The most recent study conducted by Report Ocean, titled “Global Synthetic sapphire Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Synthetic sapphire. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Synthetic sapphire Market is valued at approximately USD 6.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8% over the forecast period 2022-2029. Synthetic sapphire, also known as corundum, has high mechanical and chemical stability. With its high chemical stability, light transmission, and mechanical properties, synthetic sapphire with the chemical formula AI2O3 is a durable material. Furthermore, among all oxide crystals, synthetic sapphire is the hardest. Additionally, it is used in the development of hip joint endoprostheses in the medical sector. The key factors driving the market growth are growing demands from the LED manufacturing and semiconductor industry for synthetic sapphire and increasing demand for high-quality optical materials, technological developments in manufacturing processes, and an increase in R&D activities.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to Statista, the worldwide semiconductor industry generated USD 595 billion revenue in 2021, an increase from 470.89 billion US dollars in the previous year. The semiconductor market is anticipated to generate 676 billion dollars in revenue in 2022. As a result, rising semiconductor industry will boost the market growth during forecasted period. Also, increasing application of synthetic sapphire in the medical industry would create lucrative opportunities for the market during forecast period. However, the fluctuating prices of Synthetic sapphire stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Synthetic sapphire Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the rising sales of products such as semiconductors, LEDs, and medical devices in the region. North America is expected to grow with the highest CAGR during the forecast period. Factors such as rising use in medical equipment manufacture and growing demand in semiconductor manufacturing industry would create lucrative growth prospects for the global Synthetic sapphire Market across the North American region.
Major market players included in this report are:
Rubicon Technology Inc.
KYOCERA Corporation
Saint-Gobain
SCHOTT AG
Monocrystal
Rayotek Scientific Inc.
Crystalwise Technology Inc.
ILJIN Display CO. Ltd
Namiki Precision Jewel Co., Ltd.
Juropol Sp. z o.o.
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Recent Developments in the Market:
In 2019, the glass and glass-ceramics manufacturer Schott launched two reading lights with gemstones and an LED strip with a temperature sensor. These products are used by Boeing. To produce mood lighting, these reading lights are simply fitted into shells or other seat surfaces.
In 2021, Saint-Gobain provides the world’s largest single crystal Sapphire tube. It would allow to visually see processes and experiments carried out at high temperatures.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application:
Optical
Sapphire Substrates
Display
Other Industrial Applications
By End-user:
Light Emitting Diode (LED) Manufacturing
Semiconductor
Medical Devices
Consumer Electronics
Industrial
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
ROLA
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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