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.
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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.
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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