The global synthetic sapphire market is projected to reach around US$ 11.8 billion by the end of 2027, in terms of revenue, growing at CAGR of 8.3% during the forecast period (2019-2027).
Synthetic sapphire are gemstones which are created from a method known as flame fusion and are gaining huge demand as an industrial materials due to their chemical, mechanical, optical, structural, and thermal & dielectric properties. They are widely used in the production of the window due to its exceptional properties of scratch-resistance and high transparency to the wavelength of light. Moreover, it is also used as a substrate for the semiconductor circuits. Furthermore, synthetic sapphire is also used in the manufacturing of Ultra Violet (UV) and Infra-red (IR) optics, electrical insulators, watch crystals, thin film deposition, watch glasses, and transparent electronic substrates.
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Drivers
Rising adoption of Light Emitting Diode (LED) lightning over incandescent and CFLs due to their energy efficiency and longer life span is expected to foster the market growth of synthetic sapphire. Sapphire substrates are widely used in the production of LEDs and rising awareness regarding the benefits of LEDs and increasing implementation of strict rules and regulations are exepcted to propel the market growth of synthetic sapphire over the forecast timeframe.
Market Restraints
The market of synthetic sapphire is characterized by the presence of a large number of players and also the entry of new players which lowers the price of sapphire and this factor is expected to hinder the market growth over the forecast. According to the Coherent Market Insights, the price of a two-inch equivalent (TIE) sapphire wafer price dropped from US$ 25 billion in 2015 to US$ 1.25 billion in 2016. Moreover, in 2014–2015, some of the major players in the market exited the market due to intense price pressure.
Market Opportunities
Rising application of synthetic sapphire from the medical industry where it is used to manufacture devices is expected to augment the market growth of synthetic sapphire over the forecast period. They are used to produce endoscope lenses, laser hair removal systems, blood cell counters, insulators, and blades. Therefore, growing demand from the healthcare industry will favor market growth over the forecast period.
Market Trends
The rising launch of advanced electronic goods such as smartphones produced from sapphire is exepcted to foster the market growth of synthetic sapphire over the forecast timeframe. For instance, in November 2019, Xiaomi launched its new MIUI watch that has a rectangular design instead of a circular one. Moreover, the images show that the Xiaomi watch include four-curve sapphire glass display designs which will give it a completely different look.
Competitive Section
Key players operating in global synthetic sapphire market are Rubicon Technology Inc., KYOCERA Corporation, Saint-Gobain S.A., SCHOTT AG, Monocrystal, Inc., Rayotek Scientific Inc., CRYSTALWISE TECHNOLOGY INC., ILJIN Display CO., Ltd, Namiki Precision Jewel Co., Ltd., Juropol Sp. z o.o.
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Few Recent Developments
Rubicon Technology, Inc.
- In September 2016, the company announced to shut down the production and processing plant of sapphire at Penang, Malaysia.
- In October 2015, the company manufactured 36 x 18 x 2 inches sapphire crystal for applications in aerospace, defense and military through its LANCE project.
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