The Corundum Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Corundum Global Market Report 2024, The corundum market size has grown strongly in recent years. It will grow from $2.50 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to the significant rise of industrialization, the growth of the electronics industry, an increase in disposable income, increased demand for industrial materials and luxury goods, and sustainable practices with regulatory policies.
The corundum market size is expected to see strong growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing demand for electronics, sustainable mining and production practices, the use of corundum in abrasives, the rising popularity of colored gemstones, and increased investment in renewable energy. Major trends in the forecast period include expanding applications in the medical field, advancements in synthetic corundum production, the growing popularity of lab-created gemstones, increased investment in research and development, and technological innovations in manufacturing processes.
The increasing demand for gemstones is expected to propel the growth of the corundum market going forward. Gemstones are crystals that are cut, polished, and used in jewelry and ornamentation due to their rarity and beauty. The increasing demand for gemstones is driven by rising consumer interest in luxury and personalized jewelry, growing disposable incomes, and the expanding influence of fashion trends. Corundum is used in gemstones, particularly in the forms of ruby and sapphire, prized for their exceptional hardness and vibrant colors. These gemstones are highly valued in jewelry for their beauty and durability. For instance, in January 2022, according to Mineral Commodity Summaries published by the United States Geological Survey (USGS), the US-based government primary agency for scientific information, US imports for consumption of gemstones reached about $24 billion in 2021, reflecting a 49% increase from $16.3 billion in 2020, with gem-quality diamonds accounting for $21 billion, a 49% rise from $14.3 billion in 2020, and nondiamond gemstones totaling $2.9 billion, up 51% from $1.9 billion in 2020. Therefore, the increasing demand for gemstones drives the growth of the corundum market.
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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
Major companies operating in the corundum market are developing innovative solutions, such as high-tech gem testing laboratories, to provide easier and more cost-effective access to gem testing services. High-tech gem testing laboratories are cutting-edge facilities with advanced technology and expertise for analyzing and verifying the quality, origin, and properties of gemstones. For instance, in February 2023, GGTL Laboratories, a Switzerland-based gemological laboratory, launched the GGTL Gemlab (Belgium) Gem Testing Laboratory in Antwerp. This gem lab features advanced technology for efficient and accurate analysis of melee-sized gemstones and offers comprehensive testing services, including authenticity verification and origin determination for sapphires and rubies in the corundum market.
The corundum market report table of contents includes:
1. Executive Summary
2. Corundum Market Characteristics
3. Corundum Market Trends And Strategies
4. Corundum Market – Macro Economic Scenario
5. Global Corundum Market Size and Growth
…
32. Global Corundum Market Competitive Benchmarking
33. Global Corundum Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Corundum Market
35. Corundum Market Future Outlook and Potential Analysis
36. Appendix
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