The rise in consumer electronics such as smartwatches, laptops to boost the HCL Leaching High Purity Alumina Market growth

 

HCL Leaching High Purity Alumina Market is segmented by type (4N, 5N, and 6N), technology (hydrolysis and hydrochloric acid leaching), application (LED lighting, phosphor, semiconductor, lithium-ion (Li-ion) batteries, technical ceramics, and other applications), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global HCL Leaching High Purity Alumina Market is estimated to be valued at US$ 3.18 billion in 2023 and is expected to exhibit a CAGR of 22.2 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

HCL Leaching High Purity Alumina Market is a hydrochloric acid leach process with efficient acid recovery. The main benefit of this processing technique is the simple recovery of acid, which is re-utilized at the front-end of the procedure, further lowering the operating prices. High Purity Alumina is a huge value product crucial for manufacture of synthetic sapphires, which are utilized in LED lighting, ceramic covered separators in L-I-B and scratch resistive glass. 

 

Competitive Landscape:

Key players involved in the growth of global HCL Leaching High Purity Alumina Market are Hebei Pengda New Material Technology Co. Ltd, Sasol (USA) Corporation, Sumitomo Chemical Co. Ltd, Baikowski, and Xuancheng Jingrui New Materials Co. Ltd.

Market Key Drivers:

The rise in consumer electronics such as smartwatches, laptops and others is expected to augment the growth of the global HCL Leaching High Purity Alumina Market. For instance, as per the facts and figures there have been around 216.43 million smartwatch users across the globe in 2022.

The rise in sales of EV is projected to propel the growth of the global HCL Leaching High Purity Alumina Market. For instance, as per IEA, above 6.5 million units of EV’s were sold in 2021 across the globe.

Covid-19 Impact Analysis:

The Covid-19 impact analysis has adversely affected the growth of global HCL Leaching High Purity Alumina Market  due to the strict imposition of lockdown and shutdown policies by the regulatory. The disruption in supply chain and the closure of manufacturing and production units led to the delay in making of the product. The restriction on transportation of things from one place to another has impeded the market growth.

Key Takeaways:

The global HCL Leaching High Purity Alumina Market is anticipated to exhibit a CAGR of 22.2 % during the forecast period owing to the rise in usage of LED’s. For instance, as per the US EIA, U.S households are progressively shifting towards LED bulbs. Around 47% of residents use LEDs for all of their indoor lights in 2021.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global HCL Leaching High Purity Alumina Market due to rise in usage of LED’s, increasing sales of EV, rising demand of consumer electronics and rising approvals and product launches. For instance, In China, over 3.3 million New EVs, which includes battery-electric cars and plug-in hybrids, were sold in 2021.