Global High Purity Alumina Market valuation would reach US $7.20 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The high purity alumina market is segmented on the basis of application, purity level, and technology. In terms of purity level, the market is further classified into 6N, 5N and 4N, with the 4N sub-segment holding the biggest industry share, followed by the 5N and 6N purity levels.
The broad application spectrum of lithium-ion batteries, wherein alumina’s 4N purity level is maintained, has led to this segment holding the biggest market share; more than 40%. This segment is projected to maintain its dominating stance over 2018-2026.
From application perspective, the high purity alumina market is segmented into sapphire, semiconductors, electronic display, and phosphorus among others. The electronic display segment accounted for the largest industry share, on account of the immense demand for LED-based electronics across the world. Additionally, LEDs are more sustainable and environmentally friendly, which has prompted the government to promote LED products, establishing it as the most rapidly growing technology across the world.
The high-purity alumina market is also bifurcated on the basis of technology, into hydrolysis and HCL. Among these, the hydrolysis segment accounted for the largest market share owing to its feasibility and lower operational cost. Meanwhile, the HCL-based technology segment is currently at a nascent stage, wherein it would require more time to achieve commercialization.
A few prominent growth driving factors propelling high purity alumina market include increasing demand for high-resolution electronic displays such as smartphones and television. These devices incorporate high purity alumina for achieving a better display quality. Moreover, growing demand for smart wearables along with other technological devices that incorporate LED is making a positive impact on industry revenues, globally driving high purity alumina market share.
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From a regional perspective, during the forecast timeframe, the Asia Pacific region is slated to account for the biggest market share in high purity alumina market across the globe. The APAC would be closely followed by Europe and North America, cites the study.
Prominent business strategies adopted by enterprises operating across the high purity alumina market include innovations in technology and product, geographical expansion, and acquisitions & mergers among others.
For instance, Altech Chemicals Ltd., previously known as Australian Minerals and Mining Group Ltd., is working on a considerably low impurity kaolin reaction that is HCL acid with 1.4% Fe2 O3 +TiO2 to produce 4N HPA in a 4,000 ton pa capacity facility. Furthermore, Orbite Aluminae Inc., previously called as Exploration Orbite V.S.P.A. Inc., has been working towards the completion of a three ton per day 5N high-purity alumina production facility that uses HCL acid extraction from aluminous clay.
The leading industry players operating across the global high purity alumina market include Sumitomo Chemicals Co. Ltd., Altech Chemicals limited, Alcoa Inc., Polar Sapphire Ltd., Baikowski Pure Solutions, Nippon Light Metal, and Orbite Technologies Inc., among others.