SAN FRANCISCO, Feb. 20, 2020 /PRNewswire/ -- The global high purity alumina market size is anticipated to reach USD 6.68 billion by 2025, expanding at a CAGR of 20.3% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the growing demand from LED lighting and electric vehicles. This trend has led the manufacturers to set up new plants and extend their target market to cater to the growing demand.
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Read 110 page research report with ToC on "High Purity Alumina Market Size, Share & Trend Analysis Report By Product (4N, 5N, 6N), By Application (LED, Semiconductor, Lithium-Ion Battery, Sapphire), By Region And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/high-purity-alumina-market
This trend has led the manufacturers to set up new plants and extend their target market to cater to the growing demand. For instance, in May 2019, Seacera Group Bhd announced its plan to set up a LED production plant in Tangga Batu, Melaka, Malaysia that is expected to turn operational after three years.
The growing LED production is anticipated to be fruitful for the global HPA demand, as HPA is used in sapphire substrates, which are further used in LEDs. Synthetic sapphire is also used in semiconductors and glass. The rising demand for semiconductors is influenced by the growth of the electronics industry. For instance, in July 2018, SK Hynix announced about its investment of USD 3.1 billion for setting up an additional semiconductor plant in South Korea, in order to meet the increasing demand of memory chips. The increasing production of semiconductor is anticipated to augment HPA demand in near future.
HPA is used as a coating on the separator of the lithium-ion battery, which is used in electronics and electric vehicles (EVs). Growth in these industries has boosted the demand for lithium-ion battery and eventually for the HPA-coated separators. For example, W-Scope Corporation's HPA-coated separator sheet sales volume increased from 30% in Q4 2017 to 51% in Q4 2018. The increasing demand for separators are propelling the HPA demand. The lithium-ion battery application segment is anticipated to grow at a CAGR of 20.5%, in terms of volume, during the forecast period.
In 2018, Asia Pacific was the largest regional segment of the global HPA market and is expected to progress at a CAGR of 22.4%, in terms of revenue, over the forecast period. The growth is attributable to increasing production of sapphire ingots and lithium-ion battery separators in the region.
Manufacturers of battery separators in Asia Pacific are focusing on increasing their production capacities to meet the ascending demand for lithium-ion batteries in the region. For instance, in July 2019, SK Innovation announced about expanding the production capacity for lithium-ion battery separators at its plant in South Korea. The expansion will increase the annual production capacity of the company by around 47%. The increasing production of separators is thus, anticipated to augment the HPA consumption in Asia Pacific, during the forecast period.
The key players of the high purity alumina market such as Sumitomo Chemical Co., Ltd, Altech Chemicals Ltd., Baikowski, FYI Resources Limited, and Pure Alumina are striving to extend their market share due to intense competition. Strategic initiatives such as investments in research & development, capacity expansion, and cost-effective manufacturing processes are being adopted by the key players.
Grand View Research has segmented the global high purity alumina market report on the basis of product, application, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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