The high-purity alumina market promises robust growth during 2019-2027 as demand for electric vehicles and production of light emitting diode surges. The market is expected to reach a valuation of US$ 453 mn by 2027, growing at a notable CAGR of 19.2%. High purity alumina finds robust application in sapphire ingots, which is expected to remain a key driver of the market in the near future.
Key players in the market including Altech Chemicals Ltd., Nippon Light Metal Co. Ltd., Zibo Honghe Chemical Co. Ltd., Sumitomo Chemical Co., and Xuan Cheng Jing Rui New Material Co., Ltd, are engaging in new investments and mergers to open up new possibilities for growth.
Key Application in Lithium Batteries to Remain Most Lucrative Growth Prospect
Lithium-ion batteries are composed of negative electrodes, and positive electrodes. These contain a separator which keeps these two poles apart for its smooth operations. The battery operator make up for as much as 40% of the cost for the batteries. The growing demand for high-purity alumina for lithium ion-batteries and their various benefits over alternatives are expected to drive significant growth.
Their myriad of benefits like long life cycle, chemical stability, and high thermal stability are ideal for applications such as electric vehicles. The promising horizon of electric vehicles with major investments by all global vehicle manufacturers, stringent regulatory environment will promise new opportunities for players in the high-purity alumina market.
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4N Segment Shows Major Promise for Growth
The 4N segment has registered robust growth conventionally in the high-purity alumina market. The occupied the leading share in the market in 2018. Moreover, the grade exhibits high purity levels, reaching an extremely low percentage (0.01%) impurity in the final product. Their sophistication and reliability makes them ideal for high-cost but promising products such as LED lighting solutions, lithium-ion batteries, energy storage capacitors, and bright-finish applications among others. Moreover, surging demand for mobile devices, and horizons of 5G will also promise more growth for the segment during the forecast period.
China has already rolled out 5G infrastructure across the country, with countries like Germany, and the US following suit. The 5G technology is making way for more IoT adoption with initiatives like IoV in places like Taiwan, where it has helped reduce road fatalities with applications like Big Data analysis.