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LONDON, GREATER LONDON , UNITED KINGDOM, September 23, 2024 /EINPresswire.com/ -- The corundum market has experienced robust growth in recent years, expanding from $2.50 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to the significant rise of industrialization, the growth of the electronics industry, an increase in disposable income, increased demand for industrial materials and luxury goods, and sustainable practices with regulatory policies.
What Is The Estimated Market Size Of The Global Corundum Market And Its Annual Growth Rate?
The corundum market is projected to continue its strong growth, reaching $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing demand for electronics, sustainable mining and production practices, the use of corundum in abrasives, the rising popularity of colored gemstones, and increased investment in renewable energy.
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Growth Driver Of The Corundum Market
The increasing demand for gemstones is expected to propel the growth of the corundum market going forward. Gemstones are crystals that are cut, polished, and used in jewelry and ornamentation due to their rarity and beauty. The increasing demand for gemstones is driven by rising consumer interest in luxury and personalized jewelry, growing disposable incomes, and the expanding influence of fashion trends. Corundum is used in gemstones, particularly in the forms of ruby and sapphire, prized for their exceptional hardness and vibrant colors. These gemstones are highly valued in jewelry for their beauty and durability.
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Which Market Players Are Driving the Corundum Market Growth?
Key players in the corundum market include Compagnie de Saint-Gobain S.A, IMERYS S.A., Swarovski AG, Mirka Abrasives Inc., Asahi Diamond Industrial, H.C. Starck, Washington Mills, Almatis, RIKEN Corundum, Norton Abrasives, Fujimi Corporation, Starsgem Co. Ltd, Zhengzhou Sunrise Technology, HENGE Services GmbH, Huber GmbH & Co. KG, THAI TECH SAPPHIRE CO. LTD., Anda Tool And Fastener, Kuhmichel Abrasiv GmbH, RuiShi Group, Eurotungstene Poudres SAS, LD International Abrasives.
What Are the Emerging Trends Shaping the Corundum Market Overview?
Major companies operating in the corundum market are developing innovative solutions, such as high-tech gem testing laboratories, to provide easier and more cost-effective access to gem testing services. High-tech gem testing laboratories are cutting-edge facilities with advanced technology and expertise for analyzing and verifying the quality, origin, and properties of gemstones.
How Is The Global Corundum Market Segmented?
1) By Type: Brown Fused Alumina, White Fused Alumina, Other Types
2) By Variety: Emery, Ruby, Sapphire
3) By Application: Jewelry, Abrasive, Refractory, Mineral, Electrical And Electronics, Other Applications
Geographical Insights: North America Leading The Corundum Market
Asia-Pacific was the largest region in the corundum market in 2023. The regions covered in the corundum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Corundum Market Definition
Corundum is a crystalline form of aluminum oxide and one of the hardest natural minerals, ranking 9 on the Mohs scale of mineral hardness. It is commonly used as an abrasive in industrial applications and as a gemstone, with varieties such as sapphire and ruby. Its exceptional hardness makes it valuable in both industrial and decorative uses.
Corundum Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global corundum market report covering trends, opportunities, strategies, and more
The Corundum Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on corundum market size, corundum market drivers and trends, corundum market major players, corundum competitors' revenues, corundum market positioning, and corundum market growth across geographies. The corundum market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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