High purity alumina (HPA) is a refined alumina product with a minimum purity level of 99.99%. HPA finds applications in LEDs, lithium-ion batteries, semiconductors, and others due to its superior properties such as high brightness, conductivity, and purity. Rising demand for LED lighting and lithium-ion batteries is driving the growth of the HPA market.
The global High Purity Alumina Market is estimated to be valued at US$ 2.4 Bn or Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the HPA market is the growing adoption of HCL leaching technology. HCL leaching is emerging as an economically viable and eco-friendly alternative to traditional Bayer and hydrochloric acid processes to produce HPA. It involves leaching bauxite ore with hydrochloric acid to extract alumina. The HCL leaching technology lowers capital and operating costs, reduces energy consumption, and enables the processing of non-bauxite feedstocks. It is expected to dominate the HPA production market owing to its technical and economic advantages over conventional processes.
- Strength: HCL leaching is an eco-friendly and cost-effective process for extracting alumina from bauxite. It does not require expensive reagents or equipment compared to other extraction processes.
- Weakness: HCL leaching produces acidic waste which requires proper treatment and disposal. Large quantities of hydrochloric acid used in the process can also be hazardous if not handled carefully.
- Opportunity: Growing demand for high purity alumina from the LED lighting and smartphone industries. Increasing adoption of electric vehicles which use HPA in lithium-ion batteries is another major opportunity.
- Threats: Stringent environmental regulations around hazardous waste disposal can increase operating costs. Volatility in raw material prices like bauxite can impact project viability.
The global HCL leaching high purity alumina market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing demand from the LED lighting and smartphone industries. HPA is used to produce sapphire substrates essential for LEDs and covers of smartphones.
North America dominated the global market in 2023 owing to presence of major LED lighting manufacturers. Asia Pacific is anticipated to be the fastest growing regional market till 2030 supported by increasing smartphone consumption and adoption of electric vehicles in China and India.
Key players operating in the HCL leaching high purity alumina market are Alcoa Inc., Bukowski, Orbite Technologies Inc., Altech Chemicals Limited, Sumitomo Chemical Co., Xuancheng Jingrui New Material Co., Ltd., Nippon Light Metal Company Ltd., Dalian Hiland Photoelectric Material Co., Ltd., Sasol, and Rusal. Orbite Technologies and Altech Chemicals are working on developing novel HPA production plants using their proprietary HCL leaching technology.