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High Purity Alumina Market to Exceed USD 5,816.2 Million

The Global High Purity Alumina Market is estimated to cross USD 5,816.2 Million by 2022 and to grow over the CAGR of more than 18.56 % during the forecast period - 2016 to 2022...

From: yahoo.comDate: 2017-04-19 07:21:17Views: 488

The Global High Purity Alumina (a highly pure form of aluminum oxide) Market is estimated to cross USD 5,816.2 Million by 2022 and to grow over the CAGR of more than 18.56 % during the forecast period - 2016 to 2022, indicates a Study report published by Market Research Future.

The global High Purity Alumina market has experienced significant growth in 2014 and it is being projected that the global market will be moderately driven during the forecast period.

High Purity Alumina is particularly used in manufacturing of LED products and semiconductors which are largely used in the industries such as automobile, electrical & electronics, aerospace and others. LED segment has seen a growth of USD 977.6 million in 2015. The major factor that drives LED segment as the largest revenue market is its superior property like high wear resistance, long life span, low radiated heat and reliability. The key players that drive the Global High Purity Alumina market are Alcoa Inc., Sumitomo Chemical Co., Ltd, and so on.

Market Highlights

With wide-ranging of application such as home appliances, engine components, heat shield, electrical insulators and ceramics lamps in streets and sports stadium leads to significant growth of High Purity Alumina Market over the forecasted period. The factors that drive the growth of global High Purity Alumina market are increasing demand of LED products, vast application industry, ease availability of raw material and rapid industrialization in APAC region. As per analysis, APAC is contributing largest market share of 65% in 2022. North America is second followed by Europe.

The need for High Purity Alumina (HPA) is gradually rising owing to factors such as, growing demand Of LED lightings coupled with decreasing LED prices, growing demand of lithium ion batteries due to increased use of electric vehicles, increasing demand in smartphone application among others. High purity alumina is a highly pure form of aluminum oxide (Al2O3), which is also known as non-metallurgical alumina. HPA is a key raw material used in range of applications such as LED, semiconductors, phosphor. Global high purity alumina market is estimated to witness high demand in near future. According to MRFR analysis, the global high purity market value is expected to reach USD 5,816.2 million by 2022 expanding with a CAGR of 18.56%. On the basis of type, 4N accounted the largest market value share of 52% in 2015 followed by 5N and 6N. On basis of application, LED accounted for largest market share through the forecast period. LED products have high life span, durability and reliability which makes adoption rate high in end user. This increase in adoption rate is expected to boost the market in forecast period. Phosphor used in manufacturing of plasma displays and protective coatings increase the market share of HPA product. Others products like Sapphire are used in manufacturing of scratch resistance glass for smartphones and watches.

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