Global high purity alumina market will be worth US$5,816.2 million by 2022, data shows

Global high purity alumina market is slated to witness a significant demand boost. The market which was valued at US$1,784 million in 2015 is forecasted to reach US$5,816.2 million by 2022, growing at a CAGR of 18.5 per cent, stated a recently published market research report by Market.Biz.

Asia-Pacific region with China from the forefront will pose as the biggest growth engine for the market. 4N category will account for the largest share of revenues; and LED will account for the largest share of consumer market during the period under review, the report stated.

High purity alumina (HPA), also known as non-metallurgical grade aluminium oxide (Al2O3) is a highly pure form of aluminium oxide with purity level ranging from 99.99% to 99.9999%. The mineral is mostly used in industrial and high-tech specialty end uses.

Asia Pacific offers significant growth potential for high purity alumina market. In 2015, it accounted for the largest share of 65 per cent globally. The report suggest that the region will register the highest CAGR of 20.75% through 2022 owing to the presence of a large number of high purity alumina producers, availability of cheap labour and growing application segments. Asia-Pacific will be followed by North America and Europe.

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The key players in the high purity alumina market are Alcoa Inc, Sumitomo Chemical Co., Ltd, Nippon Light Metal Holdings Co., Ltd, Zibo Xinfumeng Chemicals Co., Ltd, Sasol Limited, PSB Industries SA, Xuancheng Jingrui New Materials Co., Ltd, Altech Chemicals Limited, Hebei Pengda Advanced Materials Technology Co., Ltd and others. To view the top five promising high purity alumina manufacturers in the world, click here.