Corundum Market: Overview
The market size for corundum was USD 2.2 billion in 2021, projected to grow at a CAGR of 3.9 percent during the forecast period. Aluminum oxide crystals make up the naturally occurring mineral corundum. It typically has trace amounts of vanadium, iron, titanium, and chromium. It is regarded as one of the solid gemstones and a mineral that frames stones. Since corundum is naturally translucent, different tones become visible when pollutants are mixed with the mineral. Pieces of transition metal are among the pollutants that contribute to the crystallization of corundum. The second hardest mineral found on earth, after diamond, is corundum. The Verneuil procedure, which uses controlled growth and slow accretion on a boule in an ex-hydrogen flame, can also create corundum artificially as a specialized product.
Due to its hardness, corundum can scrape the majority of other minerals (pure corundum is defined as having a Mohs hardness of 9.0). It is frequently utilized as an abrasive in various items, from sandpaper to sizable tools used in machining metal, plastic, and wood. Some emery contains corundum and other components, and the mixture has an average Mohs hardness of 8.0, making it less abrasive. In addition to its hardness, corundum has an extremely high density of 4.02 g/cm3 (251 lb/cu ft) for a clear mineral made of the low-atomic mass elements oxygen and aluminum. The two most popular corundum gem types are sapphire and ruby. Chromium is the transition metal that gives rubies their red color, while sapphires can have a wide range of colors depending on which transition metal is present. An incredibly uncommon pink-orange sapphire is called a padparadscha sapphire.
Since corundum is extremely popular in the jewelry and gemstones industries, demand from these industries is one of the key factors driving the expansion of the worldwide corundum market. The most popular corundum varieties, sapphire and ruby, bring considerable profits to the industry. With the implementation of strict lockdown laws and the global clothes and jewelry market's downward trend, the COVID-19 pandemic has harmed the corundum market. The healthcare and pharmaceutical industries experienced tremendous growth, while the corundum market struggled to survive.
Corundum Market: COVID-19 Impact
The Covid-19 outbreak has temporarily caused many retail and business locations to close their doors throughout the world. The pandemic has also forced people to invest wisely and reduce wasteful spending. These reasons have significantly hampered the revenue growth of the global corundum market, and this trend is anticipated to persist shortly. Industry participants are mostly focused on controlling manufacturing costs throughout the pandemic. Vendors are forced to implement cost-saving measures and employ cash-saving methods due to a decline in demand and unfavorable economic indicators. Industry-level activities like corundum production and refining have slowed due to the epidemic. The world economy, which had previously shown signs of revival, is now under more downward pressure. The rise of diseases has increased risk factors for the already slow-growing global economy. Numerous international organizations claim that the current status of the world economy is the worst it has been since the financial crisis. The market for corundum will be greatly impacted by the coronavirus, which is already wreaking havoc on the planet.
Corundum Market: Drivers
Wide Range of Applications in Jewelry to Drive Market Growth
Although corundum is frequently used in a wide range of applications, the worldwide corundum market is significantly dominated by sales of precious stones used in jewelry. The corundum mineral, used to create a variety of jewels, quickly overtakes diamonds as one of the most sought-after gems. This is one of the main factors influencing the corundum market on a global scale. As previously indicated, the demand for corundum is strong in popular parts like blue sapphires and red rubies and extremely high in rare gemstones like padparadscha, mostly due to their uncommon and distinctive color. Leading players across the jewelry and precious stone industries have many opportunities in the corundum industry.
Additionally, non-gemstones created from corundum are frequently employed in various industrial applications, fueling the expansion of the worldwide corundum market. For instance, Black Emery is used as an abrasive and is mostly recognized for its inherent hardness. Due to its capacity to soften and smooth down jagged edges, brown corundum is highly demanded as a deburring agent in various applications, including grinding, sandblasting, and plunge cutting. White corundum is utilized in abrasion applications, such as polishing glass, where high speed is necessary without generating additional heat during friction, although it is not as hard as brown corundum. It is also employed in vitrified grinding wheels, precision milling machinery made for comparable uses, and as a sharpening agent for cutting tools. As a result, even though the corundum market is primarily driven by demand from the jewelry industry, it will continue to expand due to its importance in industrial abrasion applications.
Increased Application in Electronics Driving Market Growth
Due to its endurance, corundum is frequently used in scratch-resistant windows for electronic equipment, wafers for circuit boards, and other applications and possesses scratch-resistant qualities. Additionally, alumina is one of the most popular substrates for developing thin metals. In fundamental and microelectronic research, insulator and semiconductor films are used. The electronics sector is increasingly expanding its use of corundum, and Its market expansion is fueled by the growing use of corundum in electrical gadgets. Sapphire and ruby cuts are not as brilliant as one of the main barriers to the market for corundum is the stone's vibrancy, which is just as significant as that of diamonds in exhibiting the stone. If the Corundum is harmed by zoning since it is not properly zoned. It will soon turn bland as its shine is lost.
Corundum Market: Restraints
Price Fluctuations to Hamper Market Growth
Corundum's growing demand as a valuable stone is driving positive growth in the corundum market on a global scale, but the ongoing price volatility of jewelry-grade corundum is impeding progress for industry participants. The dynamics of consumer markets and shifting demand are primarily to blame. Because of the erratic and often changing consumer demand, corundum-based sapphires, particularly those colored other than red or blue, are extremely volatile. As a result, fancy sapphire prices constantly fluctuate, and market participants cannot stabilize the price of corundum. Additionally, the political unrest in some African nations like the Republic of Madagascar impacts the prices of corundum. Such geopolitical concerns frequently result in unpredictably imposed export restrictions on valuable stones made with corundum. In the end, this leads to breakdowns in the demand-supply chain, which directly affects the cost of corundum on global markets. This could become a barrier to the corundum market's expansion in the upcoming years.
Corundum Market: Segment Overview
Jewelry Segment to Dominate Market
In 2021, the jewelry market held the top spot and accounted for more than 51% of global revenue. Consumer attitudes and macroeconomic conditions significantly impact the segment's growth. However, due to bad economic conditions and rising unemployment globally, the short-term growth of the entire jewelry business is projected to stagnate with the emergence of the worldwide pandemic.
With Increased Demand for Precious Metals, Ruby Category to Dominate Market
In 2021, the Ruby category accounted for 47% of the market. Ruby corundum lacks gemstone cleavage and is extremely thick and compact. It is second only to diamond in terms of hardness among natural minerals. Also exceedingly uncommon is ruby corundum of gem quality. Due to these reasons, ruby corundum is one of the most sought-after jewelry stones. Additionally, the increased use of rubies in jewelry is promoting segment expansion.
Corundum Market: Regional Landscape
Asia Pacific to Dominate Market due to Growing Sales of Jewelry
In 2021, Asia Pacific dominated the industry and generated over 29% global revenue. Over the course of the projection period, the market is projected to grow as a result of the region's glass and steel manufacturing industries. The Asia Pacific region's demand for goods will increase due to India's quick industrialization. Furthermore, the region's growth will be aided by important corundum-producing countries like India, Myanmar, Australia, Sri Lanka, and others. Over the predicted period, the European region is expected to have consistent growth. However, the industry's growth is expected to be hampered by the spread of the coronavirus in the area and the lockdown imposed by the local governments.
From 2022 to 2027, North America is anticipated to see the second highest CAGR in volume. Given that it makes up about 90% of the region's market area, US is anticipated to be the dominant country in North America. The domestic jewelry industry is a major driver of product demand in US market. The market is projected to remain slow in the medium term, but everything should return to normal once the pandemic situation is under control. Due to the rising number of Coronavirus cases in Brazil, Central & South America is anticipated to experience the slowest increase during the forecast period. The area is going through severe economic hardship.
Additionally, the region is troubled by geopolitical tension in important nations such as Venezuela and Columbia, which hampers industrial activities. The Gulf countries are expected to be the main drivers of the region's stable growth over the predicted period. The robust building and economic growth in Saudi Arabia, the United Arab Emirates, and Oman will benefit the region's corundum consumption patterns.
Global Corundum Market: Competitive Landscape
Alteo announces an increase in its fine grinding capacities in Busan (Korea) and Gardanne in response to a highly active market that has been driving up demand for very fine alumina since the beginning of 2021. (France). By the end of 2021, grinding capacity in Korea will have multiplied by three, and in France, they will have expanded by fifty percent. As a result, Alteo's global fine grinding capacities will have tripled since 2016. United Mining Supply (UMS) Group acquired ALTEO, the top manufacturer of specialty aluminas, in January 2021.
Few of the players in the Corundum Market include Alteo Alumina Riken Corundum Co. Ltd., Swarovski Gemstones, Henge Group, K.A. Refractories Co. Ltd., Zhongtian Special Alumina Co., Ltd, Retek LTD, Xinyang Jinbo Abrasives Co., Ltd., and Rock & Gem Company Ltd.,
Regional Classification of the Global Corundum Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Corundum Market
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