by Synthetic sapphire is a high-quality engineered gemstone that is heat resistant and durable like natural sapphire. It finds wide applications as windows for smartphones, watch faces, medical devices due to its scratch resistance and transparency properties. The growing consumer electronics and smart devices industries have triggered higher demand for synthetic sapphire.
The global Synthetic Sapphire Market is estimated to be valued at US$ 7.12 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand from smartphones and optoelectronic devices is one of the key trends propelling the synthetic sapphire market growth. Synthetic sapphire is increasingly being used as a protective cover glass for premium smartphones and smartwatches due to its durability and scratch resistance. It is also a preferred material for manufacturing lenses and windows for various optoelectronic applications such as camera modules, laser systems, LED lighting etc. owing to its transparency and ability to withstand high temperatures. The booming smartphones and advancements in optoelectronic technologies are thus augmenting the consumption of synthetic sapphire globally.
SWOT Analysis
Strength: Synthetic sapphire has excellent mechanical, thermal and optical properties similar to natural sapphire. It is more affordable and available in larger sizes compared to natural sapphire.
Weakness: Synthetic sapphire manufacturing process is complex involving crystal growth from molten aluminum oxide which requires high temperatures and specialized equipment. Impurities can affect the quality and properties.
Opportunity: Growing demand for sapphire substrates for LEDs and growing usage in smart devices provides huge market potential. Increasing usage of sapphire glass for aviation industry cockpit windows also offers opportunities.
Threats: Stiff competition from alternative materials for specific applications can threaten market share. Economic downturns impacting industries using sapphire can impact demand.
Key Takeaways
The Global Synthetic Sapphire Market Trend is expected to witness high growth. The market size is forecast to increase from US$ 7.12 Bn in 2023 to US$ 15 Bn by 2030, growing at a CAGR of 8.9% during the forecast period.
Regional analysis: Asia Pacific dominates the synthetic sapphire market currently due to large electronics manufacturing base in countries like China, Taiwan and South Korea. LED and electronics industries in the region drive the demand. The region is expected to continue its dominance during forecast period also due to expanding LED and smartphone manufacturing.
Key players: Key players operating in the synthetic sapphire market are The Coconut Company (UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl, Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd. These players are focusing on expansion, collaborations and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
