High Purity Alumina market will be worth $5.09 bln by 2020

According to a recently published market research report, the global high purity alumina (HPA) market is projected to reach USD 5.09 Billion by 2020, at a CAGR of 20.1 per cent from 2015 to 2020. The increasing applicability of high purity alumina among varied end-user applications, such as LEDs, semiconductors, phosphor, and sapphire, among others is expected to drive the market for high purity alumina during the forecast period.

The high purity alumina market can be segmented by purity level (4N, 5N, 6N), by application (Light Emitting Diode, Semiconductor, Phosphor, Sapphire, Others), and by region (Asia Pacific, North America, Europe, Rest of the World). Among all types of purity levels, the 4N segment led the global high purity alumina (HPA) in 2014, and accounted for the maximum market share in terms of volume. This segment is projected to grow at the highest CAGR during the forecast period.

LED industry: The prime demand driver of high purity alumina

As per the data published in the report, the LED application segment led the global high purity alumina (HPA) market in 2014, and is projected to grow at the highest CAGR between 2015 and 2020. The growing adoption of LEDs in varied industrial applications, such as home lighting, televisions, hybrid cars, and electric vehicles is driving the growth of the LED application segment in the high purity alumina market.

Asia-Pacific leading the global high purity alumina (HPA) market

In terms of value, the Asia-Pacific region led the high purity alumina (HPA) market in 2014, by accounting for the maximum market share, revealed data published in the report. In terms of volume, the high purity alumina (HPA) market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Recently, varied industries have shifted their manufacturing units to the Asia-Pacific region, due to availability of cheap labor and affordable raw materials. This is expected to drive the growth of the high purity alumina (HPA) market in the Asia-Pacific region, states the report.

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