Global Corundum Market by Application (Abrasive, Jewelry, Refractory) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global corundum market was worth USD 2.6 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 4.0%) between 2020 and 2027. Over the forecast period, the industry is expected to grow due to the rising popularity of sapphire and ruby jewelry. Corundum can be made synthetically or naturally. This product is extremely hard in nature, and it has a Moh's scale rating of 9, which is close to diamond. It is used widely in refractory and abrasives applications due to its hardness. The volatility in the U.S. jewelry industry was a major reason for the decline in corundum demand. In the global jewellery market, vivid colors such as sapphire and ruby are very popular. Over the same time period, the domestic production of gemstones like sapphire and ruby plummeted from USD 11.7 to USD 9.2 millions.

From 2016 to 2017, sales revenue decreased due to lower production and weaker purchase sentiments. The domestic corundum industry in America improved over the 2018-2019 period. The steady increase in domestic production and improved market conditions were key factors behind this positive growth. From USD 59.5 million in 2018, to USD 65 million in 2019, the domestic production of natural and synthetic gemstones grew by nearly USD 62.5 million.

The emergence of coronavirus caused market conditions to plummet to their lowest level since 2007-2008 financial meltdown. A significant increase in U.S. coronavirus infections was also seen by June 2020. The country was forced to shut down shops and commercial centres due to severe disruptions in daily operations. Over the forecast period, the economic disruption caused in part by the U.S. pandemic is expected to limit the market for corundum. The market will also be affected by the rising unemployment and slowdown in industrial activity.

Application insights

The market leader in jewelry was more than 51% and contributed to the majority of global revenue share for 2019. Segment growth is heavily influenced by macro-level economic indicators and customer sentiments. The global pandemic has caused the jewelry industry's short-term growth to stagnate due to the weakening economy and rising unemployment.

The second-largest segment was abrasives. This product is used to polish glass and steel . Abrasives are expected to increase in popularity, particularly in the building and construction sector to provide final finishing. The global construction industry will be affected by the spread of coronavirus and the lockdowns imposed each government. This will impact the short-term gains of the abrasive applications category.

It is also used to produce high-alumina, refractory bricks. These bricks are used extensively in the linings for thermal kilns. Over the forecast period, the refractory segment is expected to be the third largest. The segment's short-term dynamics will likely remain slow due to the emergence and disruption of coronavirus. This could lead to a decrease in industrial activity around the world.

Regional Insights

Asia Pacific dominated the market, accounting for more than 29% of global revenue in 2019. Over the forecast period, the market will be boosted by the presence of steelmaking and glass industries in the region. Asia Pacific will continue to be driven by the rapid industrialization of India.

The region will also benefit from the presence of important corundum-producing countries like Australia, India, Myanmar, Sri Lanka, Sri Lanka, Australia, and Australia. Over the forecast period, steady growth is expected in Europe. The industry's growth will be impeded by the spread of coronavirus and the lockdown imposed in this region by their respective governments.

North America is expected to experience the second-highest CAGR in volume between 2020 and 2027. As the U.S. accounted for almost 90% of regional market space, it is expected that the U.S. will emerge as the main regional market. The domestic jewelry industry is the main driver of product demand in the U.S. Although the market is likely to remain slow in the short term, it will improve once the pandemic situation is under control.

Due to an increase in Coronavirus cases, South America will see the least growth during the forecast period. This region is currently experiencing severe economic turmoil. The region is also suffering from geopolitical stress in key nations, like Columbia and Venezuela. This has a negative impact on industrial activity in the region.

The gulf countries will drive steady growth in the region over the forecast period. Corundum consumption will be positively affected by the economic growth and strong construction activities in Oman, UAE, Saudi Arabia.

Market Share Insights & Key Companies

The main focus of the industry players is to control the production costs during the pandemic. Vendors are being forced to use cash-saving strategies and lower operational costs due to a decline in demand. Due to the pandemic, industry-level activities such as extraction and refining corundum will slow down. The market leader in corundum is:

• Alteo

• MOTIM Electrocorundum Ltd.

• RusAL

• Greenland Ruby

• Henan Sicheng Co.

• Ltd, K. A Refractories Co. Ltd.

• Rubicon Technology

• Xingyang Jinbo Abrasive Co., Ltd.

• RSA LE RUBIS SA

• Arteka

Up Market Research published a new report titled “Corundum Market research report which is segmented by Application (Abrasive, Jewelry, Refractory), By Players/Companies Alteo, Greenland Ruby, Ltd K A Refractories Co Ltd, RSA LE RUBIS SA, Xingyang Jinbo Abrasive Co Ltd, RusAL, Arteka, Rubicon Technology, MOTIM Electrocorundum Ltd, Henan Sicheng Co”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Corundum Market Report Segments:

The market is segmented by Application (Abrasive, Jewelry, Refractory).

Corundum Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Corundum Market

Overview of the regional outlook of the Corundum Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Corundum Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Corundum Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Abrasive

                2. Jewelry

                3. Refractory

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Corundum Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
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• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Corundum Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.