Increasing Applications of Light Emitting Diodes Benefit High Purity Alumina Market
Published On : Feb 02, 2016
High purity alumina (HPA) is a high-value product that is used as a base material in the fabrication of sapphire substrates. These substrates have applications in scratch-proof artificial sapphire glass, semiconductor wafers, and light emitting diodes (LEDs). Traffic lights, backlights in electronics, LED-backlit LCDs, and general lighting products are some of the major applications of LEDs, which indirectly propel the high purity alumina market.
Other applications of HPA lie as a phosphor material in plasma displays and as an essential constituent in protective coatings. The price and performance of HPA are dependent on product density, degree of purity, and particle size distribution.
The global HPA market was worth US$1.2 bn in 2014. Developing at a moderate CAGR of 6.90% from 2015 to 2021, the market’s valuation will be US$3.6 bn by 2021. The global HPA market will display a volume growth at a magnificent 19.70% CAGR for the 2015-2021 period. The progression of the global HPA market is attributed to several reasons. Increasing demand for LED lighting and displays, governmental support for the development of HPA products, and a host of applications in smartphones are the major reasons favoring the development of this market.
However, the increasing purchase cost and other costs associated with HPA are detrimental to the growth of this market. To counter this, R&D initiatives for product customization and the manufacture of HPA from other materials such as aluminum waste are the new trends observed in the HPA market.
4N HPA Product Segment Displays Phenomenal Volume Growth
Product, application, and region are the three criteria based on which the HPA market is divided. On the basis of product, 4N, 6N, and 5N are the segments of this market. Of these, the 4N HPA product segment was the largest in 2014 and accounted for a 54.1% volume share in the global market. Standing as the dominant product segment in 2015, it will continue to retain its position in the coming years.
Phosphorus, LED, and others are the segments that divide the HPA market on the basis of application. In 2014, the LED application segment was dominant, with a volume share of 54% in the global market. Its volume share is expected to reach 60% by 2021. The LED segment is expanding due to the rising demand for synthetic single crystal sapphire – the base substrate used in the manufacture of LEDs.
China HPA Market Rising at a Promising Pace
The global HPA market is divided into the regional segments of North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. Amongst all, in 2014, Asia Pacific was the dominant region, accounting for more than 60% of the global market. The region is expected to exhibit the fastest growth in terms of both volume and value in the foreseeable years. In 2014, China held a share of more than 45% in the overall market by volume. Favorable economic conditions and consistent advancement of electronics such as cameras and mobile phones are the reasons for this. North America emerged as the second largest market for HPA in 2014; the region held a share of more than 13% of the global market.
Key participants in the global high purity alumina market are Sumitomo Chemical Co. Ltd., Alcoa Inc., Baikowski SAS, Dalian Hiland Photoelectric Material Co. Ltd., Orbite Technologies Inc., Altech Chemicals Ltd., and Nippon Light Metal Holdings Company Ltd.
Browse Full Global High Purity Alumina Market Research Report With Complete TOC @ http://www.persistencemarketresearch.com/market-research/high-purity-alumina-market.asp