The rising demand of high purity alumina from LED industries, rising investment in end-use industries and non-availability of substitutes of HPA in the market are the main growth factors for the global high purity alumina market.The global high purity alumina market was valued at USD 1.4 billion in 2018 and is expected to reach USD 4.3 billion in 2026, growing at a CAGR of 15.04% during the forecast period.
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Aluminum oxide or aluminum also referred to as AL2O3, is the primary raw material used in the manufacture of metallic aluminum. High purity alumina (HPA) is one of the purest forms of aluminum oxide. HPA is generally used in various end-use industries, such as LED and semiconductor manufacturing, all over the world. The global high purity alumina market is mainly driven by the LED lightings market. Increasing regulatory standards to promote the adoption of energy-efficient lighting solutions, such as LED bulbs, are driving the growth of the high-purity alumina market globally. For example, in 2015, the Government of India launched two schemes to raise the industrial production of LED solutions.20% of the total capital expenditure for the establishment of an LED manufacturing plant is borne by the government of India, under the Modified Special Incentive Package Scheme (M-SIPS). This has enabled companies to produce the product at a relatively low cost.
The rising investment in end-use industries and the non-availability of substitutes of HPA are expected to increase the demand for high purity alumina in the global market. However, the increasing demand from emerging economies coupled with increasing population and growing disposable income is expected to boost the growth of the global high purity alumina market during the forecast period. High production costs of the products are expected to hamper the growth of the market during the forecast period.