Over the last couple of decades, globally, the electronics industry has witnessed significant growth, innovation, and transformation to higher levels. Furthermore, a key segment of the electronics industry – LEDs – has witnessed lucrative growth since the last couple of years, owing to its increased use in many electronic components. High purity alumina is one such high value-added chemical compound used in several electronic applications for high grade end use. Demand is estimated to witness significant growth over the coming years, aiding the growth of the high purity alumina market.
The global high purity alumina market is estimated to expand at a CAGR of 12.5% over the forecast period of 2020-2030.
Get Sample Copy Of This [email protected] https://www.persistencemarketresearch.com/samples/3582
Key Takeaways from High Purity Alumina Market Study
- The high purity alumina (HPA) market is primarily driven by increasing demand for LED applications. Also, rapidly growing production of electric vehicles is expected to further boost market growth significantly.
- The market is witnessing steady increase in demand for HPA; however, due to supply chain and logistic disruptions amidst the COVID-19 pandemic, things have slowed down. Raw material imports have been affected and end-use demand has fallen sharply.
- The global chemical industry has undergone mass relocation over the past few years. India and China, along with other developing countries, have been preferable destinations for expenditure and investments. Prime driving factors in the region are rapid industrialization, infrastructural developments, and economic growth. This is paving way for substantial growth opportunity for manufacturers in the high purity alumina market.
- High purity alumina is obtained after an extensive amount of chemical processing, which increases as purity grade increases. Processing methods employed are quite energy-intensive, which increases the cost of production; hence, HPA is costlier than other alumina grades.
- Globally, end users are always demanding economic products for their own end products. In order to meet this demand, manufacturers are developing high quality and affordable products. This has led to extensive focus on research & development by manufacturers in order to reduce overall costs, either by optimizing manufacturing or the supply chain or through other methods.
“Increasing demand for high purity alumina from the electronics Industry, wide application range of high purity alumina, and its distinctive properties are anticipated to augment demand growth,” says a PMR analyst.
Market Landscape Continues to Remain Highly Consolidated
The global high purity alumina market is highly consolidated in nature. Top seven players account for around sixty percent of the market at global and regional levels. Some of the leading players included in the report are Sumitomo Chemical Co., Ltd, Sasol Ltd, Baikowski, Nippon Light Metal Co., Ltd. HMR, Co., Ltd, Hebei Heng Bo New Material Technology Co., Ltd, Xuancheng Jingrui New Material Co., Ltd, Dalian Hiland Photoelectric Material Co., Ltd, and others. Key market participants are focused on capturing lucrative growth through collaboration with end-use customers and are continuing to meet targets through sustained operational excellence.
High Purity Alumina Market: Conclusion
The global HPA market is occupied by a few key manufacturers. They are ramping up production in their existing units by increasing production utilization rates to maximum. Moreover, to strengthen their global supply systems and continue to meet robust demand, players are expanding their global presence. Demand for high purity alumina is expected to ascend for its use in LED and other applications. Asia Pacific holds a major portion of the global high purity alumina market. Also, the region has strong potential to export to neighboring regions, which is further anticipated to catalyze the growth of the high purity alumina market in future.
You Can Checkout This Complete [email protected] https://www.persistencemarketresearch.com/checkout/3582
Want to Know More?
Persistence Market Research has published a market research report on the high purity alumina market that contains global industry analysis of 2015–2019 and forecasts for 2020–2030. The report provides insightful analysis of the high purity alumina market through different segments – product, application, and region. The high purity alumina market report also provides supply and demand trends, a comprehensive list of suppliers and distributors in the market, and a detailed overview of the value chain.
Explore Extensive Coverage of PMR`s
Chemicals and Nanomaterials Industry
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
Our client success stories feature a range of clients from Fortune 500 companies to fast-growing startups. PMR’s collaborative environment is committed to building industry-specific solutions by transforming data from multiple streams into a strategic asset.
Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – [email protected]
Website – https://www.persistencemarketresearch.com