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Corundum Market Research Report 2024-2033 | Size, Growth, Demand, Trends
Corundum Market Research
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According to The Business Research Company's, The corundum market size has grown strongly in recent years. It will grow from $2.50 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to the significant rise of industrialization, the growth of the electronics industry, an increase in disposable income, increased demand for industrial materials and luxury goods, and sustainable practices with regulatory policies.
The corundum market size is expected to see strong growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing demand for electronics, sustainable mining and production practices, the use of corundum in abrasives, the rising popularity of colored gemstones, and increased investment in renewable energy. Major trends in the forecast period include expanding applications in the medical field, advancements in synthetic corundum production, the growing popularity of lab-created gemstones, increased investment in research and development, and technological innovations in manufacturing processes.
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Market Drivers and Trends:
The increasing demand for gemstones is expected to propel the growth of the corundum market going forward. Gemstones are crystals that are cut, polished, and used in jewelry and ornamentation due to their rarity and beauty. The increasing demand for gemstones is driven by rising consumer interest in luxury and personalized jewelry, growing disposable incomes, and the expanding influence of fashion trends. Corundum is used in gemstones, particularly in the forms of ruby and sapphire, prized for their exceptional hardness and vibrant colors. These gemstones are highly valued in jewelry for their beauty and durability. For instance, in January 2022, according to Mineral Commodity Summaries published by the United States Geological Survey (USGS), the US-based government primary agency for scientific information, US imports for consumption of gemstones reached about $24 billion in 2021, reflecting a 49% increase from $16.3 billion in 2020, with gem-quality diamonds accounting for $21 billion, a 49% rise from $14.3 billion in 2020, and nondiamond gemstones totaling $2.9 billion, up 51% from $1.9 billion in 2020. Therefore, the increasing demand for gemstones drives the growth of the corundum market.
Major companies operating in the corundum market are developing innovative solutions, such as high-tech gem testing laboratories, to provide easier and more cost-effective access to gem testing services. High-tech gem testing laboratories are cutting-edge facilities with advanced technology and expertise for analyzing and verifying the quality, origin, and properties of gemstones. For instance, in February 2023, GGTL Laboratories, a Switzerland-based gemological laboratory, launched the GGTL Gemlab (Belgium) Gem Testing Laboratory in Antwerp. This gem lab features advanced technology for efficient and accurate analysis of melee-sized gemstones and offers comprehensive testing services, including authenticity verification and origin determination for sapphires and rubies in the corundum market.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Compagnie de Saint-Gobain S.A, IMERYS S.A., Swarovski AG, Mirka Abrasives Inc., Asahi Diamond Industrial, H.C. Starck, Washington Mills, Almatis, RIKEN Corundum, Norton Abrasives, Fujimi Corporation, Starsgem Co. Ltd, Zhengzhou Sunrise Technology, HENGE Services GmbH, Huber GmbH & Co. KG, THAI TECH SAPPHIRE CO. LTD., Anda Tool And Fastener, Kuhmichel Abrasiv GmbH, RuiShi Group, Eurotungstene Poudres SAS, LD International Abrasives
Corundum Market 2024 Key Insights:
• The corundum market size is expected to see strong growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Increasing Gemstone Demand Drives Corundum Market Growth
• Advanced Technology Enhances Corundum Market's Integrity And Accessibility
• Asia-Pacific was the largest region in the corundum market in 2023
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