Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Synthetic Sapphire Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The synthetic sapphire market size has grown strongly in recent years. It will grow from $5.69 billion in 2023 to $6.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to the increasing utilization of synthetic sapphire across various sectors such as electronic devices, optical applications, medical and healthcare uses, aerospace and defense industries, and consumer electronics.
The synthetic sapphire market size is expected to see strong growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to several factors, expansion in optoelectronics applications, increasing integration into automotive applications, adherence to environmental regulations, economic growth, and the inherent material advantages of synthetic sapphire. Major trends expected during this period include advancements in manufacturing technologies, expansion in optics and photonics applications, improvements in sapphire material quality, geographical expansion of production facilities, and increased investment in research and development.
The synthetic sapphire market is poised for growth driven by the expanding electronics industry. This sector encompasses companies involved in designing, developing, manufacturing, and distributing electronic devices and components. Growth in the electronics industry is fueled by continuous advancements in technology, including automotive electronics, innovations in medical devices, and the increasing adoption of automation and robotics in manufacturing processes. Synthetic sapphire, valued for its durability and scratch resistance, finds extensive use in LED substrates and cover glasses for smartphones and other electronic devices. For example, in May 2023, the Japan Electronics and Information Technology Industries Association reported significant figures for electronic equipment production in Japan, highlighting substantial growth year-over-year. Consumer electronics production also saw notable increases, underscoring the robust demand driving the synthetic sapphire market.
Leading companies in the synthetic sapphire market are concentrating on developing innovative products to cater to diverse high-tech applications. Pure synthetic sapphire, a lab-grown crystalline form of aluminum oxide (Al?O?), is particularly notable for its hardness, transparency, and scratch resistance, making it indispensable in various industrial applications. For instance, Alpha HPA Limited, an Australia-based chemical company, launched Alpha Sapphire in August 2023, setting new industry standards with its ultra-high purity surpassing 99.995% (4N5), emphasizing sustainability and innovation in synthetic sapphire production.
In March 2024, McDanel Advanced Material Technologies strengthened its position in the market by acquiring Rayotek Scientific Inc., a prominent US-based manufacturer of synthetic sapphire. This acquisition enhances McDanel's portfolio and manufacturing capabilities, enabling the combined entity to better serve customer needs in industries such as aerospace, defense, space, and semiconductors.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Types: Monocrystalline Sapphire; Trigonal System Sapphire
- By Source: Natural; Synthetic
- By Application: Optical; Sapphire Substrates; Displays; Other Applications
Key Companies Mentioned: Goodfellow Corp; Cooksongold; Alkor Technologies; Microlap Technologies Inc; Beach Gem & Jewelry Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $6.11 Billion |
| Forecasted Market Value (USD) by 2028 | $8.23 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Key Topics Covered:
Synthetic Sapphire Market Trends and Strategies
Synthetic Sapphire Market - Macro Economic Scenario
Global Synthetic Sapphire Market Size and Growth
- Global Synthetic Sapphire Market Drivers and Restraints
- Global Synthetic Sapphire Historic Market Size and Growth, 2018-2023, Value ($ Billion)
- Global Synthetic Sapphire Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
Synthetic Sapphire Market Segmentation
Global Synthetic Sapphire Market, Segmentation by Types, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Monocrystalline Sapphire
- Trigonal System Sapphire
Global Synthetic Sapphire Market, Segmentation by Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Natural
- Synthetic
Global Synthetic Sapphire Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Optical
- Sapphire Substrates
- Displays
- Other Applications
Synthetic Sapphire Market Regional and Country Analysis
- Global Synthetic Sapphire Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Global Synthetic Sapphire Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Synthetic Sapphire Market Competitive Landscape and Company Profiles
- Goodfellow Corp
- Cooksongold
- Alkor Technologies
- Microlap Technologies Inc
- Beach Gem & Jewelry Co. Ltd.
Synthetic Sapphire Market Other Major and Innovative Companies
- Alpha HPA
- Rayotek Scientific Inc
- Meller Optics Inc
- Specialty Glass Products
- Gavish
- Bird Precision
- Mi-Net Technology
- Crystal Systems
- Luxium Solutions
- Monocrystal
- Preciball
- Imetra Inc.
- Guild Optical Associates Inc.
- Swiss Jewel Company
- Wuzhou Provence Jewelry Co. Ltd.
Global Synthetic Sapphire Market Competitive Benchmarking
Global Synthetic Sapphire Market Competitive Dashboard
Key Mergers and Acquisitions in the Synthetic Sapphire Market
Synthetic Sapphire Market Future Outlook and Potential Analysis
- Synthetic Sapphire Market in 2028 - Countries Offering Most New Opportunities
- Synthetic Sapphire Market in 2028 - Segments Offering Most New Opportunities
- Synthetic Sapphire Market in 2028 - Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/utx05a
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
