May 29, 2024
Synthetic Sapphire Market

Synthetic Sapphire Market Poised to Grow at a Robust Pace Owing to Wide Range of Applications

Synthetic sapphire refers to lab-grown sapphire crystals that share similar optical and physical properties as naturally mined sapphire. It finds usage in various materials and components in the aerospace, medical, lighting, and consumer electronics industries as it is scratch-resistant, durable, corrosion resistant and has a high melting point. Sapphire’s wide range of properties from transparency in the visible and ultraviolet range to its exceptional hardness and durability have unlocked many promising applications.

The Global Synthetic Sapphire Market is estimated to be valued at US$ 8.21 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Synthetic Sapphire market are Associated British Foods Plc, Biotec Pharmacon ASA (Biotec BetaGlucans AS), Biothera, the Immune Health Company, Ceapro Inc., Immuno Medic AS, Koninklijke DSM N.V., Super Beta Glucan (SBG) Inc., Groupe Soufflet S.A (AIT Ingredients), Tate & Lyle plc. (Tate & Lyle Oats Ingredients), and Zilor Inc. (Biorigin). The key opportunities in the market include growing demand for sapphire substrate in LED lighting due to its energy efficiency and durability. There is also increased demand for sapphire watch faces, camera lenses, and screen covers in consumer electronics. Globally, Asia Pacific dominates the synthetic sapphire market due to presence of diverse manufacturing base of electronics and LED lighting industries.

Market Drivers

One of the key drivers for the Synthetic Sapphire Market Growth is its growing usage in the manufacturing of scratch-resistant cover glass and camera lenses for smartphones. Sapphire glass is nearly five times stronger than most kinds of reinforced glass and highly scratch resistant. Leading smartphone manufacturers are increasingly adopting synthetic sapphire for their premium flagship smartphones to offer durability and longer product life. This is expected to drive further demand over the forecast period.

PEST Analysis

Political: Government regulations around the import and export of synthetic sapphires can impact the market. Changes in trade policies affect supply chains.

Economic: Growth of end use industries like industrial manufacturing, smartphones, and laser devices drives demand. Economic cycles influence spending on durable goods affecting consumption.

Social: Increasing smartphone penetration globally raises popularity of sapphire screens perceived as durable. Growing preference for luxury items catalyzes synthetic sapphire jewelry sales.

Technological: Advanced nanotechnologies help lower production costs and improve optical clarity compared to natural sapphires. Developments in CVD and heat treatment techniques expands applications in LEDs.

The Asia Pacific region accounts for the largest share of the synthetic sapphire market in terms of value due to high production capacities in China and other Asian countries. North America follows Asia Pacific as a major regional market owing to strong demand from the defense and industrial sectors in the US.

The synthetic sapphire market in India is anticipated to witness the highest growth during the forecast period. Government initiatives to develop domestic manufacturing like ‘Make in India’ coupled with low labor costs attract investors. Rising electronics and automobile manufacturing also stimulates demand growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it