provide superior light quality than compact fluorescent lights (CFLs).
Production costs of LEDs and related products have declined over the recent past. Furthermore, this trend is expected to continue over the forecast period. Thus, steady rise in the demand for LEDs and the corresponding increase in LED production are expected to drive the HPA market during the forecast period.
Despite their energy efficiency, LEDs have been used exclusively in electronic devices (screens for cell phones, computers, and TVs). Technological advances have progressively reduced manufacturing costs. Coupled with a regulatory focus on energy efficiency, these reductions are opening up new opportunities for LEDs to enter the lighting sector. With a further decline in production costs expected and rise in environmental concerns, LED lighting is expected to be a lucrative area for the HPA market in the coming years.
Asia Pacific a Prominent High Purity Alumina Market
In terms of revenue, Asia Pacific constituted a significant share of the high purity alumina market in 2017. Expansion in automotive and LED lighting industries is estimated to provide lucrative opportunities to the HPA market during the forecast period.
North America recorded significant sales of high purity alumina in 2017. This is primarily due to the rise in research activities in higher grades of high purity alumina by various leading companies in the region. Additionally, increase in the number of stringent regulations on carbon and dust emission is compelling manufacturers to opt for high purity alumina-based coatings with high hardness and wear resistance, typically in lithium-batteries separators.
The high purity alumina market in Europe is expected to expand at a moderate pace during the forecast period. The rising demand for energy-efficient LEDs and increasing mergers and capacity expansion activities among LED manufacturers in Germany, the U.K., and France are expected to drive HPA sales during the forecast period.
Request A Sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=12665
Share of Prominent HPA Market Players
The high purity alumina market is dominated by a few major players, which generates intense competition. Key producers of high purity alumina depict a medium to low level of forward integration. This provides a distinct competitive advantage to market leaders in the HPA market. The entry of several small- to medium-scale manufacturers has intensified the competition in the high purity alumina market.
Companies such as Hebei Heng Bo New Material Technology Co. Ltd., Zibo Xinfumeng Chemicals Co., Ltd., and Xuan Chen Jing Rui New Material Co., Ltd. are leading manufacturers in the HPA market in China. Sumitomo Chemical Co. Ltd., Nippon Light Metal Co. Ltd., and HMR Co. Ltd. have a wide presence in Japan and South Korea. Baikowski SAS and Sasol Ltd. are the major players operating in high purity alumina market in the U.S. and Canada. Polar Sapphire Ltd. has widespread operations across Canada.
Media Relations Contact
View this press release online at: http://rwire.com/1270899