Market Overview The market for High Purity Alumina Market globally is expected to grow at an approximate CAGR of 15% during the forecast period of 2019 – 2024. Major factors driving the market studied are the increase in the demands for LED lightings.
New York, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global High Purity Alumina Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05826221/?utm_source=GNW
- On the flipside, high cost of HPA is expected to hinder the growth of the market in the short term.
- Additionally, HPA’s applications in scratch-resistant glass for smartphones & watches and its growing applications in manufacturing optical lens is expected to provide ample opportunities for the growth of the market during the forecast period.
Key Market Trends
Increasing demand for LED based lightings
- One of the major applications of high-purity alumina (HPA) is in the production of synthetic sapphire, which is used as a substrate in LED preparation.
- Currently, more than 50% of the global HPA production is used in LED manufacturing. However, the increasing demand for LED lighting is expected to further drive the market studied, during the forecast period.
- In the last few years, the global LED lighting market size has been increasing at a significant speed. Between 2014-2018, the LED market size has increased by around 92.8% and was valued at USD 62.3 billion in 2018. The market size is further expected to grow and reach USD 98.5 billion.
- Thus, increasing demand for LED based lightings is expected to drive the High Purity Alumina Market.
Asia Pacific to Dominate the Market
- China emerged as one the leading producers as well as consumer of lighting products, globally. Some of the lighting products commonly used in China include light emitting diodes (LEDs), electrodeless discharge lamps (EDLs), compact fluorescent lamps (CFLs), and organic light emitting diodes (OLEDs).
- In 2015, the country introduced “Made in China 2025” initiative, in order to attain technological self-reliance in the field of robotics, IT, and new energy vehicles. Under this initiative, the Chinese government planned to increase its production to 40% of its semiconductor requirement by 2020 and 70% by 2025.
- India is a growing economy and holds great potential for future market opportunities. In 2018, its GDP growth rate was valued at 7.1%, and it is expected to grow over 7% during 2019. Despite demonetization and GST reforms affecting the national production volume, the impact of such reforms is slowly waning.
- According to the Indian Electronics and Semiconductor Association (IESA), the Indian semiconductor component market is projected to be worth USD 32.35 billion by 2025, registering a CAGR of 10.1% (2018-2025). The ongoing Make in India initiative is anticipated to increase investments in the domestic semiconductor industry over the next five years.
The High Purity Alumina market is consolidated with top 7 players competing globally for an estimated 60% of the market. The major companies include Sumitomo Chemicals, Hebei Pengda New material, Sasol, Zibo Honghe Chemicals, Baikowsk, Xuan Cheng Jing Rui, Nippon Light Metal.
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