Press release
Corundum Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Corundum
The rising demand for gemstones is predicted to boost the growth of the corundum market. Gemstones are rare, polished crystals used in jewelry due to their beauty. This demand is driven by increasing consumer interest in luxury and personalized jewelry, higher disposable incomes, and the influence of fashion trends. Corundum, which forms rubies and sapphires, is prized for its color and hardness. For example, in July 2024, Rapaport USA Inc. reported that Russia's diamond production reached 41.9 million carats in 2022, valued at $3.55 billion, with an average price of $85 per carat, up from 37.3 million carats in 2021. Therefore, the growing demand for gemstones is propelling the growth of the corundum market.
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What is the projected compound annual growth rate (CAGR) of the corundum market from 2025 to 2034, and what factors influence it?
The corundum market has grown strongly in recent years. It is expected to rise from $2.64 billion in 2024 to $2.8 billion in 2025, reflecting a CAGR of 6.0%. This growth is due to the rise of industrialization, the growth of the electronics industry, increased disposable income, a rising demand for industrial materials and luxury goods, and sustainable practices driven by regulatory policies.
The corundum market is expected to grow robustly, reaching $3.49 billion by 2029 at a CAGR of 5.7%. Growth drivers include rising demand for electronics, sustainable mining practices, the use of corundum in abrasives, growing interest in colored gemstones, and increased investments in renewable energy. Trends include expanded applications in medical fields, innovations in synthetic corundum production, and increased interest in lab-created gemstones.
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How are the latest trends influencing the growth of the corundum market?
Companies in the corundum market are introducing advanced gem testing laboratories to make gemstone analysis more accessible and cost-effective. These labs use cutting-edge technology for verifying the quality and origin of gemstones. In February 2023, GGTL Laboratories, a Switzerland-based gemological company, launched the GGTL Gemlab in Antwerp, Belgium. This lab offers efficient testing for melee-sized gemstones, including authenticity verification and origin determination for sapphires and rubies.
What are the major segments of the corundum market and their role in driving growth?
The corundum market covered in this report is segmented -
1) By Type: Brown Fused Alumina, White Fused Alumina, Other Types
2) By Variety: Emery, Ruby, Sapphire
3) By Application: Jewelry, Abrasive, Refractory, Mineral, Electrical And Electronics, Other Applications
Subsegments:
1) By Brown Fused Alumina: Standard Brown Fused Alumina, High-Grade Brown Fused Alumina, Super Fine Brown Fused Alumina
2) By White Fused Alumina: Standard White Fused Alumina, High-Grade White Fused Alumina, Microfine White Fused Alumina
3) By Other Types: Tabular Alumina, High-Alumina Content Corundum, Black Fused Alumina, Pink Fused Alumina, Specialty Corundum Blends
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Which regions are key players in the growth of the corundum market?
Asia-Pacific was the largest region in the corundum market in 2024. The regions covered in the corundum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the corundum market?
Major companies operating in the corundum market are 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
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What Is Covered In The Corundum Global Market Report?
•Market Size Forecast: Examine the corundum market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the corundum market for a structured understanding.
•Key Players Overview: Analyze major players in the corundum market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the corundum market.
•Segment Contributions: Evaluate how different segments drive overall growth in the corundum market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the corundum market.
•Industry Challenges: Identify potential risks and obstacles affecting the corundum market.
•Competitive Landscape: Review strategic developments in the corundum market, including expansions, agreements, and new product launches.
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