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Albany, New York, June 04, 2019 (GLOBE NEWSWIRE) -- The high-purity alumina market was dominated by Asia Pacific followed by North America in 2018. The market in these regions is expected to witness growth at a fast pace driven by increasing foreign direct investment (FDI) coupled with growing governmental support for business expansion. The countries such as India and others in Southeast Asia are witnessing higher FDI due to rising urbanization and robust economic growth of countries. Of these countries in the region, China is a key contributor, since it is a hub for the manufacturing of electronic devices. It accounted for a share of 50% in the regional revenue in 2017.
With factors such as increasing regulations toward ensuring the safety of environment, governments are supporting and encouraging exploration of the electric cars. Additionally, various governments and regulatory bodies are encouraging adoption of alternatives to fuel-based and pollutant-creating cars globally, which is augmenting the need for efficient lithium-ion batteries. This is a key factor driving growth of the global high-purity alumina market. Thus, TMR anticipated that the market for high-purity alumina for lithium-ion is expected to grab a value of US$453 Mn by 2027-end.
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Robust Research and Development Paves a Way for High-purity Alumina Market Growth
Alumina or aluminum oxide (Al2O3) is a raw material generally used for the production of metallic aluminum. It has wide applications for manufacturing semiconductors, light-emitting diode (LED) and LCD displays, electrolytic capacitor foils, photovoltaic cells, and electronic storage systems.
The trend of investing more on research and development activities among key players is driving products innovations and improving efficiency of the lithium-ion batteries made from high-purity alumina. In addition, these key players are increasingly focusing on the widening of product portfolio and modernization. Some of the key players in the high-purity alumina market are Sumitomo Chemical Co., Ltd., Sasol Ltd., Hebei Heng Bo New Material Technology Co. Ltd., Xuan Chen Jing Rui New Material Co., Ltd, and Baikowski SAS. These players jointly accumulated share of 39% in 2018 and established their strong presence in the high-purity alumina market. Thus, according to the report by TMR, the high-purity alumina market is fairly consolidative in nature.
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Rising activities of upgrading existing products and inclination towards replacing the aging facilities bolsters the demand for advanced and newer products is increasing. However, price fluctuations of products and raw materials are posing as challenge to the growth of the high-purity alumina market.
Rising Penetration of Consumer Electronics and LEDs Boosts Market Growth
Nonetheless, the high-purity alumina market for lithium-ion batteries is expected to witness notable growth, especially across emerging countries in the future years. Rising manufacturing activities and construction sector in developing countries is augmenting demand for lithium-based products including semiconductors and LEDs. These factors are expected to offer ample growth opportunities in the global high-purity alumina market in the coming years.
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However, in terms of applications, the automotive segment dominated the high-purity alumina market in 2018 and the segment is expected to exhibit a growth rate of 10.3% from 2019 to 2027. This growth is attributable to the high demand for high-purity alumina for lithium-ion battery across the separator coating applications and is expected to witness a rise in demand during the forecast period. Additionally, a substantial rise in the demand and acceptance of electric vehicles equipped with high-performance lithium-ion batteries are driving segmental growth to a great extent.
This information is encompassed in the report by TMR, titled, “High-purity Alumina Market for Lithium-ion Batteries (Grade - 4N, 5N, and 6N; End use - Electronics (Laptops/Tablets, Mobile Phones, and UPS), Automotive (Electric Vehicles, and Plug-in Hybrid Electric Vehicles) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027.”
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The high-purity alumina market for lithium-ion batteries has been segmented as follows:
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