The global Synthetic Sapphire Market is estimated to be valued at US$ 6.1 billion in 2021 and is expected to exhibit a CAGR of 8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Synthetic sapphire is a synthetic form of corundum, which is a transparent crystal form of aluminum oxide. It offers several advantages such as high temperature resistance, hardness, chemical inertness, and optical transparency. These properties make synthetic sapphire suitable for numerous applications across various industries including electronics, aerospace, optical, and automotive. The growing demand for electronic devices, increasing adoption of sapphire-based materials in smartphones and LED lighting, and its extensive use in applications such as scratch-resistant covers for smartphones, watch crystals, and optical windows are driving the market growth.
Market Key Trends:
One key trend observed in the synthetic sapphire market is the increasing use of sapphire in the manufacturing of smartphones. Sapphire is being used as a cover material for smartphone screens due to its exceptional scratch resistance. With the growing adoption of smartphones worldwide, the demand for scratch-resistant screens has increased significantly. Synthetic sapphire provides excellent scratch resistance, making it an ideal material for smartphone screens. For instance, the Apple Watch uses a synthetic sapphire screen cover.
PEST Analysis:
Political: Synthetic sapphire market growth is influenced by political factors such as trade policies and regulations imposed by governments on the import and export of raw materials and finished products.
Economic: Economic factors such as GDP growth, disposable income, and consumer spending patterns impact the demand for synthetic sapphire globally.
Social: Social factors such as changing consumer preferences towards high-quality and durable products drive the demand for synthetic sapphire in various applications.
Technological: Technological advancements in the manufacturing process of synthetic sapphire, such as the adoption of advanced crystal growth techniques, have improved the quality and reduced production costs.
Key Takeaways:
Paragraph 1: The global Synthetic Sapphire Market Size is expected to witness high growth, exhibiting a CAGR of 8% over the forecast period, due to increasing demand for electronic devices and the extensive use of synthetic sapphire in applications such as scratch-resistant covers for smartphones.
Paragraph 2: Asia Pacific is the fastest-growing and dominating region in the synthetic sapphire market. The region is witnessing significant growth in various industries, such as electronics and automotive, which is driving the demand for synthetic sapphire.
Paragraph 3: Key players operating in the global synthetic sapphire market include Rubicon Technology Inc., KYOCERA Corporation, Saint-Gobain, SCHOTT AG, Monocrystal, Rayotek Scientific Inc., CRYSTALWISE TECHNOLOGY INC., ILJIN Display CO. Ltd, Namiki Precision Jewel Co., Ltd., and Juropol Sp. z o.o.
In conclusion, the global synthetic sapphire market is poised to experience high growth driven by the increasing demand for electronic devices and the extensive use of synthetic sapphire in various industries. The market is expected to witness significant growth in the Asia Pacific region, and key players in the market are actively investing in research and development to expand their product portfolios and cater to the growing demand.
