High Purity Alumina (HPA) Market Forecast | 2023-2028

Market Insights

The high purity alumina market is estimated to grow from USD 2.52 billion in 2022 to USD 5.68 billion by 2028 at an impressive CAGR of 14.0% during the forecast period.

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What is high-purity alumina?

High-purity alumina can be defined as a high-purity form of aluminium oxide. It is widely used in the production of synthetic sapphire. Based on the product, it can be categorized as 4N, 5N and 6N.

Covid-19 Impact

The outbreak of COVID-19 significantly impacted the materials supply chains, international trade, and manufacturing operations across the world. The production of high-purity alumina (HPA) declined amidst the COVID-19 pandemic as the market players had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of the coronavirus.

Key Players

Key players operating in the global High Purity Alumina Market are-

• Sumitomo Chemical Co., Ltd. (Japan)
• Sasol Limited (South Africa)
• Baikowski (France)
• Hebei Hengbo New Material Technology Co., Ltd. (China)
• Nippon Light Metal Holdings Company, Ltd. (Japan)
• Altech Chemicals Limited (Australia)
• Polar Sapphire Ltd. (Canada)

Market Dynamics

The global growth of market size is primarily driven by widespread product usage across various applications including LEDS and electronics among others. Growing demand for lithium-ion batteries in electric vehicles is expected to add to the market growth substantially. In addition to this, rising product demand in developing countries is likely to create lucrative opportunities for the players operating in the global market during the review period.

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Segment’s Analysis

Product Trends

The market is segmented by product into 4N, 5N, and 6N. The 4N product segment dominated the market in 2022, with a share of over 35%. This is due to the widespread use of 4N HPA in LEDs and as a battery separator for lithium-ion batteries. The growth of the lighting and electric vehicle (EV) industries is expected to drive the market during the assessment period.

Application Trends

The market has been divided into LEDs, semiconductors, phosphor and Li-ion batteries. The LEDs application segment accounted for the largest market share in 2022 and this segment is growing at a CAGR of 12.8% during the forecast period. The segment growth can be attributed to the widespread demand for LEDs across geographies.

Regional Analysis

The Asia-Pacific market accounted for the largest share in 2022 and is expected to grow at a significant CAGR during the review period. The regional market growth can be attributed to the presence of a strong electrical & electronics industry and expanding electric vehicle production in China. The market growth in the North American region is expected to grow at a considerable CAGR during the review on account of the high product adoption rate in the electronics industry.

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Target Audience

The target audience of High Purity Alumina (HPA) Market includes-

• Vendors
• Manufacturers
• Distributors
• Organizations
• Government Bodies

Critical Questions Answered in the Report

This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global high-purity alumina market. The historic years considered for the study are 2017-2020, the base year is 2021, the estimated year is 2022, and the forecast period is 2023-2028.

The following are the critical questions answered in the report:

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the global market?
• What is the market share of the top vendors?

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current market segmentation by any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.