Sapphire Market Size And Forecast

Sapphire Market size was valued at USD 6,690.93 Million in 2020 and is projected to reach USD 10,932.56 Million by 2028, growing at a CAGR of 6.52% from 2021 to 2028.

The chemical and physical properties of synthetic sapphires are identical to the natural mined sapphires. These are very flawless and high-quality stones. Synthetic sapphires can be easily made and are cost-effective; thus, the demand is growing around the world. The Global Sapphire Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

What is Sapphire?

Sapphire refers to a type of transparent precious gemstone that has gleam and aesthetic appearance. It is a variety of corundum that consists of aluminum oxide with traces of other minerals or elements such as iron, titanium, chromium, and the rest of the others. It can be found generally blue but yellow, pink, and orange too. It is can be extracted from the ground of the earth’s surface. Sapphires can be extracted naturally from mining or can be created and grown in laboratories; thus, sapphires are of two major types such as natural sapphires and synthetic or lab-grown sapphires. Natural sapphires are extracted from the mines. These are the most expensive and precious forms of sapphires. The most primitive sapphires or the first discovered sapphires were the blue sapphires.

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Global Sapphire Market Overview

These can be grown by simulating the high pressure and heat of the earth; thus, the natural sapphire can be replicated to create synthetic sapphires. Synthetic sapphires emulate the exact and clear blue color as most of the customers prefer traditional blue-colored sapphires. Also, The chemical and physical properties of synthetic sapphires are identical to the natural mined sapphires. These are very flawless and high-quality stones. Synthetic sapphires can be easily made and are cost-effective; thus, the demand is growing around the world. The Jewelry industry in Asia-Pacific is booming due to the rising demand for gemstones and aesthetic ornaments from Asian and Oceanian countries as well as western countries. According to the India Brand Equity Foundation, the Indian gems and jewelry industry is growing due to the rising exports of jewelry to other countries. In September 2020, the United States was the largest country to import gems and jewelry from India. Around 44% of total imports was imported by the US accounted for USD 938.54 million in 2020. Furthermore, Hong Kong was second while the United Arab Emirates was the third-largest country to import gems and jewelry from India accounted for approximately 33% and 13% of the total import share respectively. Also, the Asia-Pacific gems and jewelry industry is expected to grow 10-14% annually, according to the Gem & Jewelry Export Promotion Council (GJEPC), India.

However, the total custom tariff on semiconductor parts is comprised of, 28% Integrated Goods & Services Tax (IGST) and 10% Basic Customs Duty (BCD). Also, according to the Customs Duty of HS Code 84733099, other computer or semiconductor parts can incur 18% import duty; that 18% comprised of Integrated Goods & Services Tax (IGST) only, there is no Basic Customs Duty (BCD) applied.

Global Sapphire Market: Segmentation Analysis

The Global Sapphire Market is segmented on the basis of Type, Application, and geography.


Sapphire Market by Type

Natural Sapphire
Synthetic Sapphire
Based on Type, the market is bifurcated into Natural Sapphire, and Synthetic Sapphire. Synthetic Sapphire accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 7.01% during the forecast period. The creation of synthetic sapphires followed the development of synthetic forms of corundum and the introduction of synthetic rubies in the late 1800s. Both rubies and sapphires form from the diversity of corundum, which is why there are no true red sapphires (although shades of pink sapphires exist, and are very rare and valuable). Since their first uses in the industrial market, synthetic sapphires have been built in various gem labs as a less expensive and more easily repeated alternative to naturally formed sapphires.

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Sapphire Market by Application

Optical
Sapphire Substrates
Display
Other
Based on Application, the market is bifurcated into Optical, Sapphire Substrates, Display, and Other. Optical accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 6.22% during the forecast period. Sapphire Optical Components are used in a variety of applications requiring high durability or broad spectral ranges, including semiconductor, FTIR spectroscopy, or FLIR imaging. Sapphire, which is the second hardest crystal, features a variety of attributes that are ideal for use in harsh environments, including extreme surface hardness, high thermal conductivity, high dielectric constant, as well as a strong resistance to a variety of chemical acids or alkalis. Compared to many standard optical materials, Sapphire Optical Components offer thinner designs, along with transmission ranges from 0.15 – 5.5μm for optimum performance in the ultraviolet to the MWIR.

Sapphire Market by Geography

North America
Europe
Asia Pacific
Rest of the world
·         On the basis of Geography, the Global Sapphire Market is classified into North America, Europe, Asia Pacific and Rest of the world. North America accounted for the largest market share in 2020 and is projected to grow at the highest CAGR of 6.11% during the forecast period. The U.S., dominates the North American Sapphire market owing to its huge demand for Sapphire in a broad range of applications including LEDs, aircraft manufacturing, and optical instruments. For instance, Rubicon Technology Inc is a manufacturer of sapphire substrates and products to the LED, semiconductor, consumer electronics, and optical industries. The company’s (LANCE) Large-Area Net-Shape Crystal Extraction project comprises the development of large-area sapphire windows of optical quality for military sensing applications.

·         Key Players

·         The “Global Sapphire Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as: Rubicon Technology, Sapphire Technology Company, Monocrystal, Thermal Technology, Namiki Precision Jewel, and Daiichi Kiden, amongst others.

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