by Synthetic sapphire, also known as lab-grown sapphire or manufactured sapphire, refers to sapphire that is produced by various manufacturing processes, as opposed to natural sapphire that is formed by geological processes. Synthetic sapphire finds wide applications in consumer electronics such as smartphones, smartwatches, and opticalwindows owing to its scratch resistance and durability properties.
The Global Synthetic Sapphire Market Size is estimated to be valued at US$ 8.21 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers propelling the growth of the Synthetic Sapphire Market is the increasing demand from the consumer electronics sector. Sapphire is increasingly being used as a protective cover glass in high-end smartphones and smartwatches due to its hardness and durability. Leading smartphone manufacturers are utilizing synthetic sapphire glass for their flagship devices to provide scratch resistance. For instance, in September 2022, Apple launched the iPhone 14 series featuring Ceramic Shield front cover, which is tougher than any smartphone glass. The growing popularity of premium and durable smartphones and smartwatches among consumers is augmenting the demand for synthetic sapphire from the electronics industry.
SWOT Analysis
Strength: Synthetic sapphire has many industrial applications due to its hardness and durability properties. It is increasingly being used in manufacturing of devices such as smartphones and LEDs.
Weakness: High production costs make synthetic sapphire more expensive than alternative materials such as glass for some applications. The market is also dependent on economic cycles in end-use industries.
Opportunity: Growing adoption of sapphire glass in premium smartphones and smartwatches offers significant growth opportunities. Increasing LED lighting demand from commercial and residential sectors is another key opportunity area.
Threats: Substitution threat from newer materials such as Gorilla Glass poses challenges. Fluctuations in foreign currency exchange rates can impact producers dependent on imports.
Key Takeaways
The global synthetic sapphire market is expected to witness high growth over the forecast period of 2024 to 2031. The global Synthetic Sapphire Market is estimated to be valued at US$ 8.21 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the global synthetic sapphire market and is expected to maintain its leading position over the next few years. This can be attributed to large production and industrial consumption in countries such as China, Japan, South Korea and Taiwan. North America and Europe are other major markets, driven by high demand for sapphire devices and lighting products.
Key players
Key players operating in the synthetic sapphire market are Kyocera Corporation, Rubicon Technology Inc., Namiki Precision Jewel Co. Ltd., Monocrystal Inc., Saint-Gobain Group, Swiss Jewel Company, Crystalwise Technology Inc., Walter Schott AG, and Crystal Systems Inc.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
