U.S (New York)– The “High Purity Alumina Market ” 2023 research report appears to cover various aspects of the market, including the strategies of top players, market segments, competitive landscape, manufacturing, and pricing structures. In this report, we will provide an in-depth analysis of the current state of the global High Purity Alumina Market , its key drivers and challenges, and its future prospects. This study contains research on market dynamics, such as SWOT, PESTLE, and Porter’s Five Forces analysis, as well as details about drivers, constraints, trends, and opportunities. These studies may assist in providing a thorough overview of the worldwide industry. Additionally, the key segments of the industry are evaluated according to their performance.
According to a new report published by Report Ocean, titled, “High Purity Alumina Market by Type, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2018 – 2025”the high purity alumina market accounted for revenue of $987,042.9 thousand in 2017 and is anticipated to generate revenue of $4,131,799.9 thousand by 2025. The market is projected to grow at a CAGR of 19.4% from 2018 to 2025. Increase in penetration of LEDs in the lighting market and rise in applications of high-purity alumina in smartphones, smartwatches, and tablets are the major factors propelling the growth of the global market. However, higher cost of production is expected to impede the market growth.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The demand for high-purity alumina has gained traction, and is expected to grow at a CAGR of 16.7% in terms of volume during the analysis period, owing to increase in demand from applications such as LED bulbs, electronic displays, automotive, and medical. This trend is anticipated to continue with surge in adoption of HPA by end users and emerging technological developments in the electronics industry.
The LED bulbs segment dominated the high purity alumina market in 2017, owing to the shift toward LED lighting as compared to traditional lighting. Moreover, rise in need for energy-efficient light sources has increased the demand for LED bulbs, which has fueled the growth of this segment. Increase in per capita consumption of power has boosted the demand for electricity across the globe. This in turn has led to rise in demand for high purity alumina in the lighting industry. Electronics display serves as the most lucrative application segment, as several companies are investing in enhanced quality products such as high-purity alumina in electronics displays, encompassing tablets, smartphones, and smartwatches.
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Based on technology, the market is bifurcated into hydrolysis and hydrochloric acid leaching (HCL). Hydrolysis is the most adopted technique to manufacture HPA. Orbite Technologies is the first to start the commercial production of HPA using the HCL process, thereby reducing the cost of HPA.
Asia-Pacific accounted for more than half of the total high-purity alumina market in 2017, and is expected to maintain its lead position during the forecast period, owing to increase in domestic production of energy efficient lightings, such as LEDs. China is one of the largest countries in the Asia-Pacific region, and is expected to continue its dominance during the analysis period in terms of volume and revenue, since it is a hub for LED manufacturing in Asia-Pacific.
The key players operating in the global high-purity aluminamarket include Orbite Technologies Inc., Sumitomo Chemical Co., Ltd., Baikowski SAS, Alcoa Inc., Nippon Light Metal Holdings Company, Ltd., Altech Chemicals Ltd., Zibo Honghe Chemical Co. Ltd., UC Rusal, Sasol, and Xuan Cheng Jing Rui New Material Co. Ltd.
Key Findings of the High Purity Alumina Market:
The North America high purity alumina market is projected to grow at a highest CAGR of nearly 24.5%, in terms of revenue, during the forecast period
The 5N of by type segment of high purity alumina market is anticipated to witness moderate growth rate of 21.1%, in terms of revenue, during the forecast period.
Asia-Pacific dominated the high purity alumina market with a revenue share of over 68.5% in 2017
The high purity alumina market trends are analyzed across the North America, Europe, Asia-Pacific, and LAMEA.
The qualitative data in this report aims on the market dynamics, trends, and developments in the high purity alumina industry while the quantitative data provides information of the market size in terms of revenue and volume.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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