Sapphire Market

Sapphire Market Size by Type (Natural Sapphire and Synthetic Sapphire), Application (Optical, Aerospace and Defence, Medical, Semiconductor Equipment, Electronics and Energy, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14449
  • Published Date: Jun, 2024
  • Pages: 238
  • Category: Chemicals & Materials
  • Format: PDF
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The global sapphire market was valued at USD 7 billion in 2023 and grew at a CAGR of 6% from 2024 to 2033. The market is expected to reach USD 12.53 billion by 2033. The expanding consumer demand given the rising disposable income will drive the growth of the global sapphire market.

Market Introduction:

Sapphire is a corundum mineral and is primarily composed of aluminium oxide. It also contains small amounts of other elements. It exhibits a remarkable colour which makes it beautiful and valued as a gemstone. It is prized for its beauty and used in jewellery. It is also highly valuable in other industrial applications given its durable properties. They are strong materials with high scratch resistance properties. it comes in a variety of colours achieved by adding trace elements of other substances. For instance, it achieves blue colour after titanium and iron are added to it. Other colours range from pink, yellow, green to orange, purple and even colourless sapphires. It is highly lustrous adding to its appeal and allure. It is found in the African and Asia continent. It is used in jewellery to carve necklaces, earrings, bracelets and rings to name a few products. it is also used in making watches. It has extensive applications in the optical field. It is also used in industries for cutting tools. Other industrial applications include its use in consumer electronics.

Sapphire Market Size

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Recent Development
  • The key priorities for the sector are advancements in ethical treatment of gemstone miners and environmentally sustainable gemstone mining. The two-acre Ecomine colored sapphire mine, which began operations in Palmadulla, close to Rathnapura, Sri Lanka, is a striking example of these tendencies. Setting a new standard for small-scale gem mining, Ecomine wants to become Sri Lanka's first sustainable, eco-friendly sapphire mine. based on safe working regulations and cutting-edge best mining practices.

Market Dynamics:

Drivers

The increasing disposable income of the population – sapphires and other precious stones were historically associated with royalty and only the rich merchants, kings, queens, craftsmen and tradesmen owned these precious stones. With changing times, democratization and capitalization of the world has opened up new markets for these precious items. The global economic growth, rapid urbanization and increasing disposable income of consumers has increased the demand for sapphires. Developing economies especially the ones in west, central and South Asia along with wealthy nations of the African continent are driving the demand for these precious stones. The South American nations along with eastern European countries are also augmenting this demand. Therefore, the rapid economic growth and increasing disposable income of the populace will expand the market for sapphires and drive the market’s demand in the future.

Restraints:

Sapphire is expensive despite the increasing disposable income of consumers, sapphires are still out of budget for many consumers. they are rare stones and this rarity increases its prices which makes it unaffordable for many. This leads to sapphires being marketed to only the affluent with a restricted consumer base, which limits that market’s growth. the extraction from remote region with sophisticated mining infrastructure and equipment drive up costs and these reflect in the retail prices of sapphires. The other distinct colours of sapphire are costlier given their rarity. Therefore, the cost of sapphires will continue to limit the market’s expansion.

Opportunities:

The growing applications of sapphires – the dominant and known applications of sapphires is jewellery. However, these stones are highly valuable in industrial settings too. they are known to hard and strong, second to diamond and offer high scratch resistance. These properties make them indispensable in high end industries like optics, electronics, telecommunications, and other industrial sectors. They are used in optical industries in laser, cameras, lenses etc. they are used in semiconductors which are integral part of electronics. They are used in cutting tools and medical devices as well. the technological advancements are driving the demand for sapphires in these industries as more research goes into improving its applications across these sectors. Therefore, the growing applications of sapphires will contribute to the market’s growth and development during the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global sapphire market, with a 39% market revenue share in 2023.

North America is forefront in technological advancements driving innovation in sapphire extraction and processing contributing to greater production practices. The region is home a vast variety of industries from optics, electronics to defence and aerospace. These industries rely on sapphire for several processes and therefore augment the market demand. The regulatory environment and robust private investment into research and development lead to increasing applications of sapphires which augments the market’s growth. the high per capita income contributes to the consumer demand of sapphires in the jewellery market.

North America Region Sapphire Market Share in 2023 - 39%

 

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Type Segment Analysis

The type segment is divided into natural sapphire and synthetic sapphire. The synthetic sapphire segment dominated the market, with a market share of around 52% in 2023. Synthetic sapphires are created by humans in controlled environments and they don’t need to mined. This leads to them being more economical and cost-effective for manufacturers. The economy of production reflects in their retail pricing which makes them more affordable for users, thereby driving its demand. Industrial sectors prefer synthetic sapphires over natural ones for this reason and therefore drive its demand. These sapphires offer customization wherein they can be altered to meet the needs and requirements of the applications they will be utilized in they offer consistent quality and properties which translated into better outcomes for users. They can be produced as per market demand as they are not dependent on their natural reserves, which ensures uninterrupted supply. Anyone with the right technology and capital can produce these and therefore it reduces the dependence on countries with sapphire mineral reserves. This also saves them from any unwanted supply chain disruption due to geopolitical uncertainties. It also is more sustainable as it does not have to use exploitative mining practices.

Application Segment Analysis

The application segment is divided into optical, aerospace and defence, medical, semiconductor equipment, electronics and energy, and others. The optical segment dominated the market, with a market share of around 36% in 2023. Sapphire offers a high refractive index, excellent clarity and transparency. It also has the ability to allow light transmission across wavelengths without major disruptions or distortions. These properties lead to its extensive applications in the optical industry. It is used in cameras for lenses, prisms. It is also used in microscopes and telescopes. It offers excellent outcomes in imaging. It is durable and has a high resistance to scratches which ensures its longevity. It also offers thermal stability which ensures its optimum performance even in harsh environmental conditions. Therefore, the extensive use of sapphires in optical applications given its properties can be attributed to its dominance in the market.

Some of the Key Market Players:
  • Crystalwise Technology Inc.
  • ILJIN Display CO. Ltd.
  • Juropol Sp. z o.o.
  • KYOCERA Corporation
  • Monocrystal
  • Namiki Precision Jewel Co. Ltd.
  • Rayotek Scientific Inc.
  • Rubicon Technology Inc.
  • Saint-Gobain
  • SCHOTT AG

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 7 Billion
Market size value in 2033 USD 12.53 Billion
CAGR (2024 to 2033) 6%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level.
Segments Type and Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global sapphire market was valued at USD 7 billion in 2023 to USD 12.53 billion by 2033.

Global sapphire market is growing at a CAGR of 6% during the forecast period 2024-2033.

The market's growth will be influenced by the increasing disposable income of the population.

Sapphire is expensive and that could hamper the market growth.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global sapphire market based on below mentioned segments:

Global Sapphire Market by Type:

  • Natural Sapphire
  • Synthetic Sapphire

Global Sapphire Market by Application:

  • Optical
  • Aerospace and Defence
  • Medical
  • Semiconductor Equipment
  • Electronics and Energy
  • Others

Global Sapphire Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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