SYNTHETIC SAPPHIRE MARKET ANALYSIS

Market Challenges And Opportunities

Market Restraints

Market of synthetic sapphire is characterized by the presence of a large number of players and also the entry of new players which lowers the price of sapphire and this factor is expected to hinder the market growth over the forecast period.

With the advent of technology, the value of synthetic sapphire will only go down because as the technology improves the cost of production will reduce. However, natural gems are rare and this will keep their value high. Therefore, with the advancement in technology the prices of synthetic sapphire will reduce which is expected to hinder the market growth.

Market Opportunities

Rising application of synthetic sapphire from the medical industry where it is used to manufacture devices is expected to augment the market growth of synthetic sapphire over the forecast period. They are used to produce endoscope lenses, laser hair removal systems, blood cell counters, insulators, and blades. Therefore, growing demand from the healthcare industry will favor market growth over the forecast period.

Due to its excellent optical and mechanical properties sapphire is widely used in Ultraviolet to Infrared spectroscopy ranges which has a wide range of application in aeronautical jewel applications, which is expected to augment the market growth. Viewports, infrared countermeasure lamps, FLIR (forward looking infrared) systems, salt / sand blowing environments, vibration sensors, fire/flame sensors for aircraft, and instrumentation/aircraft gauges are some of the emerging applications of synthetic sapphire in the aerospace industry.

Drivers

Rising adoption of Light Emitting Diode (LED) lightning over incandescent and CFLs due to their energy efficiency and longer life span is expected to foster the market growth of synthetic sapphire. Sapphire substrates are widely used in the production of LEDs and rising awareness regarding the benefits of LEDs and increasing implementation of strict rules and regulations are expected to propel the market growth of synthetic sapphire over the forecast period.

Growth of the global synthetic sapphire market is driven by factors such as increasing demand for high-quality optical materials, technological advancements in manufacturing processes, and an increase in R&D activities. In addition to this, the use of sapphires in various applications across industries like medical devices and aviation is also expected to drive the industry over the next few years. However, limited product availability could hamper the overall development.

Growth Drivers:

• Increasing demand for high-quality optical materials, technological advancements in manufacturing processes, and an increase in R&D activities
• Growing demand from the semiconductor industry and LED manufacturing for synthetic sapphire

• Increasing prices by Key players of Synthetic Sapphire

The COVID-19 pandemic has led to disruptions in transportation, labor, and raw materials availability. There has also been a shortage of synthetic sapphire due to supply chain challenges and recall of synthetic sapphire products over contamination issues, which caused a hindrance to the steady business growth.

However, with the gradual lifting of restrictions and reduction of pandemic-induced constraints, the global synthetic sapphire market may witness commendable growth over the forcast period.