Corundum Market Poised for Steady Growth Driven by Industrial Applications

The global corundum market is expected to witness a steady rise in the coming years, driven by its extensive use in various industrial applications. According to a report by Reports and Data, the market size is projected to reach USD 4.13 Billion in 2032, registering a compound annual growth rate (CAGR) of 4.2%.

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Market Overview

Corundum, a naturally occurring mineral composed primarily of aluminum oxide, finds application in various industrial sectors due to its exceptional hardness, durability, and high melting point. It exists in two primary forms:

Natural corundum: Mined from specific geological formations, it is primarily used for gemstones (ruby and sapphire)

Synthetic corundum: Manufactured through various processes, it dominates the industrial corundum market

Key Trends Shaping the Market

Several trends are influencing the growth of the corundum market:

Rising Demand in Sandblasting and Grinding: Corundum's abrasive properties make it ideal for sandblasting applications in industries like automotive, aerospace, and construction. Additionally, its use in grinding wheels for metalworking and other applications is significant.

Growing Construction Activity: The burgeoning construction sector, particularly in emerging economies, is driving the demand for corundum in polishing materials and building products.

Technological Advancements in Production: Innovations in synthetic corundum production processes are leading to increased efficiency and cost-effectiveness, making it more accessible for various applications.

Drivers and Restraints

The growth of the corundum market is fueled by several factors:

Increasing Industrialization: Rapid industrialization, particularly in Asia Pacific, is creating a strong demand for corundum in various sectors.

Growing Focus on Precision Machining: The rising demand for high-precision components in industries like electronics and automotive is propelling the use of corundum in grinding and polishing applications.

Stringent Environmental Regulations: Regulations promoting sustainable practices are encouraging the adoption of synthetic corundum, a more environmentally friendly alternative to mined natural corundum.

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However, certain factors may restrain market growth:

Fluctuations in Raw Material Prices: The availability and cost of raw materials for synthetic corundum production can impact overall market stability.

Stringent Labor Regulations: Stringent labor regulations in some regions can increase production costs, impacting the pricing of corundum products.

Growth Opportunities

The corundum market presents exciting growth opportunities:

Expansion into Emerging Economies: Increasing industrial activity in regions like Southeast Asia and Africa presents a significant opportunity for corundum manufacturers.

Development of Specialized Corundum Products: The development of corundum products with specific properties tailored for niche applications holds immense potential.

Research and Development: Continued research and development efforts can lead to the creation of new applications for corundum, further expanding the market.

Key Market Insights

The corundum market has been divided into natural and synthetic types based on kind. In 2022, the natural segment contributed a sizeable portion of revenue. Natural corundum is a mineral that occurs in igneous and metamorphic rocks naturally. Natural corundum typically comes in red, which is referred to as a ruby, while sapphire is the name given to the colors blue, yellow, green, and pink. Natural corundum demand has increased as a result of rising jewellery and gemstone demand, propelling this market's revenue growth.

The corundum market has been divided into abrasive, refractory, ceramics, electrical & electronics, and others based on application. In 2022, the abrasive category contributed a sizable portion of sales. Due to its extreme hardness and durability, corundum is frequently used as an abrasive and is perfect for cutting, grinding, and polishing applications. In many different industries, including metalworking, building, carpentry, and automotive, it is utilized as an abrasive. The need for corundum in these industries is being driven by the rising demand for abrasives, which is driving revenue growth in this market.

The Asia Pacific region dominated the worldwide corundum market in 2022. Corundum's rising popularity in developing nations like China and India is anticipated to fuel market expansion in this area. With its massive quantities of bauxite ore, the main raw material used in corundum manufacturing, China is the world's largest producer of corundum. The need for corundum is also being fueled by the region's increased industrialization, infrastructure expansion, and demand for electronics and semiconductors.

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Competitive Landscape:

The global corundum market is moderately consolidated, with a few large and medium-sized players accounting for a significant share of the market revenue. Some of the major companies included in the global corundum market report are:

Alteo

RHI Magnesita

Saint-Gobain Abrasives

Imerys Fused Minerals

Washington Mills

ESK-SIC

Henan Ruishi Renewable Resources Group Co., Ltd

KT Refractories US Company

Carborundum Universal Limited

Shin-Etsu Chemical Co., Ltd.

Strategic Development:

In 2021, Alteo announced its plan to expand its specialty alumina production capacity by 60,000 tons per year in France. The expansion is aimed at meeting the growing demand for high-purity alumina used in various industries, including semiconductors, LED lighting, and lithium-ion batteries.

In 2021, RHI Magnesita announced the acquisition of the German company, Reimbold & Strick GmbH. The acquisition was aimed at expanding the company's product offerings in the refractories market.

In 2020, Imerys Fused Minerals announced the expansion of its production capacity of fused aluminum oxide in Canada. The expansion is aimed at meeting the growing demand for abrasive materials used in various applications, such as cutting, grinding, and polishing.

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This release was published on openPR.