Market Size of High-Purity Alumina (HPA) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 22.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
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*Disclaimer: Major Players sorted in no particular order |
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High Purity Alumina (HPA) Market Analysis
The High-Purity Alumina (HPA) market is estimated to reach over 70,400 tons by the end of this year and is projected to register a CAGR of over 22% during the forecasted period.
The COVID-19 pandemic affected the high-purity alumina market as semiconductors and electric vehicles' manufacturing and supply chains were halted. However, the sector is recovering well since restrictions were lifted. An increase in electric vehicle sales, increasing demand for lithium-ion (Li-Ion) batteries and semiconductors, and growing demand for smartphones, watches, and televisions have led the market recovery over the last two years.
- The increased demand for LED lighting and Lithium-ion batteries are significant factors driving the market studied.
- On the flip side, the high cost of high-purity alumina is expected to hinder the market's growth.
- 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 market growth during the forecast period.
- Asia-Pacific emerged as the largest market for high-purity alumina and is expected to witness the highest CAGR during the forecast period. This dominance of Asia-Pacific is attributed to the high demand for high-purity alumina in countries such as China, Japan, and Southeast Asian countries.
