High Purity Alumina Market: Increased Product Use across Electronics Industry Likely to Boost Sales, Says TMR
- The high purity alumina market is estimated to show expansion at a whopping CAGR of ~15% during the analysis period 2018–2026. Increased demand avenues from electronics industry will help players in boosting their sales.
- Presence of many electronic production hubs in Asia Pacific makes it important region of the market.
ALBANY, N.Y., July 8, 2021 /PRNewswire/ -- High purity alumina finds broad application in the coating of lithium-ion battery separators, which are generally used in electric vehicles as well as portable electronics. Depending on grade, there are three product types available in the market, namely, 4N, 5N, 6N.
A new study by Transparency Market Research (TMR) emphasizes that the global high purity alumina market will garner the valuation of ~US$ 4 Bn by 2026. The market was valued at ~US$ 1.3 Bn in 2018. These statistics project that the market is likely to grow at splendid pace during the assessment period 2018 to 2026.
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High Purity Alumina Market: Key Findings
- Players Experience Stupendous Demand for 4N Grade Alumina from End-user Industries
The companies engaged in the production of lithium-ion batteries and LEDs are growing customized demand for alumina with 4N grade. This is one of the key factors owing to which the TMR analysts note that the 4N grade high purity alumina are likely to account for ~64% of the overall sales in 2018. Moreover, alumina with 5N grade of purity is expected to demonstrate growth at a solid CAGR of ~18% throughout analysis period 2018–2026.
The 4N grade alumina can deliver superior cost benefits in comparison to alumina of 5N and 6N grades. This is one of the key factors bringing extensive sales opportunities for the high purity alumina market. Moving forward, the players in this market are foreseen to experience consistent demand for 4N grade alumina in the upcoming years. One of the key reasons supporting this estimation is potential increase in demand for smart gadgets and other devices with scratch resistant glasses.
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- Increased Ban on Incandescent Bulbs in Several Countries Creates Massive Demand for High Purity Alumina
Incandescent bulbs generate huge amount of heat and do not show high level of efficiency. As a result, the government authorities of many regions including Argentina, Europe, Korea, Malaysia, Canada, Mexico, and the U.S. are banning the use of these bulbs. This scenario has pushed various end-users to discover various substitutes such as LEDs. But LEDs are expensive in nature. Major players operating in the global high purity alumina market are growing focus toward reducing the LEDs cost. For this purpose, they are strengthening their production capacities, and thereby decreasing the prices of their products.
High Purity Alumina Market: Growth Boosters
- In recent few years, the government bodies of many countries across the globe have implemented many stringent regulations that compel companies from construction industry to follow the green code for energy use optimization. This scenario is expected to create increased demand for LEDs, and thereby boosting the sales opportunities in the global high purity alumina market in the years ahead.
- The companies engaged in the smartphone manufacturing are increasing the use of sapphire glass. This factor is supplementing the growth in demand for high purity alumina.
- Players operating in the high purity alumina market are increasing their financial support toward the research and development activities. They are lucidly using this tactic to incorporate innovations across their products. On the back of all these activities, the market is estimated to show expansion at promising pace in the forthcoming years.
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High Purity Alumina Market: Well-Established Participants
The research report on the high purity alumina presents list of key players operating in the market. This list includes many names such as:
- Sasol Ltd.
- Sumitomo Chemical Co. Ltd.
- Hebei Heng Bo New Material Technology Co. Ltd.
- Baikowski SAS
- Altech Chemicals Ltd.
- Nippon Light Metal Co. Ltd.
- Polar Sapphire Ltd.
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