According to Inkwood Research, the Global Synthetic Sapphire Market is estimated to record a CAGR of 6.50% in terms of revenue during the forecast years of 2022-2030.
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Synthetic sapphire is a gemstone with an identical chemical structure to natural sapphire. Synthetic sapphires are gaining traction as an industrial material on account of their excellent chemical, mechanical, optical, structural, as well as dielectric properties.
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Increased Penetration in Pharmaceutical Industry Fuels Global Market Growth
The surging applications of synthetic sapphire, predominantly in the medical industry for the development of devices, are anticipated to propel the global synthetic sapphire market growth. Aligning with this, synthetic sapphires are mainly used for the manufacture of endoscope lenses, laser hair removal systems, and various other devices. In the pharmaceutical sector, synthetic sapphire is also used for the production of hip joint endoprosthesis. Therefore, their rising adoption in the pharmaceutical industry is expected to boost the demand for synthetic sapphires during the forecast period.
Optical to be the Dominating Application over the Forecast Years
The optical segment, under the application category, is expected to hold the highest market share during the forecasting years. Given its excellent optical properties, including high strength, chemical inertness, temperature stability, and wear resistance, synthetic sapphire is primarily used in optical applications. Furthermore, synthetic sapphire windows are also utilized on a larger scale since they are relatively stronger compared to standard glass windows. In addition to developing armor suits for the military, their applications as shatter-resistant windows in vehicles are also rising, thus contributing to the segment’s notable growth over the estimated years.
Asia-Pacific to Account for Highest Market Share by 2030
The significant growth of the Asia-Pacific synthetic sapphire market is mainly ascribed to the rapidly-growing consumer electronics and medical industry. In addition, the surging demand for products like LEDs, semiconductors, medical devices, and smartphones is also anticipated to propel the market growth of the region. Infrastructural development coupled with an increase in construction activities is also expected to contribute to the growth of the Asia-Pacific synthetic sapphire market. Additionally, the surge in construction projects is anticipated to raise the demand for optical windows, which in turn, is set to fuel the growth of the regional market over the upcoming years.
However, since the synthetic sapphire market is characterized by the presence of various well-established companies, the entry of new players will result in declining sapphire prices. Hence, this factor will likely hinder the market growth during the forecast period.
Some of the leading firms operating in the global synthetic sapphire market include Kyocera Corporation, Iljin Display Co Ltd, Juropol Sp ZOO, Crystalwise Technology Inc, Monocrystal Inc, etc.
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