New York, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global high purity alumina market size is slated to expand at ~14% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 10 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.The major factor to dominate this growth in market revenue is the rising demand for automobiles. Global auto sales increased from approximately 65 million vehicles in 2021 to approximately 66 million vehicles in 2022. Therefore, the market is observing exponential growth in its revenue.
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Moreover, the need for energy-efficient lighting is growing at a rapid pace since lighting uses close to 9% of the electricity used in homes. It is expected that by 2030, the global demand for lighting electricity will have decreased by over 29–40% as a result of the development in energy-efficient lighting. HPA can create LED sapphire substrates and aluminate phosphors, which are essential for turning blue light into white light, as a result of its high heat conductivity.
Surge in Demand for Electricity to Boost the Growth of Global High-Purity Alumina Market
Over the past 50 years, global power consumption has increased steadily, and in 2022, it is expected to reach approximately 25,400 terawatt-hours. With this, the demand for renewable energy is also surging owing to growing awareness regarding the burning of fossil fuels. Increased emphasis on energy-efficient and renewable energy technology is additionally contributing to the increased demand for high-purity alumina. Transparent conductive films are crucial parts of touchscreens and solar cells, and HPA is used to make these films.
High Purity Alumina Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Demand for Smartphones to Drive the Market Expansion in Asia Pacific
The high purity alumina market in Asia Pacific market is poised to gather the highest revenue by the end of 2035. The major factor to dominate the market revenue in this region is rising demand for smartphones. The proportion of adoption of smartphones in the Asia-Pacific area rose from approximately 63 percent in 2019 to close to 75 percent in 2022. Hence, during the projection period, the demand for high purity alumina is going to increase due to the growing use of sapphire glass in expensive smartphones.
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Growing Adoption of Wearable to Influence the Market Growth in North America
The North America market for high purity alumina is predicted to have notable growth in the market over the forecast period. This growth is set to be encouraged by rising demand for wearables. Figures show that by 2022, over 24% of the adult population in the United States will be using a wearable device, highlighting the expansion of the North American wearables market.
High Purity Alumina, Segmentation by Application
- LED Blubs
- Semiconductor Substrate
- Li-Ion Batteries
- Optical Lenses
- Bio Medical Devices
The li-ion batteries segment in high purity alumina market is poised to gather the highest revenue by the end of 2035. This growth of the segment is set to be dominated by growing manufacturing of lithium-ion batteries. Currently, lithium-ion battery capacity of about 947 GWh is in use worldwide. This may be used to manufacture about 273 GWh of batteries for electric cars worldwide.
High Purity Alumina, Segmentation by Type
- 4N
- 5N
- 6N
The 4N segment is set to have notable growth in the market over the forecast period. The major element to dominate the segment expansion is rising production of LED. Residential LED sales have grown significantly globally in the last few years, from roughly 4% of the market in 2013 to roughly 49% in 2022. Integrated LED luminaires, which contain one or more lamps, account for a growing portion of this growth.
A few of the well-known industry leaders in high purity alumina market that are profiled by Research Nester are Sasol Limited, Nippon Light Metal Company, Ltd., Orbite Technologies Inc., Xuancheng Jing Rui New Material Co., Ltd., Altech Batteries Ltd., Ara Partners, Baikowski SA, HMR Engineering Company Ltd, Hebei Hengbo New Material Technology Co., Ltd., Polar Performance Mater, and others.
Recent Development in the High Purity Alumina Market
- Private equity company Ara Partners, which focuses on industrial decarbonization projects, has completed a controlling investment in Polar Sapphire. In order to support its "expansion," Polar Sapphire was expected to get immediate and continuous funding from the investment. Ara Partners and the Polar Sapphire management team were expecting to accelerate the company's expansion plans in order to reach rapidly growing end customer markets.
- Nippon Light Metal Holdings Company, Ltd. utilized our Group's Management Policy as a guide to conduct research and technical development related to the creation of industrial products and processes for manufacturing industrial products that can help reduce environmental impact in order to meet the Sustainable Development Goals (SDGs). Their organization would actively work "towards achieving carbon neutrality" in order to contribute to the creation of a sustainable society.
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