According to a report, “Corundum Market Size, Share & Trends Analysis Report By Application (Jewelry, Abrasive, Refractory), By Region (APAC, Europe, North America, Central & South America, MEA), And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global corundum market is expected to witness a CAGR of 4.0%, according to the new report by Grand View Research, Inc. Corundum is used for the ornament preparation. Besides ornaments, synthetic corundum is also widely used to make mechanical parts like tubes, rods, bearings, and other machined parts, laser components, scratch-resistant watch crystals, scratch-resistant optics, and instrument windows for spacecraft and satellites, owing to its transparency in the ultraviolet (UV) to infrared range. It is also used in construction sector for sand grinding, blasting, and plunge cutting applications.
The demand for corundum is high not only across the popular segments like Red Rubies and Blue Sapphires, but rare jewels such as padparadscha are also observing significantly huge demand across the gemstone industry, mainly for their unique and uncommon colour range. This fashions a great potential for the prominent stakeholders in the market across the precious stones and jewellery industries. Moreover, non-gemstones are used in several other industrial applications, manufactured using corundum, thus, contributing to the market growth. For instance, Black Emery are used as an abrasive element, which is mainly due to its natural hardness. Also, brown corundum is also experiencing enormous demand as a deburring agent across numerous applications such as grinding and plunge cutting, due to its ability to soften and smoothen ragged edges.
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Covid-19 Effect:
The key industry participants are primarily focusing on minimizing the overall production costs during the ongoing COVID-19 pandemic situation. Weak economic indicators and a huge decline in demand are pushing vendors to approve and implement cash-saving strategies to diminish operational costs. In addition, the industry-level activities consisting of refining and extraction corundum are anticipated to decline due to the pandemic. Moreover, the slowdown of industrial activities, along with unprecedented rise in unemployment is likely to have a transitory negative impact on the market.
Further findings from the report suggest:
- The jewelry segment accounted for the highest revenue share of 51% in 2019. It is primarily influenced by macro-level economic indicators and consumer sentiments. However, with the advent of the global COVID-19 pandemic in early 2020, the short term evolution of the jewelry industry is set to remain stagnant owing to an increasing rate of unemployment.
- Asia Pacific dominated the global market and accounted for approximately a share of 29% in 2019. China is one of the key producers of synthetic corundum, and this is projected to significantly boost the Asia Pacific market growth.
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Application insights
The jewelry segment led the market and accounted for more than 51% of the global revenue share in 2019. The segment growth is largely influenced by customer sentiments and macro-level economic indicators. However, with the emergence of the global pandemic, the short term growth of the overall jewelry industry is likely to remain stagnant due to weak economic conditions and rising unemployment around the globe.
Corundum Market Segmentation
Grand View Research has segmented the global corundum market on the basis of application and region:
Corundum Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
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Jewelry
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Abrasive
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Refractory
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Others
Corundum Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
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North America
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The U.S.
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Europe
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Germany
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France
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Asia Pacific
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China
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India
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Central & South America
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Brazil
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Middle East & Africa
List of Key Players of the Corundum Market
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Alteo
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MOTIM Electrocorundum Ltd.
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RusAL
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Greenland Ruby
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Henan Sicheng Co.
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Ltd, K. A Refractories Co., Ltd.
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Rubicon Technology
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Xingyang Jinbo Abrasive Co., Ltd.
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RSA LE RUBIS SA
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Arteka
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