Inkwood Research estimates that the Global High Purity Alumina (HPA) Market is set to evolve at a CAGR of 16.07% in terms of revenue and 16.50% in terms of volume during the forecasting years of 2021-2028.
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(HPA) Market Forecast 2021-2028.”
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High purity alumina is a high margin,
highly demanded, and high-value product. It is considered a vital ingredient
needed for the production of synthetic sapphire. Synthetic sapphire is utilized
in the manufacture of substrates for LED lights, optical windows, smartphone
components, and scratch-resistant sapphire glass. HPA is increasingly used as a
coating on the separator sheets in lithium-ion batteries.
Growing
Production of LED bulbs over Traditional Bulbs Fuels Market Growth
There is a shift in preference towards LED
bulbs from traditional bulbs across the globe. In countries like the United
States, the demand for LED bulbs is considerably high, given the development of
marine, horticulture, and commercial lighting industries. The lighting market
is witnessing an emergence of new applications like light communications and
smart lighting. The implementation of stringent regulations for deploying
energy-efficient lights is fueling the sales of LEDs. In India, the government
distributed 210 million LED bulbs in 2018, along with issuing tenders on LED
streetlights retrofit projects.
Furthermore, international bidders are
collaborating with local lighting companies to meet requirements related to
production capacity, revenue, and manufacturing capability. The rising demand
for HPA, along with government support, has resulted in increased adoption of
LEDs.
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Hydrolysis is
the Major Technology in terms of Revenue and Volume
The most adopted method by major
manufacturers for the production of HPA is the hydrolysis of aluminum alkoxide.
The high-purity aluminum alkoxide is synthesized from alcohol and aluminum
metal. It undergoes hydrolysis to produce hydrated alumina. HPA is also
obtained by calcination. The rising demand for primary aluminum has resulted in
alumina refiners increase their production. This has further led to a surge in
demand for hydrolysis technology to extract alumina. This is because hydrolysis
aids in recovering acid, which can be reused, incurring less operating costs.
It also helps in HPA product customization to the end-users. Such factors are
slated to raise the demand for hydrolysis technology.
Asia
Pacific to Fare the highest CAGR by 2028
The region of Asia Pacific encompasses
growing economies like China and India, established HPA players, along with
increasing demand for HPA from the automotive and electronics industries. Also,
there is a growing need for LED lightings and rising building &
construction activities in countries like China, which further drive market
growth. The stringent regulations imposed by the government on the import,
sale, and production of incandescent lights, further increases the demand for
HPA in the region.
Innovations are evaluated to be a huge
competitive advantage for market players, decreasing the cost of production.
The market is consolidated, with the top five players accounting for more than
50% of the market share. The competitive rivalry is assessed to be moderately
high. Some of the major players in the market include, Polar Sapphire Ltd, Rusal,
FYI Resources Ltd, Alpha HPA Ltd, etc.
About
Inkwood Research
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& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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