Sapphire Market Size Projected to Surge USD 12.53 Billion Growth by 2033, Exhibit a CAGR of 6%

The global sapphire market size is anticipated to grow from USD 7 billion to USD 12.53 billion in 10 years. The market will experience rapid growth due to the growing applications of sapphire during the forecast period.

Newark, July 31, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 7 billion in 2023 global sapphire market will reach USD 12.53 billion in 2033. The main component of sapphire, a corundum mineral, is aluminium oxide. Small amounts of additional elements are also present. It is lovely and prized as a gemstone because of its unusual tint. It is used in jewellery and valued for its beauty. Because of its durability, it is also very valuable in various industrial applications. These materials are robust and have a high level of scratch resistance. Its many colours are the result of the addition of minute amounts of different materials. For example, the addition of iron and titanium causes it to turn blue. Other colours include sapphires that are colourless as well as pink, yellow, green, orange, and purple. Its extreme lustre adds to its attraction and charm. It can be found on the continents of Asia and Africa. It is used to carve a variety of jewellery items, including rings, earrings, bracelets, and necklaces. Watches are also made with it. It is widely used in the science of optics. Cutting tools are another application for it in industry. Its application in consumer electronics is among its other industrial uses.

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Key Insight of the Global Sapphire Market

North America will dominate the market during the forecast period.

Leading the way in technological innovations that spur sapphire extraction and processing innovation and improve manufacturing methods is North America. Numerous enterprises, including those in optics, electronics, military, and aerospace, are based in the region. These sectors increase the global demand for sapphire since they use it in several operations. The regulatory framework and substantial private investment in R&D result in more applications for sapphires, which fuels the market’s expansion. The market for sapphires in jewellery is driven in part by the high per capita income.

In 2023, the synthetic sapphire segment dominated the market with the largest market share of 52% and revenue of 3.64 billion.

The type segment is divided into natural sapphire and synthetic sapphire. In 2023, the synthetic sapphire segment dominated the market with the largest market share of 52% and revenue of 3.64 billion.

In 2023, the optical segment dominated the market with the largest market share of 36% and revenue of 2.52 billion.

The application segment is divided into optical, aerospace and defence, medical, semiconductor equipment, electronics and energy, and others. In 2023, the optical segment dominated the market with the largest market share of 36% and revenue of 2.52 billion.

Advancement in market

The mine-to-market initiative “Celebration Sapphires” was introduced by Fura Gems, a colored gemstone mining company, to the Indian market. A variety of pink sapphire jewelry created in association with internationally recognized manufacturers, including KGK, Jewelex, Caara, Kama Jewellery, Midas Diamonds, Laxmi Diamond, Sanghi Jewellers, and Priority Jewels, is on display as part of this effort. Six renowned retailers—Senco, PNG, Khimji, Talla Jewellers, Abhushan Diamonds and Gold, and Batukbhai Sons Jewellers—will first offer the collection countrywide. The rapidly expanding jewellery sector in India played a role in the decision to launch this program there.

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Market Dynamics

Driver: the population’s rising disposable income.

Historically, sapphires and other valuable stones were only owned by wealthy merchants, kings, queens, craftsmen, and traders, and were therefore connected to monarchy. The globalisation and democratisation of the past few decades have created new markets for these valuable goods. The need for sapphires has grown as a result of the world economy expanding, cities being more populated quickly, and consumers having more discretionary income. The demand for these precious stones is being driven by wealthy nations on the African continent as well as developing economies, particularly those in West, Central, and South Asia. This demand is also being increased by the countries of Eastern Europe and South America. Consequently, the market for sapphires will develop and be driven by the population’s rising disposable income and significant economic expansion in the future.

Restraints: Sapphire is pricey.

Even though customers’ discretionary income is rising, many still cannot afford sapphires. Since these are uncommon stones, their increased cost renders them expensive for many. As a result, sapphires are primarily sold to wealthy people, which restricts the market’s potential for expansion. The increased costs associated with extracting sapphires from remote regions using advanced mining infrastructure and technology are reflected in sapphire retail pricing. Given their scarcity, the other unique sapphire hues are more expensive. As a result, the price of sapphires will keep preventing the market from growing.

Opportunities: The expanding uses of sapphires.

The most common and well-known use of sapphires is in jewellery. These stones are extremely valuable in industrial contexts as well, though. They are renowned for being extremely sturdy, resilient to scratches, and hard—only surpassed by diamonds. Because of these qualities, they are essential in upscale industries such as electronics, telecommunications, optics, and other industrial domains. The optical industries employ them in lenses, cameras, lasers, and other devices. They are a crucial component of semiconductors, which are utilised in electronics. They are also utilised in medical equipment and cutting instruments. As more research is done to improve sapphire uses across these sectors, the demand for sapphires is being driven by technical improvements in these industries. Consequently, during the course of the projected period, the market’s growth and development will be aided by the sapphires’ expanding applications.

Challenges: Synthetic sapphire as an alternative to natural sapphires.

Synthetic sapphires as the name suggests are created in laboratory settings through man-made processes and they offer the same features as that of natural sapphires. The only difference is in the costing of these sapphires as the synthetic sapphires are cheaper than natural sapphires. The cost-effectiveness of synthetic sapphires contributes to its rising demand across industrial settings. Furthermore, synthetic sapphires do not contribute to exploitative mining practices and are therefore preferred over natural ones. They are garnering greater support from regulatory authorities as well. the increasing competition from synthetic sapphires will challenge the market’s growth. the lesser demand for natural sapphires will negatively influence that have these reserves and they will push back, which will result in trade rivalries, limiting market’s growth.

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Some of the major players operating in the global sapphire market are:

• Crystalwise Technology Inc.
• ILJIN Display CO. Ltd.
• Juropol Sp. z o.o.
• KYOCERA Corporation
• Monocrystal
• Namiki Precision Jewel Co. Ltd.
• Rayotek Scientific Inc.
• Rubicon Technology Inc.
• Saint-Gobain
• SCHOTT AG

Key Segments covered in the market:

By Product Type

• Natural Sapphire
• Synthetic Sapphire

By Application

• Optical
• Aerospace and Defence
• Medical
• Semiconductor Equipment
• Electronics and Energy
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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