USD 7.14 billion
Report ID: SQSG15M2001 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 63 | Figures: 68
Global Medical Products Market size was valued at USD 7.14 billion in 2021 and is poised to grow from USD 7.61 billion in 2022 to USD 12.7 billion by 2030, at a CAGR of 6.61% during the forecast period (2023-2030).
The demand for sapphire has increased during the past couple years. High-end wristwatches, bangles, and jewellery are created with it. Sapphires come in two main varieties: natural sapphires and synthetic sapphires. Sapphires can be mined naturally or generated and cultivated in facilities. From the mines, natural sapphires are taken out. These sapphires are the most pricey and valuable varieties. The blue sapphires were either the earliest known sapphires or the most rudimentary sapphires.
Sapphire has many benefits, including hardness, optical transparency, strength, and chemical inertness. These crystals are exceptionally fine and perfect. As a result, they have been used in power IC, power semiconductors, opto-semiconductors, RF operations, and other fields in the power, electronic goods, aerospace, and defense industries. Improved sapphire technology will be possible thanks to advancements in the semiconductor sector.
US Sapphire Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.14 billion
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The global sapphire market segmentation is based on type, application, and region. Based on type the sapphire market is segmented into natural sapphire, and synthetic sapphire. Based on application the market is segmented into optical, sapphire substrates, display, and other. Based on region the global Sapphire market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Sapphire Market Analysis by Type
In 2021, synthetic sapphire held the biggest market share, and over the forecast period, it is expected to increase at the fastest rate. The discovery of synthetic corundum and the launch of synthetic rubies in the 1800s were supported by the development of synthetic sapphires. There are no pure red sapphires since corundum's variety gives rise to both rubies and sapphires. Synthetic sapphires have been created at a number of gem labs since they were initially used in the industrial sector as a less costly and much more readily replicable substitute for naturally produced sapphires.
Sapphire Market Analysis by Application
Optical accounted for the largest sapphire market share in 2021 and is projected to grow at the highest rate during the forecast period. Sapphire Optical Components are used in a variety of applications requiring high durability or broad spectral ranges, including semiconductors, FTIR spectroscopy, or FLIR imaging. Sapphire, which is the second hardest crystal, features a variety of attributes that are ideal for use in harsh environments, including extreme surface hardness, high thermal conductivity, high dielectric constant, as well as strong resistance to a variety of chemical acids or alkalis.
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In 2021, the US dominates the North American sapphire market due to the significant need for Sapphire in a variety of industries, such as the production of LEDs, aircraft, and optical devices. During the upcoming Within new years, the Latin American market is estimated to grow more quickly than any other area, mostly as a result of increased requirements from street light suppliers and LED producers. The 2nd biggest market for sapphire is Europe, where demand has increased significantly. This trend is being driven by the robust performance of the industrial sector as well as helpful regulatory measures.
Over the next few years, the sapphire market in Asia-Pacific is expected to expand dramatically. In particular, rising demand from China, Japan, and India will be the driving force behind this. Prospects for sapphires have improved as a result of the expansion of the region's LED manufacturing sector. The industry is increasingly choosing to employ sapphires rather than less expensive substitutes.
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Sapphire Market Driver
Sapphire Market Restraint
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The global sapphire market is dominated by companies like Rubicon Technology, GT Advanced Technology, Monocrystal Inc., and others. To increase their position in the global market, these organizations have used a variety of techniques, including new products, alliances, collaborations, mergers & acquisitions, and joint ventures. To increase their position in the worldwide market, these companies are concentrating on initiatives like new product releases and corporate expansions. For instance, in March 2021, to protect the display and the cameras on the rear, Kyocera unveiled the DuraForce Ultra 5G UW, an ultra-rugged smartphone outfitted with its own scratch-resistant Sapphire Shield technology.
Top Players in the Global Sapphire Market
Sapphire Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, in 2021, synthetic sapphire held the biggest market share, and over the forecast period, it is expected to increase at the fastest rate. Optical accounted for the largest market share in 2021 and is projected to grow at the highest rate during the forecast period. In 2021, the US dominates the North American Sapphire industry due to the significant need for Sapphire in a variety of industries, such as the production of LEDs, aircraft, and optical devices.
|Market size value in 2021||USD 7.14 billion|
|Market size value in 2030||USD 7.61 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Sapphire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sapphire Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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