SAN FRANCISCO, Aug. 12, 2020 /PRNewswire/ -- The global corundum market size is estimated to reach USD 3.5 billion by 2027 registering a CAGR of 4.0%, according to a new report by Grand View Research, Inc. The rising popularity of ruby based jewelry is projected to aid market growth over the forecast period. Corundum is a naturally occurring mineral, which is mostly found in rocks with higher percentages of alkalis and alumina. The vivid color combination exhibited by the product in the form of ruby and sapphire is due to the elemental substitution.
Key suggestions from the report:
Abrasives application segment, in terms of volume, is projected to remain the dominant category over the forecast period. The hard nature of corundum aids its implementation as an abrasive product
However, in terms of revenue, jewelry application is anticipated to be the dominant segment over the forecast period
High demand for colored gems including ruby and sapphire is projected to boost segment growth
Refractory application category is likely to witness the fastest CAGR, in terms of revenue as well as volume, over the predicted timeline
Europe is projected to remain among the most prominent regional markets over the forecast period. The presence of a well-established retail jewelry industry in Europe will drive the regional market
Asia Pacific is projected to be the fastest-growing regional market, in terms of revenue, over the forecast period
The presence of Fe and Ti within the crystal structure of the product provides the sapphire with blue color. Similarly, the presence of chromium provides the ruby with red color. These aforementioned colored gems are widely popular in the retail segment of the U.S. jewelry industry, which valued at around USD 83.4 billion in 2016. Although, due to the various level of processing stages involved within the value chain of colored gems, the retail price of the product is highly marginalized. The growth of the U.S. jewelry industry is directly related to the nation's economic macro indicators, which are likely to observe a declining trajectory in FY 2020 due to the emergence of coronavirus.
With the global pandemic and lockdown on industrial activities, the product demand in FY 2020 is likely to observe stagnant growth. The product demand observed a significant decline in the first quarter of the FY 2020 as the key application segments, such as jewelry, ceramics, and refractory industries, had a disruption in their operational activities. Key companies in the market are formulating strategies to adopt sustainable mining practices and reduce Greenhouse Gas (GHG) emissions.
Grand View Research has segmented the global corundum market on the basis of application and region:
Abrasives Market – Global abrasives market size was valued at USD 39.62 billion in 2018 and is estimated to witness a CAGR of 5.9% from 2019 to 2025.
Super Abrasive Market – Global super abrasive market size was valued at USD 6.8 billion in 2018 and is estimated to progress at a CAGR of 6.3% from 2019 to 2025.
Chromium Market – Global chromium market size was estimated at USD 13.07 billion in 2016. Increasing demand from the stainless steel industry for various end-use markets such as automotive, aerospace, defense, marine, building and construction, and electronics is expected to be the key growth factor.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.