DUBLIN--(BUSINESS WIRE)--The "High Purity Alumina Market by Type, Technology and Application: Global Opportunity Analysis and Industry Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global high purity alumina market was valued at $1.3 billion in 2019, and is projected to reach $4.8 billion by 2026, growing at a CAGR of 20.7% from 2020 to 2026.
High purity alumina (HPA) is a treated premium non-metallurgical form of aluminum categorized by its purity level. It possesses characteristics such as chemical stability, high melting point, high electrical resistance & insulation, and good thermal conductivity, which makes it an ideal choice for engineering applications.
High purity alumina is widely used in manufacturing of LED bulbs, biomedical devices, and Li-ion batteries. The demand for electric vehicles has been surged in recent years across the developing economies such as India and China to curb the carbon emission and to reduce dependency on the fossil fuels such as diesel and petrol. Due to this, the demand for Li-ion batteries has been increased significantly to power the electric vehicles. This factor is likely to increase the demand for high purity alumina.
In addition, the demand for biomedical devices has been surged significantly amid corona virus outbreak. Due to growing number of patients affected form the corona virus and other diseases that requires surgical treatments has led to surge in demand for biomedical devices and is anticipated to drive the growth of high purity alumina market. Furthermore, growing demand for smart lighting such LED bulbs due to its high energy efficiency and ability to reduce the energy consumption has led to increase in its demand globally. This factor is anticipated to drive the demand for high purity alumina and will drive the growth of the market during the forecast period.
However, surge in pricing of HPA and stringent government regulations on the extraction of "Red Mud" can hamper the growth of the global high purity alumina market. On the contrary, growing demand for high purity alumina from the emerging economies such as China and India due to upsurge in demand for LED bulbs and rapidly growing medical sector are expected to offer remunerative opportunities for high purity alumina market growth in the near future.
COVID-19 Analysis:
- The demand for high purity alumina is likely to experience a downfall during the corona virus pandemic due to affected supply chain amid lockdown.
- The automotive industry has been affected badly due to COVID-19 outbreak and amid lockdown. The automotive manufacturers have halted the production of electric vehicles due to supply shortage of lithium-ion batteries. 4N high purity alumina is used in manufacturing of Li-ion batteries. The decline in production of Li-ion batteries have resulted in decline in demand for 4N high purity alumina and is likely to affect the growth of the market during the forecast period.
- High purity alumina is broadly used in production of synthetic sapphire used in manufacturing of optical lenses. Declining demand and sale of optical lenses during the COVID-19 pandemic amid lockdown is likely to hamper the demand of high purity alumina from optical lens manufacturers.
- HPA is used in manufacturing of bio-medical devices such as pacemakers, intraocular cataract lenses (IOLs), vascular grafts, orthopedic pins, and surgical tools. During the COVID-19 pandemic outbreak, the demand for bio-medical devices has been surged significantly for the treatment of corona virus affected patients and also the patients suffering from other diseases and ailments. This factor is likely to increase the demand for high purity alumina from bio-medical device manufacturers during the forecast period.
Key Benefits
- Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the market from 2019 to 2026 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study.
- The profiles of key players along with their key strategic developments are enlisted in the report.
Market Dynamics
Drivers
- Increase in Adoption of Led Bulbs Over Traditional Bulbs
- Rise in Production of Electric Vehicles (Evs)
- Rise in Investment in the End-Use Industries
Restraint
- High Cost of Production
- Government Regulation on "Red Mud" Extracts
Opportunity
- Surge in Demand from Emerging Economies
Companies Profiled
- Alcoa Corporation
- Altech Chemicals Ltd.
- Baikowski Sas
- Hebei Pengda Advanced Materials Technology Co. Ltd.
- Nippon Light Metal Holdings Company, Ltd.
- Norsk Hydro Asa
- Sasol Ltd.
- Sumitomo Chemical Co. Ltd.
- Xuancheng Jingrui New Material Co. Ltd.
- Zibo Honghe Chemical Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/kpiech
