Corundum Market by Type (Emery, Ruby, and Sapphire), Application (Jewelry, Abrasive, Refractory, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00027033 | Pages: 100 | Industry: Chemicals and Materials | Date: Oct 2022 | Type: Global

The market crossed US$ 3 billion mark in 2022 and is expected to hit US$ 4 billion by 2030, recording a CAGR of 4% during the forecast period.

Growing jewelry trends

 Corundum has considerable popularity in the jewellery industry. Therefore, its demand from the jewellery & gemstone sectors is one of the significant reasons for boosting the growth of the global corundum market. Out of its multiple varieties, sapphire and ruby are the most popular and draw in attractive revenues for the overall corundum market. The covid 19 pandemic has harmed this market with the imposition of stringent lockdown regulations and the downward market for apparel and jewellery. Moreover, the healthcare and pharmaceutical sector gained immense popularity, the corundum market faced significant challenges to survive merely. The jewellery industry segment is expected to boost the demand for the corundum. Further, other segment such as abrasive, and refractory is also expected to gain traction during the forecasted year.

Within the report, the market is segmented into type, application, and geography. By type, the market is further segmented into emery, ruby, and sapphire. Based on application, the market is divided into ewelry, abrasive, refractory, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Growing demand for the gemstones

Corundum is an intrinsically occurring mineral in crystalline form. It usually contains chromium, titanium, iron, and vanadium. It is one of the solid gemstones and is more of a stone-framing mineral. Corundum is a naturally translucent material. Pollutants that form corundum in crystal form also include transition metal pieces. Corundum is one of the hardest minerals and can also be formed artificially as a specialty product.

Manufacturers interventions and diversified offerings

The corundum market manufacturers mainly aim to control the production costs of jewellery as it is precious. Also, the new designs and polishes drive the growth in the market. Moreover, with the increasing number of events, joyous get-togethers, and attractive advertisement and marketing strategies adopted by the manufacturers, the market will witness lucrative growth opportunities in the forecast period. Additionally, the rising disposable income results in increased expenditure on luxurious products, which further propels the corundum demand. The abrasive is also encouraging the use of corundum, as it is used as an abrasive to grind optical glass and polish metals. Other industries such jewellery, and refractory are also encouraging the use of corundum.

 

Recent strategic developments in corundum market

The corundum market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2021, Supersapiens launched a new wearable display that provides real-time data. This first Supersapiens glucose display wearable designed specifically for athletes.
  • In January 2022, TCL announced that the company is preparing to launch the second iteration of the wearable personal display it released in a limited supply in 2021. Version 2 called NxtWear Air offers the same secondary-display-in-a-pair-of-glasses function as the original version, but it has been made 30% lighter in weight.
  • In December 2021, BoAt launched its new smartwatch with an HD AMOLED display.

 

The Corundum market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. RSA LE RUBIS SA, KA Refractories Co. Ltd., Motim Electrocorundum Ltd., Alteo, and Greenland Ruby are the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • corundum-related service providers
  • Metal-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Corundum distributors and sales firms
  • End users of cirundum
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type:
    • Emery
    • Ruby
    • Sapphire
  • Application:
    • Jewelry
    • Abrasive
    • Refractory
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • RSA LE RUBIS SA
    • KA Refractories Co. Ltd.
    • Motim Electrocorundum Ltd.
    • Alteo
    • Greenland Ruby

The List of Companies
- RSA LE RUBIS SA
- KA Refractories Co. Ltd.
- Motim Electrocorundum Ltd.
- Alteo
- Greenland Ruby

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