December 6, 2024
Synthetic Sapphire Market

Synthetic Sapphire Market is Estimated to Witness High Growth Owing to Increasing Demand for Sapphire Substrates in Smartphones

The synthetic sapphire market has seen significant growth in recent years due to the increasing demand for sapphire substrates in the manufacturing of various electronic devices such as smartphones, smartwatches, and tablets. Synthetic sapphire material possesses properties like hardness, transparency, durability, scratch resistance, and thermal conductivity that makes it suitable for various industrial applications. Sapphire glass is increasingly becoming a preferred material for protective cover and display windows of electronic devices as it provides scratch resistance and prevents damage during accidental drops.

The global synthetic sapphire market is estimated to be valued at US$ 8.21 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the synthetic sapphire market include Associated British Foods Plc, Biotec Pharmacon ASA (Biotec BetaGlucans AS), Biothera, the Immune Health Company, Ceapro Inc., Immuno Medic AS, Koninklijke DSM N.V., Super Beta Glucan (SBG) Inc., Groupe Soufflet S.A (AIT Ingredients), Tate & Lyle plc. (Tate & Lyle Oats Ingredients), and Zilor Inc. (Biorigin).

Some of the key opportunities in the Synthetic Sapphire Market Size include rising health-conscious consumers demanding functional food ingredients like beta-glucan which provides various health benefits. Emerging applications of synthetic sapphire in optical applications, laser devices, and LED production is also augmenting the demand.

Technological advancements in crystal growth techniques like Kyropoulos and heat extraction method have enabled mass production of high-quality synthetic sapphire crystals. Improvements in edge-defined film-fed growth technique are helping manufacturers reduce crystal growth time and improve uniformity.

Market Drivers

The increasing demand for smartphones around the world is a key driver for the synthetic sapphire market. The adoption of sapphire glass for protective cover of cameras and fingerprint sensors in high-end smartphones is expected to propel the market growth over the forecast period. Sapphire substrates provide better durability and protection against scratches. Another important driver is the emergence of augmented reality and wearable technology which utilizes sapphire lenses for durability. Sapphire finds applications in smartwatches and AR headsets as well.

Challenges in Synthetic Sapphire Market

The synthetic sapphire market is facing numerous challenges currently. The manufacturing process of synthetic sapphire is very complex and capital intensive which makes it difficult for small players to enter the market. Further, the COVID-19 pandemic has disrupted supply chains and lowered demand from key end use industries like smartphone manufactures and LED lighting manufacturers. High raw material prices of aluminum oxide also pose a challenge to synthetic sapphire producers by squeezing their margins. Significant R&D investments are required to develop advanced manufacturing technologies and establish large scale production facilities.

SWOT Analysis

Strength: Synthetic sapphire has almost similar properties as natural sapphire and is more abundant in supply. It offers superior hardness, thermal stability and scratch resistance compared to other materials.

Weakness: Setting up a synthetic sapphire manufacturing plant requires massive capital expenditures which is a hurdle for new entrants. Dependence on few major end use industries makes the market vulnerable to demand fluctuations.

Opportunity: Growing demand for sapphire substrates in LED lighting and growing adoption in display screens and medical devices present new opportunities. Technological advances can help reduce production costs and make synthetic sapphire more affordable.

Threats: Stiff competition from substitute materials like quartz and glass poses pricing pressures. Strategic investments by Chinese players could threaten market shares of other players.

Geographical Regions

Currently, East Asia accounts for the largest share of the global synthetic sapphire market in terms of value. Countries like China, Japan and South Korea are major producers and consumers. This is due to presence of leading manufacturing facilities and large consumption from electronics and automotive industries in these countries.

The synthetic sapphire market in South Asia & Pacific region is projected to grow at the fastest rate during the forecast period. Rising electronics manufacturing hub in Taiwan, Malaysia and India is driving the synthetic sapphire demand growth in the region. Countries like India are encouraging local manufacturing to reduce import dependence on materials like sapphire.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

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