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Corundum Market Size Is Anticipated To Reach USD 3.5 Billion By 2027 | Grand View Research Inc.

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Corundum Market Size Is Anticipated To Reach USD 3.5 Billion By 2027 | Grand View Research Inc.

September 02
08:14 2020
Corundum Market Size Is Anticipated To Reach USD 3.5 Billion By 2027 | Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The rising popularity of the ruby and sapphire jewelry is expected to positively aid the industry growth over the forecast period. Corundum is a mineral, which occurs naturally as well as can be manufactured using a synthetic process.

According to a report, “Corundum Market Size, Share & Trends Analysis Report By Application (Jewelry, Abrasive, Refractory), By Region (APAC, Europe, North America, Central & South America, MEA), And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global corundum market is expected to witness a CAGR of 4.0%, according to the new report by Grand View Research, Inc. Corundum is used for the ornament preparation. Besides ornaments, synthetic corundum is also widely used to make mechanical parts  like tubes, rods, bearings, and other machined parts, laser components, scratch-resistant watch crystals, scratch-resistant optics, and instrument windows for spacecraft and satellites, owing to its transparency in the ultraviolet (UV) to infrared range. It is also used in construction sector for sand grinding, blasting, and plunge cutting applications.

The demand for corundum is high not only across the popular segments like Red Rubies  and Blue Sapphires, but rare jewels such as padparadscha are also observing significantly huge demand across the gemstone industry, mainly for their unique  and uncommon colour range. This fashions a great potential for the prominent stakeholders in the market across the precious stones and jewellery industries. Moreover, non-gemstones are used in several other industrial applications, manufactured using corundum, thus, contributing to the market growth. For instance, Black Emery are used as an abrasive element, which is mainly due to its natural hardness. Also, brown corundum is also experiencing enormous demand as a deburring agent across numerous applications such as grinding and plunge cutting, due to its ability to soften and smoothen ragged edges.

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Covid-19 Effect:

The key industry participants are primarily focusing on minimizing the overall production costs during the ongoing COVID-19 pandemic situation. Weak economic indicators and a huge decline in demand are pushing vendors to approve and implement cash-saving strategies to diminish operational costs. In addition, the industry-level activities consisting of refining and extraction corundum are anticipated to decline due to the pandemic. Moreover, the slowdown of industrial activities, along with unprecedented rise in unemployment is likely to have a transitory negative impact on the market.

The U.S. corundum market demand

Further findings from the report suggest:

  • The jewelry segment accounted for the highest revenue share of 51% in 2019. It is primarily influenced by macro-level economic indicators and consumer sentiments. However, with the advent of the global COVID-19 pandemic in early 2020, the short term evolution of the jewelry industry is set to remain stagnant owing to an increasing rate of unemployment.
  • Asia Pacific dominated the global market and accounted for approximately a share of 29% in 2019. China is one of the key producers of synthetic corundum, and this is projected to significantly boost the Asia Pacific market growth.

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Application insights

The jewelry segment led the market and accounted for more than 51% of the global revenue share in 2019. The segment growth is largely influenced by customer sentiments and macro-level economic indicators. However, with the emergence of the global pandemic, the short term growth of the overall jewelry industry is likely to remain stagnant due to weak economic conditions and rising unemployment around the globe.

Global corundum market share

Corundum Market Segmentation

Grand View Research has segmented the global corundum market on the basis of application and region:

Corundum Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Jewelry

  • Abrasive

  • Refractory

  • Others

Corundum Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • North America

    • The U.S.

  • Europe

    • Germany

    • France

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

List of Key Players of the Corundum Market

  • Alteo

  • MOTIM Electrocorundum Ltd.

  • RusAL

  • Greenland Ruby

  • Henan Sicheng Co.

  • Ltd, K. A Refractories Co., Ltd.

  • Rubicon Technology

  • Xingyang Jinbo Abrasive Co., Ltd.

  • RSA LE RUBIS SA

  • Arteka

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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