Corundum Market Set to Grow at 4.2% CAGR, Reaching New Valuations Beyond 2023!

Global Corundum Market Poised for Steady Growth

The global corundum market is projected to reach USD 3.5 billion by 2027, exhibiting a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period.

This growth is driven by increasing demand from various applications, including abrasives, refractories, and jewelry.

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Competitive Landscape

The corundum market features a mix of global and regional players striving to meet diverse industry demands. Key companies such as MOTIM Electrocorundum Ltd., Henan Sicheng Co. Ltd., K. A Refractories Co., Ltd., and Xingyang Jinbo Abrasive Co., Ltd. are prominent in the market.

These companies focus on product innovation and strategic expansions to maintain their market positions.

Regional Demand Highlights

The Asia Pacific region dominates the corundum market, attributed to rapid industrialization and a robust manufacturing sector. The demand for corundum in this region is driven by its extensive use in abrasives and refractories.The Asia Pacific region presents significant opportunities in the corundum market, driven by rapid industrialization and infrastructural developments. Countries like China and India are experiencing a surge in manufacturing activities, leading to increased demand for corundum in abrasive applications. Manufacturers are expanding production capacities and introducing innovative products to cater to diverse consumer preferences.

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Segmentation Analysis

by Type

Ruby
Emery
Sapphire

The corundum market is divided into three segments: sapphire, emerald, and ruby. With 47% of the market in 2023, the ruby segment had the biggest share. Ruby corundum has no gemstone cleavage and is extremely compact and thick. After diamond, it is among the hardest natural minerals. Ruby corundum of gem quality is likewise quite uncommon. Both ruby corundum variants are among the most sought-after jewelry stones because of these features. Additionally, the increasing use of rubies in jewelry is driving the growth of this market.

by Application

Jewelry
Abrasives
Refractory
Minerals

The jewelry, abrasive, refractory, and mineral segments make up the corundum market. The jewelry sector has controlled the market in this area by controlling the largest portion of the corundum market, which is another precious stone after diamonds. Thus, corundum is the most in-demand material in the jewelry industry, and the market for it is also being driven by rising disposable income in the jewelry sector.

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Key Market Participants:

1. Alteo Alumina
2. Arotek
3. Bernd Kunze
4. Ceram Intertrade
5. Changzhou Sunai Metallurgical Refractories
6. EK-Company
7. Gemfields
8. Guangxi Wuzhou City Yihe Jewelry
9. Henan Sicheng
10.Henge
11.HK Fengqi Jewelry
12.Zhengzhou Sunrise Technology
13.LD International Abrasives
14.Rusal
15.Stars Gem
16.Riken Corundum
17.Swarovski Gemstone

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