Persistence Market Research (PMR), a market intelligence and research firm, has recently published a research study on the global high purity alumina (HPA) market. According to it, the worldwide market for HPA is likely to report a CAGR of 6.90% during the period from 2015 to 2021 and gain a market value of US$3.6 bn by the end of the forecast period.
The research report, titled “Global Market Study on High Purity Alumina (HPA): High Demand for LED's and Displays to Drive Growth During 2015-2021”, states that the global HPA market stood at US$1.2 bn in 2014.
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According to the research report, the growing demand for LED lighting and displays, the increasing usage of sapphire glass for smart devices, and the rising support from various governments across the world in terms of funding to increase the manufacturing of HPA products have been fuelling the global HPA market significantly. However, the augmenting costs of HPA products are expected to hamper the market’s growth in the coming years.
The research report analyzes the global market for HPA on three fronts: Product, application, and its regional spread. 4N HPA, 5N HPA, and 6N HPA are the major products available in the global HPA market, says the study. The 4N HPA segment dominates the global market at present. In 2014, it occupied a share of more than 54.1% in the overall market. Analysts expect this segment to remain the largest product segment during the forecast period.
LEDs, phosphorus, and semiconductors have been determined as the prime application areas of high purity alumina. Currently, the global HPA market has been witnessing the highest demand from the LED market. This segment is projected to rise at a CAGR of 18.0%, retaining its leading position over the forecast period, states the market report.
The global market for HPA has been divided into five major regional markets in the report, namely North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, Asia Pacific is leading the global HPA market. In 2014, it acquired a share of more than 60% in the overall market. Analysts expect it to maintain its position during the forecast period.
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Currently, North America occupies the second position in the worldwide market for HPA. It held a market share of more than 13% in 2014. During the forecast period, the North America HPA market is anticipated to register a CAGR of 16.70%, while the Europe market for HPA is estimated to rise at a CAGR of 15.60%, states the market study.
The research study also analyzes the competitive landscape of the global high purity alumina market by evaluating the company profiles of major participants including Nippon Light Metal Co. Ltd., Alcoa Inc., Altech Chemicals Ltd., Dalian Highland Photoelectric Material Co. Ltd., Sumitomo Chemical Co. Ltd., BAIKOWSKI, and Orbite Technologies Inc.
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