Global high purity alumina market is estimated to be worth US$4,498 million growing at a CAGR of 16.7% by 2022, suggests data releases in the latest Allied Market Research report. 4N high purity alumina, which occupied more than 50% of the total HPA market in 2015, is expected to continue with the trend as the most promising segment throughout the forecast period.
HPA 5N type segment will expand at the highest CAGR of 21.9%, in terms of volume, over the analysis period, the report says.
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Source: Altech Chemicals Ltd
According to the report, LED lighting segment occupied a major share of the high purity alumina applications market in 2015. There are few clear trends that are boosting this segment’s growth:
• Shift towards LED lighting from traditional lighting.
• Stringent regulations leading to increased use of energy efficient light sources globally
• Increasing per capital consumption of power driving electricity demand
Driven by these trends, LED bulbs application segment is expected to grow at a CAGR of 21.5%, in terms of volume, during the forecast period.
Other end-user segments that are creating fresh demand for high purity alumina are electronics displays such as in smartphones, tablets, smartwatches etc., automotive manufacturing, and medical.
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Hydrolysis technology will continue to remain the most commonly used technology for HPA manufacturing till 2022. Higher cost of production, however, is thought to impede the growth of this market with little impact on demand.
Geographically, Asia-Pacific accounted for more than half of the total high purity alumina market in 2016. The region is expected to maintain its dominant position throughout the analysis period with China and Japan leading as the largest and the second largest consuming country respectively.
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