The global corundum market is expected to grow with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the growing demand for synthetic corundum in the abrasion applications. However, competition from fused Alumina and Silicon Carbide is hindering the growth of the market studied.
- Growing demand for artificial corundum in the jewelry sector is another major driver for the market studied
- Asia-Pacific accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
- Among the end-user industries, the jewelry is likely to account for the highest market share during the forecast period.
Key Market Trends
Jewellery Segment to Dominate the Market
- The major application of Corundum is as precious stones used in jewellery.
- The gemstones that fall under Corundum minerals are perhaps the most sought after precious stones after diamonds.
- Apart from the highly popular Red Rubies and Blue Sapphires, rare gemstones such as Padparadschah have witnessed an increasing demand in the jewelry market owing to its uncommon color.
- Additionally, increasing disposable income is a major driving factor for the usage of corundum in the jewelry sector.
- Hence, owing to the above-mentioned factors, the jewellery industry is likely to dominate the market studied during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominates the global corundum market owing to high demand from countries like China, Japan, and India.
- Some of the major manufacturers of corundum are India, Thailand, Korea, Japan. A significant amount of corundum is also mined in countries like Sri Lanka, Myanmar, Afghanistan, and Vietnam.
- In China, the electrical & electronics industry has witnessed significant growth in the recent past.
- Additionally, there has been an increasing demand for corundum from the southeast Asian countries for usage in industries like electrical & electronics, abrasive, and jewellery, etc.
- Hence, owing to the above-mentioned factors, Asia- Pacific is likely to dominate the market studied during the forecast period.
The global corundum market is moderately consolidated as the most of the market share is divided among few players. Some of the key players in the market include ALTEO, RUSAL, HENGEGROUP (IMEXICO MINERALS), Mineralmuhle Leun, Rau GmbH & Co. KG, and Zibo Jinjiyuan Abrasives Co.,Ltd, among others.
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