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The High Purity Alumina Global Market Report 2024 projects impressive growth in the high purity alumina market. Factors such as strong economic growth in emerging markets and increased penetration of smartphones have contributed to the market’s expansion. Based on these growth indicators, it is projected that the high purity alumina market will grow from $2.47 billion in 2023 to $2.96 billion in 2024, marking a compound annual growth rate CAGR of 20.1%.
What does the future hold for the high purity alumina market?
The high purity alumina market is set to witness rapid expansion in the coming years. It is predicted to double its current size, growing to $5.65 billion by 2028 at a 17.5% compound annual growth rate CAGR. Several factors contribute to this remarkable growth. These include rapid urbanization, increasing government support, and growing demand for electric vehicles and Li-ion batteries used in these vehicles. Also shaping the market’s future are strategic partnerships and collaborations aimed at strengthening product portfolios, improving financial strength, and expanding geographical presence. There is a pivotal shift towards innovative product solutions as key market players strive to consolidate their industry positions.
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What’s driving the growth of the high purity alumina market?
A significant factor stimulating the high purity alumina market is the strong growth observed in the electronics and semiconductor industries. High-purity alumina finds wide applications in these industries, thanks to its excellent mechanical strength, heat resistance, abrasion resistance, and insulating properties. These factors contribute to the manufacturing of top-quality electronics and semiconductor components. With global semiconductor sales hitting $47.2 billion in August 2021, a whopping 29.7% increase from August 2020, it’s clear that the electronics and semiconductors industry is providing a major boost to the high-quality alumina market.
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Who are the key industry players in the high purity alumina market?
The high purity alumina market is host to several leading companies including Nippon Light Metal Holdings Company, Ltd., Alcoa Inc., Sumitomo Chemical Co., Ltd., RusAL, and Sasol Limited. Other significant players include CoorsTek Inc., Rio Tinto, Orbite Technologies Inc., Baikowski SAS, and Polar Sapphire Ltd. These companies and many more contribute to propelling the growth and development of the high purity alumina market globally.
What emerging trends are shaping the high purity alumina market?
A key trend in the high-quality alumina market is product innovation. Many companies in the sector are focusing on developing innovative products. Tethon Corporation Inc. and Showa Denko America, Inc. are two such companies. In April 2022, the two firms collaborated to launch high-purity alumina for ceramic additive manufacturing. This interconnectedness of innovation and collaboration is expected to further drive market growth.
How is the high purity alumina market segmented?
The high purity alumina market divides into several segments – based on type, technology, and application. By type, the market further categorizes into 4N, 5N, and 6N. Technologically, the segments include Hydrolysis, Hydrochloric acid, and other technologies. Finally, segments as per application extend to LED bulbs, semiconductors substrates, Li-Ion batteries, optical lenses, bio-medical devices, among others.
What does the regional landscape look like for the high purity alumina market?
In 2023, the largest region in the high purity alumina market was Asia-Pacific. In the forthcoming years, this region is expected to see the fastest growth. Other regions explored in-depth in the high purity alumina market report include Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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