What is the global market size of Sapphire Market?

Global Sapphire Market size was valued at USD 7.14 billion in 2021, and it is expected to reach a value of USD 11.18 billion by 2028, at a CAGR of 6.61% over the forecast period (2022 - 2028). Read More

Global Sapphire Market Size, Share, Growth Analysis, By Type(Natural Sapphire, Synthetic Sapphire), By Application(Optical, Sapphire Substrates) - Industry Forecast 2024-2031

Report ID: SQMIG15M2012 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 63 | Figures: 68

Global Sapphire Market Dynamics

Sapphire Market Driver

The sapphire market growth is primarily being driven by the rise in utilization in sectors including IT and communications, power, aerospace, and defense. Due to its excellent qualities, it is about to become a successful substance in semiconductors. The rising use of sapphire in RF applications and power electronics is also estimated to spur additional growth in the sapphire industry.
Numerous optical applications in the healthcare sector utilize sapphire. It is used for its robustness and optically clean hermetic characteristics. Applications for sapphire include tomography and co2 laser surgery equipment. Other uses include aiding in the production of orthopedic implants, scalpels, and optical probes. Because of its mechanical toughness, sapphire can tolerate blood as well as substances like chlorine and fluorine. Thus, the market expanded as a result of its many benefits, including hardness, optical transparency, strength, and chemical inertness.

Sapphire Market Restraint

As technology advances, the price of synthetic sapphire will also decrease since it will become less expensive to produce. Natural stones, on the other hand, are uncommon, which will maintain their significant value. Hence, as technology develops, the cost of synthetic sapphire will go down, which is projected to slow sapphire market expansion.
Several industrial sectors, including defense, have seen never-before-seen effects from the new coronavirus pandemic, primarily as a result of supply chain and manufacturing facility interruptions. Given the economic slump and falling stock prices, the crisis is also expected to have an influence the demand for defense-related products and services. The aforementioned problems could hinder the sapphire glass sector's consistent expansion.

Global Sapphire Market Report Snapshots

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Sapphire Market Market size was valued at USD 7.14 billion in 2019 and is poised to grow from USD 7.61 billion in 2023 to USD 12.7 billion by 2031, at a CAGR of 6.61% during the forecast period (2024-2031).

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. 'Rubicon Technology (US)', 'Sapphire Technology Company (China)', 'Monocrystal (Taiwan)', 'Thermal Technology (US)', 'CrystalTech HK (China)', 'Namiki Precision Jewel (Japan)', 'IntElorg Pte (Singapore)', 'Shanghai Daheng Optics and Fine Mechanics (China)', 'SF Tech (US)', 'Omega-crystals (US)', 'GT Advanced Technologies (US)', 'Kyocera (Japan)', 'Advanced Renewable Energy Company ( US)'

The sapphire market growth is primarily being driven by the rise in utilization in sectors including IT and communications, power, aerospace, and defense. Due to its excellent qualities, it is about to become a successful substance in semiconductors. The rising use of sapphire in RF applications and power electronics is also estimated to spur additional growth in the sapphire industry.

Considering component shortages and supply interruptions caused by the COVID-19 pandemic, increasing mobile purchases may contribute to a sector rebound in the near future. Global demand for sapphire materials will also be fueled by the advent of high-tech consumer products like smartwatches with durable screens and numerous health-focused features and oximeters, which are increasingly used to monitor health at home.

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.

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Global Sapphire Market Size, Share, Growth Analysis, By Type(Natural Sapphire, Synthetic Sapphire), By Application(Optical, Sapphire Substrates) - Industry Forecast 2024-2031

Global Sapphire Market Dynamics

Global Sapphire Market Report Snapshots

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