Comprehensive Study on Spherical Alumina Market Size and Share 2032
According to Fortune Business Insights the global spherical alumina market size was valued at USD 462.4 million in 2023. The market is projected to grow from USD 499.3 million in 2024 to USD 965.8 million by 2032, recording a CAGR of 8.6% during the forecast period of 2024-2032. Spherical alumina refers to particles shaped in a spherical form. Its physical shape plays a key role in improving its properties, such as packing density, flowability, and surface area as compared to other alumina particles that are irregularly shaped. The increasing use of this product in several applications, such as in abrasive & polishing applications, as a support material in catalysis, and as a filler in ceramics & polymers will accelerate the market’s growth.Fortune Business Insights™ displays this information in a report titled, "Spherical Alumina Market, 2024-2032."
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Spherical ALumina Market Segmentation Analysis:
Unique Set of Lucrative Properties Helped 1-30µm Segment Dominate Market
Based on type, the market is classified into 1-30µm, 30-80µm, 80-100µm, and others. The 1-30 µm segment dominated the market in 2023 as the particles of spherical alumina in this particle size have several attractive properties, such as high thermal conductivity and small and uniform size. These features make the product ideal for several industrial applications.
High Thermal Conductivity Increased Product Use in Thermal Interface Materials
In terms of application, the market is segmented into thermal interface materials, thermally conductive plastics, high thermal conductive AI base CCL, alumina ceramic substrate surface spraying, and others. The Thermal Interface Materials (TIMs) segment dominated the global spherical alumina market share in 2023 as this form of alumina is being extensively used due to its excellent thermal conductivity.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Denka Company Limited (Japan)
- Hebei Suoyi New Material Technology Co., Ltd. (China)
- Nippon Steel Corporation (Japan)
- GNPGraystar Specialty Materials (U.S.)
- Resonac Holdings Corporation (Japan)
- Suzhou Ginet New Material Technology Co., Ltd. (China)
- Aluminum Corporation of China Limited (China)
- Hindalco Industries Ltd. (India)
- Jiangsu NOVORAY New Material Co., Ltd (China)
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, types, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Rising Sales of Electric Vehicles to Drive Market Growth
The sales of Electric Vehicles (EVs) are increasing every year as customers are taking various measures to decrease their carbon footprint. This scenario has also boosted the use of spherical alumina as it can enhance the performance of EV batteries and make them more efficient. Moreover, this type of alumina has excellent heat dissipation properties, which will play a key role in preventing EV batteries from getting overheated. These factors are expected to positively impact the spherical alumina market growth.
However, high costs of production associated with this type of alumina can impede the market’s progress.
Regional Insights:
North America Dominated Market Due to Rising Awareness of Several Key Features of Spherical Alumina
North America held a dominant market position in 2023 due to the increasing awareness of the benefits of using spherical alumina. This factor resulted in a notable increase in the use of this product in industries, such as electronics and aerospace.
Asia Pacific is also showing notable growth in the global market owing to the increasing production of consumer electronics, wherein spherical alumina is extensively used to dissipate excess heat from batteries. This helps improve the battery’s performance and prolongs the lifespan of these electronic gadgets.
Competitive Landscape:
Key Market Players to Focus On Business Growth to Remain Competitive
The market has a strong competitive landscape with the presence of many emerging and well-established organizations. These market players have strong global distribution networks and are focusing on expanding their business presence through various growth strategies, such as partnerships and collaborations.
Notable Industry Development:
July 2024: Resonac Corporation became a part of a new group consisting of ten partners, named "US-JOINT". The new group with carry out research and development programs for the company's semiconductor back-end process in Silicon Valley. The operations of the Japan-based open consortiums, which are led by Resonac (known as "JOINT" and "JOINT2"), are being extended in the U.S. with the help of US-JOINT. This also includes the participation of five American companies. The research & development programs for US-JOINT will be conducted at a newly built R&D center in Union City, California, through co-investment with partners.
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