Luton, Bedfordshire, United Kingdom, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Sapphire Glass Market.
The global Sapphire Glass Market is expected to grow at 18% CAGR from 2023 to 2029. It is expected to reach above USD 339.05 billion by 2029 from USD 76.44 billion in 2022.
Sapphire Glass is next to Diamond in terms of hardness and is extremely scratch resistant. The commercial use of sapphire glass is majorly in the manufacture of watchmaking, smartphone displays and production of mechanical, medical and optical equipment and ballistic material in safety establishments and as a bulletproof.
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Asia pacific is dominated region for the sapphire glass market which is about 37%.
The market for branded watches has increased dramatically in the Asia Pacific area, particularly in India and China, as a result of rising disposable incomes and high standards of living. As opposed to regular glass, sapphire glass can survive breaking and scratching. It is anticipated that as demand for these branded watches rises, so will the consumption of sapphire glass, supporting the growth of the sapphire glass market. It is anticipated that the semiconductor and electronics industries in China and Japan would expand, which will raise demand for sapphire glass and support the market’s expansion.
Growth Factors:
- Increasing demand for sapphire glass from the LED industry as a substrate for light-emitting diodes is expected to be a key growth driver for the market over the next few years.
- Rising demand from the smartphone and tablet industries is also anticipated to fuel market growth in the near future.
- The growing use of sapphire glass in optical applications is another key factor that is expected to drive market growth over the next few years.
- Increasing investments by leading players in R&D activities aimed at developing new and innovative products is likely to boost Sapphire Glass market growth in the coming years.
- Emerging applications such as solar energy and automotive are also projected to create lucrative opportunities for Sapphire Glass market participants in forthcoming years.
Key Market Dynamics
Market Drivers
- Rising Uptake of Silicon-on-Sapphire Microelectronic Circuits
- Increasing Demand for Sapphire Substrate in LED Applications
Market Restraints
- Fabrication of High Resolution in Sapphire Nanostructures
- Growing Adoption of Sapphire Technology in Various Devices and Applications Across Electronics Industry
Future Trends
- Growing Trend of Using Large LEDs
The use of sapphire glass has significantly increased across a number of industries, including defence, military, safety equipment, and medical devices which responsible for the growth.
The use of sapphire glass has grown considerably in a variety of fields, including defence, the military, safety gear, and medical products. The F-35 Joint Strike Fighter and Gulfstream are just two examples of the business and military systems that use sapphire glass in the aerospace and defence sectors. Additionally, manufacturers everywhere are progressively using this substance to develop translucent armour systems, electro-optical windows, and vision systems. Another reason driving up demand for the substance is the expanding production of medical surgical systems, where visual medical analysis instruments made of sapphire glass are used. Furthermore, sapphire glass is frequently required in risky industrial situations, including the petrochemical sector, where difficult circumstances, high temperatures, and pressure are present. Manufacturers of more adaptable products, like sapphire glass windows that can be installed in flame detectors and analysers for hazardous materials and combustible gas leaks, have been prompted by this requirement.
The rise in popularity of sapphire glass in electronics products is a major driver of this market’s expansion.
Sapphire is becoming more widely used in a variety of industries, including medicine, safety gear, aerospace, and defence. therefore, the primary factor anticipated to propel the growth of this market is the rise in popularity of sapphire glass. In the defence sector, sapphire glass is used for a variety of things, including countermeasure systems and electro-optical windows. The development of the North American market is fuelled by the region’s established defence industry and the government’s large expenditures on such products. The rising use of sapphire glass in electronics products is a major driver of this market’s expansion.
Sapphire Glass Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 76.44 billion in 2022 |
| Revenue forecast in 2029 | USD 339.05 billion by 2029 |
| Growth rate | CAGR of 18% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Saint-Gobain, Coorstek, Kyocera, Surmet, Hansol Technics Co. Ltd., II-VI Optical Systems, Morgan Advanced Materials, Precision Sapphire Technologies, Ltd., Schott AG (Carl-Zeiss-Stiftung), and Crystalwise Technology Inc. |
| Key Market Drivers | The growing use of sapphire glass in medical equipment will open up lucrative new growth potential for the industry. |
Sapphire Glass Market Players
The Sapphire Glass market key players include among them are Saint-Gobain, Coorstek, Kyocera, Surmet, Hansol Technics Co. Ltd., II-VI Optical Systems, Morgan Advanced Materials, Precision Sapphire Technologies, Ltd., Schott AG (Carl-Zeiss-Stiftung), and Crystalwise Technology Inc. To increase their position in the worldwide market, these companies are concentrating on initiatives like new product releases and corporate expansions.
For corporate expansion, these key leaders are implementing strategic formulations such as new product development and commercialization, commercial expansion, and distribution agreements. Moreover, these participants are substantially spending in product development, which is fueling revenue generation.
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Key Market Segments: Sapphire Glass Market
Sapphire Glass Market by Type, 2023-2029, (USD Billion), (Thousand Unit)
- High-Grade Transparency Sapphire Glass
- General Transparency Sapphire Glass
Sapphire Glass Market by Application, 2023-2029, (USD Billion), (Thousand Unit)
- Optical & Mechanical Instruments
- Safety Establishments
- Medical Devices
- Smartphones
- Watches
- Others
Sapphire Glass Market by Industry Verticals, 2023-2029, (USD Billion), (Thousand Unit)
- Aerospace & Aviation
- Healthcare Equipment
- Optoelectronics
- Defense & Security
- Others
Key Factors Covered in this Sapphire Glass Market Report
- CAGR of the market during the forecast period 2023-2029
- Detailed information on factors that will drive sapphire glass market growth during the next five years
- Precise estimation of the sapphire glass market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour
- The growth of the sapphire glass industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of sapphire glass market vendors
Sapphire Glass Market: Market Dynamics
Sapphire Glass has a broad range of applications in the aerospace, medical, safety equipment, and military sectors, so it is anticipated that the market will expand over the course of the projection period.
Sapphire glass is frequently used for safety purposes in the aerospace and defence industries. Numerous businesses produce goods for translucent armour solutions, electro-optical and IR windows, vision systems, and countermeasure systems. As a result, it is anticipated that the demand for sapphire glass in the aforementioned uses will drive the market for sapphire glass.
Sapphire glass is frequently used in surgical devices for the treatment of medical conditions because of its high heat resistance, laser transfer, and non-thrombogenic qualities. Despite the low usage of sapphire glass in the aforementioned uses, the revenue produced is substantial because sapphire glass is expensive.
The fierce rivalry that Sapphire glass faces from Corning Gorilla glass is anticipated to impede the market's expansion.
Given that mobile phones use sapphire glass for their display screens and have cheap production costs, these factors could limit the development of the sapphire glass market.
FIVE FORCES and PESTLE ANALYSIS:
In order to better understand Market condition five forces analysis is conducted that includes Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, Threat of rivalry.
-Political (Political policy and stability as well as trade, fiscal and taxation policies)
-Economical (Interest rates, employment or unemployment rates, raw material costs and foreign exchange rates)
-Social (Changing family demographics, education levels, cultural trends, attitude changes and changes in lifestyles)
-Technological (Changes in digital or mobile technology, automation, research and development)
-Legal (Employment legislation, consumer law, health and safety, international as well as trade regulation and restrictions)
-Environmental (Climate, recycling procedures, carbon footprint, waste disposal and sustainability)
Key Questions Answered in This Report:
- How has the global sapphire glass market performed so far and how will it perform in the coming years?
- What are the key regional markets in the industry?
- What has been the impact of COVID-19 on the global sapphire glass industry?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the industry and who are the key players?
- What is the degree of competition in the industry?
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