High Purity Alumina Market Size, Share, Growth Analysis, By Type(4N, 5N), By Application(Phosphors and LED Lighting) - Industry Forecast 2024-2031

High Purity Alumina Market size was valued at USD 2.70 billion in 2021 and is poised to grow from USD 3.20 billion in 2022 to USD 13.11 billion by 2030, growing at a CAGR of 22.3% in the forecast period (2023-2030).

There are many players operating in the highly competitive high purity alumina market. To gain a competitive edge, market participants are concentrating on diversifying their product offerings, raising their production capacities, and spending money on R&D. Key players in the market are also engaging in strategic alliances, mergers, and acquisitions to improve their market positions. In addition, market participants are reducing their carbon footprint and implementing sustainable practices to meet the rising demand for eco-friendly goods. It is anticipated that the fierce competition among players will spur innovation and raise market product quality. 'Altech Chemicals Ltd. (Australia)', 'Baikowski SA (France)', 'Nippon Light Metal Co., Ltd. (Japan)', 'Sasol Limited (South Africa)', 'Sumitomo Chemical Co., Ltd. (Japan)', 'Orbite Technologies Inc. (Canada)', 'Polar Sapphire Ltd. (Canada)', 'Zibo Honghe Chemical Co., Ltd. (China)', 'Hebei Pengda Advanced Materials Technology Co., Ltd. (China)', 'Xuan Cheng Jing Rui New Material Co., Ltd. (China)', 'Dalian Hiland Photoelectric Material Co., Ltd. (China)', 'Alcoa Corporation (US)', 'Rio Tinto (UK)', 'Showa Denko K.K. (Japan)', 'HMR Co., Ltd. (South Korea)', 'Alumina Limited (Australia)', 'Sumitomo Metal Mining Co., Ltd. (Japan)', 'CHALCO Shandong Advanced Material Co., Ltd. (China)', 'Hindalco Industries Limited (India)', 'Mitsubishi Chemical Corporation (Japan)'

One of the key drivers of the high purity alumina market is the growing demand for electric vehicles (EVs) and the need for high-performance batteries. High purity alumina is used to improve the durability of lithium-ion batteries in EVs by providing a nano-thin coating on the separator sheet, which enhances battery performance and allows for higher discharge rates. The increasing adoption of EVs and the government's initiatives to promote renewable energy sources are expected to drive the demand for high purity alumina in the coming years.

One of the key market trends in the high purity alumina market is the increasing demand for the material in the production of smart devices and wearables. High purity alumina is used in the manufacturing of scratch-resistant and durable screens for devices such as smartphones, smartwatches, and fitness trackers. The growing adoption of smart devices and wearables is expected to drive the demand for high purity alumina in the coming years. Additionally, the increasing use of LED lighting in residential and commercial applications is also expected to fuel the growth of the high purity alumina market.

North America dominated the market. The region's dominant position is due to the increasing adoption of electric vehicles (EVs), which has led to a surge in demand for high purity alumina in EV batteries. The US is the largest consumer of high purity alumina in North America, and its demand is expected to grow further due to the government's initiatives to promote the use of renewable energy sources. The growing demand for energy-efficient LED lighting in the US is also driving the demand for high purity alumina.