Global High Purity Alumina Market 2019-2023 | 29% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Jan 6, 2020--
The high purity alumina market size is poised to grow at a CAGR of close to 29% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global high purity alumina market 2019-2020. (Graphic: Business Wire)
The high demand from the rapidly growing LED lighting market is expected to drive the high-purity alumina market during the forecast period. The growth of the LED lighting market is attributed to the growing availability of various types of LED lights such as high-pressure sodium (HPS), high-intensity discharge (HID) bulbs, metal halide (MH) bulbs, and high-intensity fluorescent (HIF) bulbs. Moreover, LED lights are long-lasting and thus have a relatively lower cost of ownership as compared to the traditional lighting systems, which is driving its adoption globally. High-purity alumina is the initial material used to produce sapphire used for the sapphire-based substrate used in the manufacture of LED lights.
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As per Technavio, the use of aluminous clay resources to produce high-purity alumina will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
High Purity Alumina Market: Use of Aluminous Clay Resources to Produce High-Purity Alumina
The expensive production process of high-purity alumina and the closure of aluminum smelting units are forcing manufacturers to look for alternative sources. One such method is using aluminous clay resources to produce high-purity alumina. For instance, Altech Chemicals is focusing on using kaolin clay with hydrochloric acid to produce high-purity alumina. The company has developed a kaolin mine at Meckering, Western Australia, which is owned by the company. Altech Chemicals is also in the process of developing a 4,500-ton per annum high-purity alumina plant in Tanjung Langsat Industrial Complex, Johor, Malaysia, and has commenced the stage-1 construction of the plant on 8th August 2018. Thus, new resources of cheap feedstock for the production of high-purity alumina is expected to drive the high-purity alumina market in the forecast period.
“Other factors such as the declining manufacturing cost of LEDs, and the increasing application of lithium-ion battery will have a significant impact on the growth of the high purity alumina market value during the forecast period,” says a senior analyst at Technavio.
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High Purity Alumina Market: Segmentation Analysis
This market research report segments the high purity alumina market by application (LED, semiconductor, and phosphor and others) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the high purity alumina market in 2018, followed by EMEA and the Americas respectively. The growth of the high purity alumina market share in APAC can be attributed to factors such as the increased demand for LED solutions from the residential and commercial segments, and government incentives for promoting energy-efficient lights in countries such as India and China.
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PUB: 01/06/2020 03:00 PM/DISC: 01/06/2020 03:01 PM