Corundum Market Present Scenario And Growth Prospects 2022 - 2030

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the use of corundum will be highest in the jewelry category, however, electrical and electronics applications are poised to gain swift momentum.

Over the past few years, consumer interest in high-end jewelry and smart electrical gadgets has been steadily rising. This can be attributed to greater exposure to compelling social media advertisements and an increase in consumers’ purchasing power. As a result, more and more people have started to purchase jewelry, with ruby and sapphire being one of the most sought-after gemstones. On the other hand, the manufacturing of electrical gadgets and consumer electronics has been gaining pace around the world. Corundum is an essential element in all these applications, which is creating a strong case for the expansion of the global corundum market. Moreover, corundum is the world’s second-hardest mineral, which makes it ideal for manufacturing electrical equipment. The cumulative force of these factors is predicted to unleash promising opportunities in the global corundum market.

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High Usage in Jewelry Making, Industrial Applications Soars Demand for Corundum

Corundum is extensively utilized to create prime jewelry pieces, ranking next only to diamonds in terms of the gems sought-after by jewelry makers. The unique, attractive, and distinctive color of corundum makes it highly ideal for use in the jewelry industry. The demand for corundum is especially high in jewelry consisting of rubies, sapphires, and rare gemstones such as padparadscha. In the coming years, as consumers' purchasing power increases, the demand for high-end jewelry, such as those made of rubies and sapphires, is set to rise. Consequently, the corundum market will experience sustained growth driven by positive developments in refined jewelry making. Notably, non-gemstones extracted from corundum, such as black emery, brown corundum, and white corundum, have a wide range of industrial abrasion applications. This factor is also expanding the corundum market.

Growing Public Interest in Electronic Gadgets Indirectly Influence Market Expansion

Corundum has high levels of strength and endurance. Due to this, it is widely used in scratch-resistant windows for electronic equipment and in wafers for circuit boards. It is predicted that, during the forecast period, the manufacturing of consumer electronics is going to witness an exponential increase. The use of emerging technologies, wider availability of internet services, growing interests in electrical gadgets, and a rise in consumer’s purchasing power will positively impact the manufacturing of diverse consumer electronics. This optimistic business outlook is set to favorably influence the demand for corundum, opening new streams in the global corundum market. In the near future, the use of corundum will be highest in the jewelry category, however, electrical and electronics applications are poised to gain swift momentum.

Applications in Heavy Industries, Jewelry Making Enable Asia Pacific to Gain Market Lead

The Asia Pacific is projected to dominate the global corundum market due to the prevalence of creativity-driven business activities in the region’s jewelry making industry. Additionally, Asia Pacific’s industrial sector is advancing toward maturity, with promising developments in glass and steel manufacturing. These factors are expected to augment the demand for corundum across the Asia Pacific. Besides, Myanmar, Sri Lanka, India, and Australia are the leading producers of corundum, favorably impacting exports in the Asia Pacific’s corundum market.

Major Market Players

Key players in the corundum industry include Swarovski Gemstones, Xinyang Jinbo Abrasives Co., Ltd., Alteo Alumina Riken Corundum Co. Ltd., Zhongtian Special Alumina Co., Ltd, Henge Group, Rock Gem Company Ltd., Retek LTD, and K.A. Refractories Co. Ltd.

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