Corundum Market Thrives Amid Challenges, Projected to Reach USD 2.9 Billion by 2027
The global corundum market is poised for robust growth, defying challenges posed by the COVID-19 pandemic. According to a recent market overview, the corundum market, valued at USD 2.2 billion in 2021, is projected to expand at a steady compound annual growth rate (CAGR) of 3.9% during the forecast period. Corundum, primarily composed of aluminum oxide crystals, is renowned for its remarkable hardness, making it the second hardest mineral on Earth after diamond.
Jewelry Dominates the Market
Jewelry remains the dominant segment in the corundum market, accounting for more than 51% of global revenue in 2021. The allure of corundum in crafting exquisite gemstones, including sapphires and rubies, continues to drive demand in this sector. Despite economic challenges and the impact of the pandemic on the jewelry industry, the allure of corundum remains strong, especially for rare gemstones like padparadscha sapphire.
Electronics and Industrial Applications on the Rise
Corundums exceptional hardness and scratch-resistant properties have led to its increased use in electronics. It is employed in scratch-resistant windows for electronic devices, circuit board wafers, and as a substrate for thin metals. Moreover, corundum finds extensive use in industrial applications, particularly as an abrasive in processes such as grinding, sandblasting, and plunge cutting.
Asia Pacific Leads the Way
The Asia Pacific region emerged as the leader in the corundum market in 2021, contributing over 29% of global revenue. The regions vibrant glass and steel manufacturing industries, coupled with the rapid industrialization in countries like India, have fueled the demand for corundum. Key corundum-producing nations in the region, including India, Myanmar, Australia, and Sri Lanka, continue to bolster the market.
Challenges Include Price Volatility
Despite its growing popularity, the corundum market faces challenges due to price volatility, especially in jewelry-grade corundum. Fluctuations in consumer demand and geopolitical issues in corundum-producing countries have led to price instability. Geopolitical tensions, such as those in the Republic of Madagascar, can result in export restrictions on valuable corundum-based gemstones, disrupting the supply chain.
Competitive Landscape
Several key players in the corundum market, including Alteo Alumina, Riken Corundum Co. Ltd., and Swarovski Gemstones, are actively contributing to the industrys growth. Alteo, for instance, has responded to the surging demand for fine alumina by increasing its fine grinding capacities in Korea and France.
As the corundum market navigates through challenges and opportunities, it remains a dynamic and resilient industry poised for significant growth in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/corundum-market
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COMTEX_442702330/2840/2023-10-30T23:49:29
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