Global synthetic sapphire market is estimated to be valued at US$ 6.1 Billion in 2021, according to the Global Synthetic Sapphire Market Report, by Application (Optical, Sapphire Substrates, Display, Other Industrial), by End-user (Light Emitting Diode (LED) Manufacturing, Semiconductor, Medical Devices, Consumer Electronics, Industrial), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global synthetic sapphire market was valued at US$ 6.1 Billion in 2021 and is expected to register a CAGR of 8% over the forecast period (2022–2030). The Asia Pacific region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
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 forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/synthetic-sapphire-market-3534
Browse 50 market data tables* and 40 figures* on "Global Synthetic Sapphire Market” - Forecast to 2030.
Key Trends and Analysis of the Global Synthetic Sapphire Market:
- Consumer electronics also present a huge growth opportunity for synthetic sapphire manufacturers. Smartphone companies and other consumer electronics manufacturers’ are showing interest in use of synthetic sapphire. With increasing production and demand for consumer electronics worldwide, manufacturers of are focusing on developing synthetic sapphire that can be used in consumer electronic products. The rising launch of advanced electronic goods such as smartphones produced from sapphire is expected to foster the market growth of synthetic sapphire over the forecast period.
- For instance, in November 2019, Xiaomi, a designer and manufacturer of consumer electronics and related software launched its MIUI watch that has a rectangular design instead of a circular one. Moreover, the images show that the Xiaomi watch includes four-curve sapphire glass display designs which will give it a completely different look.
Key Takeaways of the Global Synthetic Sapphire Market:
- Among Application, optical segment dominated the global synthetic sapphire market in 2021. Optical segment was followed by sapphire substrates and display in terms of revenue share, respectively.
- Among region, Asia Pacific dominated the global synthetic sapphire market in 2021, reporting 50.3% market share in terms of revenue, followed by North America and Europe, respectively.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global synthetic sapphire market.
