Corundum Market Size (2024 - 2029)

The corundum market is projected to experience significant growth over the forecast period, driven by increased demand in sectors such as electronics, abrasives, and gemstones. Despite initial disruptions due to the COVID-19 pandemic, the market has rebounded as industries adapted to new conditions. The demand for synthetic and artificial corundum, particularly in abrasion applications and the jewelry sector, is a key growth driver. However, competition from fused alumina and silicon carbide poses challenges. Emerging applications in the electrical and electronics sectors present new opportunities for expansion. The Asia-Pacific region holds the largest market share and is expected to maintain its dominance.

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Market Size of Corundum Industry

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Corundum Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 3.07 Billion
Market Size (2029) USD 4.25 Billion
CAGR (2024 - 2029) 6.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Corundum Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Corundum Market Analysis

The Corundum Market size is estimated at USD 3.07 billion in 2024, and is expected to reach USD 4.25 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).

The COVID-19 pandemic initially disrupted the corundum market due to supply chain interruptions and reduced demand for luxury goods. However, as economies recovered and industries adapted to the new normal, the corundum market began to rise again, driven by increased demand for electronics, abrasives, and gemstones, contributing to the overall rebound of the global economy.

  • The major factors driving the market are the high demand for synthetic corundum in abrasion applications and the demand for artificial corundum in the jewelry sector.
  • However, the fused alumina and silicon carbide are restraining the market’s growth.
  • Nevertheless, the emerging applications in the electrical and electronics sector, due to their resistance to heat and electrical conductivity, are likely to offer new growth opportunities to the industry during the forecast period.
  • Asia-Pacific had the most significant share of the market, and it is expected to continue to do so for the next few years.

Corundum Industry Segmentation

Corundum is a crystalline form of aluminum oxide (Al2O3) containing traces of other elements. It is known for its hardness and durability and is commonly used as an abrasive material. It is also prized as a gemstone, with varieties like ruby and sapphire belonging to the corundum family.

The corundum market is segmented by type, application, and geography. By type, the market is segmented into emery, ruby, and sapphire. By application, the market is segmented into jewelry, abrasive, refractory, mineral, electrical and electronic, and other applications (cutting tools, medical, and others). The report also covers the market size and forecasts for the corundum market in 27 countries across major regions. The market sizing and forecasts for each segment were made based on value (USD).

By Type
Emery
Ruby
Sapphire
By Application
Jewelry
Abrasive
Refractory
Mineral
Electrical and Electronics
Other Applications (Cutting Tools, Medical, and Others)
By Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Nordic Countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
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Corundum Market Size Summary

The corundum market is poised for significant growth over the forecast period, driven by its increasing application in various industries. Initially disrupted by the COVID-19 pandemic, the market has rebounded as global economies recovered, with rising demand for electronics, abrasives, and gemstones. The market is primarily fueled by the high demand for synthetic corundum in abrasion applications and artificial corundum in the jewelry sector. Despite challenges from alternative materials like fused alumina and silicon carbide, emerging applications in the electrical and electronics sectors present new growth opportunities. The Asia-Pacific region holds a dominant position in the market, supported by substantial demand from countries such as China, Japan, and India, and is expected to maintain its leadership in the coming years.

Corundum's versatility and durability make it a sought-after material in the jewelry industry, where it is used in various forms, including rubies and sapphires. These gemstones are prized for their vibrant colors and hardness, making them ideal for high-end jewelry and watchmaking. The growing jewelry market, particularly in regions like China and Germany, is expected to bolster the demand for corundum. Additionally, the electrical and electronics industry benefits from corundum's excellent insulating properties, with significant growth observed in China and India. The market is partially consolidated, with key players like ALTEO and RusAL holding substantial shares. Overall, the corundum market is set for robust expansion, driven by its diverse applications and regional demand dynamics.

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Corundum Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 High Demand for Synthetic Corundum in Abrasion Applications

      2. 1.1.2 Growing Demand of Artificial Corundum in Jewelry Sector

      3. 1.1.3 Others

    2. 1.2 Restraints

      1. 1.2.1 Competition from Fused Alumina and Silicon Carbide

      2. 1.2.2 Others

    3. 1.3 Industry Value-chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Type

      1. 2.1.1 Emery

      2. 2.1.2 Ruby

      3. 2.1.3 Sapphire

    2. 2.2 By Application

      1. 2.2.1 Jewelry

      2. 2.2.2 Abrasive

      3. 2.2.3 Refractory

      4. 2.2.4 Mineral

      5. 2.2.5 Electrical and Electronics

      6. 2.2.6 Other Applications (Cutting Tools, Medical, and Others)

    3. 2.3 By Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 Nordic Countries

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Russia

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Nigeria

        4. 2.3.5.4 Qatar

        5. 2.3.5.5 Egypt

        6. 2.3.5.6 United Arab Emirates

        7. 2.3.5.7 Rest of Middle East and Africa

Corundum Market Size FAQs

The Corundum Market size is expected to reach USD 3.07 billion in 2024 and grow at a CAGR of greater than 6% to reach USD 4.25 billion by 2029.

In 2024, the Corundum Market size is expected to reach USD 3.07 billion.

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