Synthetic Sapphire Market Segments, Analysis, Trends, Opportunities, and Strategies 2024-2033

Global synthetic sapphire market size is expected to reach $8.23 billion by 2028 at a rate of 7.7%, segmented as by type, monocrystalline sapphire, trigonal system sapphire

Sep 5, 2024 - 20:01

Synthetic Sapphire Market Segments, Analysis, Trends, Opportunities, and Strategies 2024-2033

The Synthetic Sapphire Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Synthetic Sapphire Global Market Report 2024, The synthetic sapphire market size is expected to see strong growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to expansion in optoelectronics applications, increasing integration into automotive applications, environmental regulations, economic growth, and material advantages. Major trends in the forecast period include advancements in manufacturing technologies, expansion in optics and photonics, advancements in sapphire material quality, geographical expansion of production facilities, and research and development.

The expansion of the electronics industry is expected to propel the growth of the synthetic sapphire market going forward. The electronics industry encompasses companies and organizations involved in designing, developing, manufacturing, and distributing electronic devices and components. The expansion of the electronics industry is due to continuous innovation in electronics technology, automotive electronics, innovations in medical devices, and the adoption of automation and robotics in manufacturing. Synthetic sapphire is used in the electronics industry for its durability and scratch resistance, particularly in LED substrates and cover glasses for smartphones and other devices. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total electronic equipment production in Japan reached $4919 million ( ¥771,457 million). Further, consumer electronics production reached $204.67 million (¥32,099 million) in May 2023, compared to $161.12 million (¥25,268 million) in May 2022. Therefore, the expanding electronics industry is driving the growth of the synthetic sapphire market.

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The synthetic sapphire market covered in this report is segmented –

1) By Types: Monocrystalline Sapphire, Trigonal System Sapphire

2) By Source: Natural, Synthetic

3) By Application: Optical, Sapphire Substrates, Displays, Other Applications

Major companies operating in the synthetic sapphire market focus on developing innovative products, such as pure synthetic sapphire, to meet the growing demand for various high-tech applications. Pure synthetic sapphire is a lab-grown, crystalline form of aluminum oxide (Al₂O₃) known for its hardness, transparency, and scratch resistance, used in various industrial applications. For instance, in August 2023, Alpha HPA Limited, an Australia-based chemical company, launched Alpha Sapphire, transforming the production of synthetic sapphire (Al2O3) through its dedication to ultra-high purity and sustainable innovation. This sapphire attains purity levels surpassing 99.995% (4N5), establishing a new benchmark in the industry.

The synthetic sapphire market report table of contents includes: