Global High Purity Alumina Market Size 2024, Forecast To 2033

The high purity alumina market size has grown exponentially in recent years. It will grow from $2.47 billion in 2023 to $2.96 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased penetration of smartphones, growth in the electronics and semiconductor industry, and an increase in the adoption of LED (light-emitting diode) bulbs. The high purity alumina market size is expected to see rapid growth in the next few years. It will grow to $5.65 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to rapid urbanization, rising government support, growing demand for electric vehicles, and increasing demand for Li-ion batteries used in electric vehicles. Major trends in the forecast period include strategic partnerships and collaborations to improve financial strength, strengthen product portfolio, and expand geographical presence, as well as advancing toward developing innovative product solutions to strengthen position in the market.