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North American High Purity Alumina (HPA) Market revenue to hit $726.5 Mn by 2027
Published Date: 2021-03-26
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North American High Purity Alumina Market size is projected to cross USD 726.5 million by 2027, according to a latest forecast report by Graphical Research. The increasing demand for high purity alumina (HPA) for a wide range of applications, including LEDs, sodium lamps, plasma displays, optical lenses, electric vehicles, and semiconductors is driving product consumption.
The favorable characteristics of LEDs, including brightness, reliability, durability, and limited heat radiation are some of the factors significantly contributing to the rising popularity of LED lights. Additionally, strong growth in the North American construction industry and a growing number of building projects are further fueling the light installations. This, in turn, is driving the consumption of high purity alumina in the region. According to the U.S. Census Bureau, total construction spending reached an estimated value of USD 1,521.5 in January 2021, a 1.7% rise from the December 2020 estimate. Compared to the total spending of January 2020, the latest figure is 5.8% higher. Therefore, the rising expenditure on construction activities will augment the need for an increased number of LED installations, thus creating a positive outlook for the high purity alumina market.
However, the high production cost of high purity alumina may present challenges and hamper the market growth. Moreover, the COVID-19 crisis has been a major disrupter to the global economy and is having a severe toll on the North American economy as well. During the initial periods of coronavirus spread in 2020, the high purity alumina witnessed a downfall in revenue generation owing to factors, such as plummeted economic activities, restricted mobility, halted construction activities, and disrupted industry supply chain, among others.
Browse detailed statistical insights from the report, “North America High Purity Alumina Market Size By Application (Semiconductors, Phosphor, LEDs, Sapphire, Others), By Product (6N, 5N, 4N), By Technology (HCL Leaching, Hydrolysis), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @
Based on product type, the 4N segment is the major contributor to market revenue due to the substantial usage of li-ion batteries. Also, the product holds excellent porosity and chemical resistance, which extends its applications into ultrafiltration and gas separation laminates.
Based on technology, hydrolysis has been the most favored method for high purity alumina synthesis which allowed the segment to emerge as the largest revenue-generating market. The extensive application of the technology is primarily attributed to the high feasibility in terms of production and cost. However, the segment is likely to lose market share to the HCl leaching technique since it's becoming increasingly popular among manufacturers.
Based on application, the LEDs segment dominated more than 49% of the North America HPA market share in 2020 on account of the accelerating use of LEDs in numerous electronics equipment. Additionally, un-satiated rising energy demand is further escalating the adoption of LEDs to reduce power consumption. Manufacturers are also shifting their focus to develop advanced LED systems in order to lower production costs and attract a wider range of customer bases.
Some of the major manufacturers of high purity alumina are Orbite Technologies, Inc., Baikowski, Alcoa Corporation, Norsk Hydro ASA, Rio Tinto Alcan, Inc., UC RUSAL Plc, Polar Sapphire Ltd., Sumitomo Chemical Co., Ltd., Nature Alu, and AluChem, Inc.
The North American high purity alumina market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
North America Market, By Product
North America Market, By Technology
- HCL Leaching
North America Market, By Application
The above information has been provided for the following countries:
- North America