High Purity Alumina Market Size, Share & Growth Report 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “High Purity Alumina Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global high purity alumina market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the high-purity alumina market?

The global high purity alumina market size reached US$ 1.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.3 Billion by 2028, exhibiting a growth rate (CAGR) of 25% during 2023-2028.

What is high-purity alumina?

The global market is primarily driven by significant growth in the electronics sector. Along with this, the rising awareness regarding sustainable development among the masses is creating a positive outlook for the market across the globe. This has encouraged leading players in the market to heavily invest in the manufacturing of energy-efficient alternatives for incandescent bulbs, which is providing a boost to the market growth. In line with this, the rising government initiatives towards smart cities development on the global level are also bolstering the demand for light-emitting diodes (LEDs) bulbs. Moreover, rapid digitization across numerous industries has led to the increasing adoption of electronic devices among individuals and businesses, which is positively influencing the market growth.

The global market is further driven by the widespread usage of high purity alumina in the manufacturing of dental and orthopedic implants, thereby providing an impetus to the market growth. Some of the other factors contributing to the market growth include rapid urbanization and extensive research and development (R&D) activities conducted by key players.

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What are the growth prospects and trends in the high purity alumina industry?

The global insurtech market is primarily driven by the increasing demand for digitization in the insurance industry. It simplifies the claim process and facilitates insurance companies to improve communication with their clients. Furthermore, the growing banking, financial services, and insurance (BFSI) industry and the decline in the insurance premium rates are fueling the market across the globe. Moreover, technological innovations, such as machine learning (ML) and blockchain technology, that aim to improve the efficiency of the existing insurance industry model.

These factors are expected to propel the market growth in the coming years. Besides this, with the outbreak of coronavirus disease (COVID-19), companies are offering health insurance on e-commerce platforms. They offer numerous benefits, including affordable premiums, hospitalization cover, room or ICU rent, ambulance assistance, health assistance and teleconsultation. On account of this, there has been increasing demand for insurtech across the globe.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Purity Level:

• 4N
• 5N
• 6N

Breakup by Production Method:

• Hydrolysis of Aluminium Alkoxide
• Hydrochloric Acid Leaching
• Others

Breakup by Application:

• LED
• Semiconductor Substrate
• Phosphor
• Sapphire Glass
• Others
•  

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• Alcoa Corporation
• Altech Chemicals Limited
• Baikowski SAS
• Coorstek Inc. (Keystone Holdings LLC)
• Nippon Light Metal Holdings Company Ltd.
• Norsk Hydro ASA
• RusAL
• Sasol Limited
• Sumitomo Chemical Co. Ltd
• Zibo Honghe Chemical Co. Ltd.

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