Sapphire Market Size, Share & Industry Analysis, By Source (Natural, Synthetic), By End-use Industry (Aerospace & Defense, Medical, Semiconductor Equipment, Electronics & Energy, Others), and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
The global sapphire market size is anticipated to rise due to the increasing demand for scratch-resistant materials in smartphones. Sapphire is a non-red mineral corundum or crystalline form of aluminum oxide (Al2O3). Typically, sapphire occurring in nature is blue in color but can have other exotic colors like yellow, pink, orange etc. Traditionally these exotic appearance, made sapphire desirable gemstone to be used in jewelry and decorations. Owing to its properties like high toughness, good optical transmission, scratch resistance, high conductivity, bio-compatibility and chemical inertness synthetic sapphire has been gaining popularity in industrial applications.
Rising demand of sapphire as scratch resistant material in smartphone is expected to drive market growth. Growing demand of sapphire market as a bio-compatible material in medical equipment manufacture is anticipated to drive the market growth. Because of the increased supply and demand for consumer electronics around the world, manufacturers are focused on producing synthetic sapphire that can be used in consumer electronics.
However, owing to extreme hardness, sapphire is difficult mold in desired shape for various applications this factor is expected to negatively impact market growth.
Key Market Driver -
Rising Demand of Sapphire In Smartphones To Drive Market Growth.
Key Market Restraint -
Difficulty To Mold Sapphire In Desired Shape To Hinder Market
Sapphire Market Segmentation Analysis:
Based on source, sapphire industry is segmented into synthetic and natural. Based on end-use industry, market is segmented into aerospace & defense, medical, semiconductor equipment, electronics & energy, and others
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
- GT Advanced Technology
- Rubicon Technology
- Namiki Precision Jewel Co. Ltd.
- Monocrystal Inc.
- DK Aztec Co. Ltd
- Rayotek Scientific Inc.
- Tera Xtal
- Among others
Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisitions, Partnerships, and Others
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Market
Regional Analysis:
North America to Grow Owing to Sapphires Application in Defense
The sapphire market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is likely to grow due to sapphire's application in the defense sector. Europe is expected to grow due to sapphires use in medical equipment manufacture. Asia Pacific will witness significant growth owing to growing use of sapphire in smartphone and other electronics. Market in Latin America, and Middle East & Africa is anticipated to expand owing to increasing use of sapphires in electronic devices like smartphones, PC and tablets.
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Segmentation
ATTRIBUTE | DETAILS |
By Source |
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By End-use Industry |
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By Geography |
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Sapphire Industry Developments
- In December 2020, Rubicon Technology Announces a $3 Million Stock Repurchase. As per Rubicon Technology’s CEO “Rubicon's common stock is actually priced at a discount to its intrinsic value, and repurchasing the common stock at attractive prices is a decent use of our capital”.
- In April 2021, Saint-Gobain produces the world’s largest single crystal Sapphire tube. This will allow for visual observation of processes and experiments at high temperatures.
- Ongoing
- 2023
- 2019-2022
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