High Purity Alumina Market; Rising adoption of LED lighting to influence market growth

The high purity alumina market is estimated to grow at a CAGR of 25.5% between 2022 and 2027, with the market size forecast to increase by USD 3,500.2 million, according to Technavio. The growing adoption of lithium-ion batteries in energy storage systems is a major trend in the market. Energy storage systems are used to store electrical energy for later use when needed. These systems have enabled changing dynamics of energy production and are widely adopted across the globe. High energy density, convenient size, and high efficiency are the key elements of lithium-ion batteries, which are widely used in electrochemical energy storage systems.

In addition, falling prices of lithium-ion batteries and growing demand for energy storage systems, due to the rapid popularity of renewable energy, will support the consumption of energy storage systems.

The rising adoption of LED lighting technology is the key factor driving market growth. This is due to the high adoption of smart lighting systems in various industries and the growing concern about the depletion of non-renewable power generation sources. High consumption of LEDs in the residential segment and heavy use of streetlights in general lighting applications are some of the growth factors. Furthermore, several manufacturers are focusing on energy-saving and environmentally friendly lighting technologies such as LEDs due to the need to reduce electricity consumption and the growing awareness of green technology. Hence, these factors are expected to drive market growth during the forecast period.