Synthetic Sapphire Market to bring in US$ 9,255.7 Million revenue by the end of 2024
Posted: Feb 07, 2019
Sapphire is a gemstone, generally, natural sapphire is cut and polished into gemstone and worn as a jewelry. However, sapphire is also being created synthetically in laboratories to be used for decorative and industrial purposes. Production of synthetic sapphire is also gaining momentum globally, as sapphire is being used in some non-ornamental applications such as in making high-durability windows, as an infrared optical component, and as electronic wafers used as insulating substrates. Compared to its natural counterpart, synthetic sapphire is higher in clarity and purity. With advanced technologies and methods, manufacturers are developing white sapphire. It is highly durable and transparent material, finding large application as protective laser covering in defense, bulletproof armor, aerospace windows, and to develop scratch resistant surface.
Innovative technologies are used by manufacturers to develop synthetic sapphire for various applications. Increasing demand for starch-proof display screens in smartphones and tablets is resulting in the increasing use of synthetic sapphire for developing sapphire screen. Hence, manufacturers are focusing on increasing current synthetic sapphire capacity to meet the demand for the shatter-proof display screen.
Synthetic sapphire is also witnessing increasing demand to develop white LEDs and ambient lighting. The synthetic sapphire industry is undergoing a lot of changes in terms of product quality, production methods, pricing, and supply, due to the rise in the technical application of synthetic sapphire.
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According to Persistence Market Research, the global synthetic sapphire market is likely to witness a strong growth throughout the forecast period. By the end of 2024, the global market for synthetic sapphire is projected to exceed US$ 9,200 Million revenue.
Synthetic Sapphire to be used on a Large Scale in Optical Components
Based on the application, synthetic sapphire is likely to witness the highest growth in an optical application. Towards the end of the forecast period, synthetic sapphire application in optical is estimated to surpass US$ 2,800 Million revenue. Meanwhile, use of synthetic sapphire in developing a display for various devices is also expected to see a substantial growth in the near future.
On the basis of end use, synthetic sapphire is expected to be largely used in LED manufacturing during 2017-2024. LED manufacturing is projected to bring in close to US$ 3,000 Million revenue. Meanwhile, consumer electronics including camera lens, smartphones and watches are also likely to use synthetic sapphire on a large scale in the coming years.
Asia Pacific to Witness Significant Growth in the Global Synthetic Sapphire Market during 2017-2024
During the forecast period 2017-2024, Asia Pacific is likely to emerge as the dominating region in the global market for synthetic sapphire. By 2024 end, Asia Pacific is projected to reach more than US$ 4,000 Million in terms of value. Countries such as India and China are the major manufacturers of synthetic sapphire. The sales of synthetic sapphire from China is also gaining momentum for use in various industries such as consumer electronics, LED manufacturing, and medical devices manufacturing. Meanwhile, Europe is also expected to witness robust growth in the synthetic sapphire market during the forecast period.
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Prominent Players in the Global Synthetic Sapphire Market
Some of the prominent companies in the global market for synthetic sapphire are KYOCERA Corporation, Rubicon Technology Inc., SCHOTT AG, Saint-Gobain, Monocrystal, CRYSTALWISE TECHNOLOGY INC., Namiki Precision Jewel Co., Ltd., Rayotek Scientific Inc., Juropol Sp. z o.o., and ILJIN Display CO., Ltd.
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