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The global sapphire market was valued at USD 7 billion in 2023 and grew at a CAGR of 6% from 2024 to 2033. The market is expected to reach USD 12.53 billion by 2033. The expanding consumer demand given the rising disposable income will drive the growth of the global sapphire market.
Sapphire is a corundum mineral and is primarily composed of aluminium oxide. It also contains small amounts of other elements. It exhibits a remarkable colour which makes it beautiful and valued as a gemstone. It is prized for its beauty and used in jewellery. It is also highly valuable in other industrial applications given its durable properties. They are strong materials with high scratch resistance properties. it comes in a variety of colours achieved by adding trace elements of other substances. For instance, it achieves blue colour after titanium and iron are added to it. Other colours range from pink, yellow, green to orange, purple and even colourless sapphires. It is highly lustrous adding to its appeal and allure. It is found in the African and Asia continent. It is used in jewellery to carve necklaces, earrings, bracelets and rings to name a few products. it is also used in making watches. It has extensive applications in the optical field. It is also used in industries for cutting tools. Other industrial applications include its use in consumer electronics.
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The increasing disposable income of the population – sapphires and other precious stones were historically associated with royalty and only the rich merchants, kings, queens, craftsmen and tradesmen owned these precious stones. With changing times, democratization and capitalization of the world has opened up new markets for these precious items. The global economic growth, rapid urbanization and increasing disposable income of consumers has increased the demand for sapphires. Developing economies especially the ones in west, central and South Asia along with wealthy nations of the African continent are driving the demand for these precious stones. The South American nations along with eastern European countries are also augmenting this demand. Therefore, the rapid economic growth and increasing disposable income of the populace will expand the market for sapphires and drive the market’s demand in the future.
Sapphire is expensive – despite the increasing disposable income of consumers, sapphires are still out of budget for many consumers. they are rare stones and this rarity increases its prices which makes it unaffordable for many. This leads to sapphires being marketed to only the affluent with a restricted consumer base, which limits that market’s growth. the extraction from remote region with sophisticated mining infrastructure and equipment drive up costs and these reflect in the retail prices of sapphires. The other distinct colours of sapphire are costlier given their rarity. Therefore, the cost of sapphires will continue to limit the market’s expansion.
The growing applications of sapphires – the dominant and known applications of sapphires is jewellery. However, these stones are highly valuable in industrial settings too. they are known to hard and strong, second to diamond and offer high scratch resistance. These properties make them indispensable in high end industries like optics, electronics, telecommunications, and other industrial sectors. They are used in optical industries in laser, cameras, lenses etc. they are used in semiconductors which are integral part of electronics. They are used in cutting tools and medical devices as well. the technological advancements are driving the demand for sapphires in these industries as more research goes into improving its applications across these sectors. Therefore, the growing applications of sapphires will contribute to the market’s growth and development during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global sapphire market, with a 39% market revenue share in 2023.
North America is forefront in technological advancements driving innovation in sapphire extraction and processing contributing to greater production practices. The region is home a vast variety of industries from optics, electronics to defence and aerospace. These industries rely on sapphire for several processes and therefore augment the market demand. The regulatory environment and robust private investment into research and development lead to increasing applications of sapphires which augments the market’s growth. the high per capita income contributes to the consumer demand of sapphires in the jewellery market.
North America Region Sapphire Market Share in 2023 - 39%
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The type segment is divided into natural sapphire and synthetic sapphire. The synthetic sapphire segment dominated the market, with a market share of around 52% in 2023. Synthetic sapphires are created by humans in controlled environments and they don’t need to mined. This leads to them being more economical and cost-effective for manufacturers. The economy of production reflects in their retail pricing which makes them more affordable for users, thereby driving its demand. Industrial sectors prefer synthetic sapphires over natural ones for this reason and therefore drive its demand. These sapphires offer customization wherein they can be altered to meet the needs and requirements of the applications they will be utilized in they offer consistent quality and properties which translated into better outcomes for users. They can be produced as per market demand as they are not dependent on their natural reserves, which ensures uninterrupted supply. Anyone with the right technology and capital can produce these and therefore it reduces the dependence on countries with sapphire mineral reserves. This also saves them from any unwanted supply chain disruption due to geopolitical uncertainties. It also is more sustainable as it does not have to use exploitative mining practices.
The application segment is divided into optical, aerospace and defence, medical, semiconductor equipment, electronics and energy, and others. The optical segment dominated the market, with a market share of around 36% in 2023. Sapphire offers a high refractive index, excellent clarity and transparency. It also has the ability to allow light transmission across wavelengths without major disruptions or distortions. These properties lead to its extensive applications in the optical industry. It is used in cameras for lenses, prisms. It is also used in microscopes and telescopes. It offers excellent outcomes in imaging. It is durable and has a high resistance to scratches which ensures its longevity. It also offers thermal stability which ensures its optimum performance even in harsh environmental conditions. Therefore, the extensive use of sapphires in optical applications given its properties can be attributed to its dominance in the market.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 7 Billion |
| Market size value in 2033 | USD 12.53 Billion |
| CAGR (2024 to 2033) | 6% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Type and Application |
As per The Brainy Insights, the size of the global sapphire market was valued at USD 7 billion in 2023 to USD 12.53 billion by 2033.
Global sapphire market is growing at a CAGR of 6% during the forecast period 2024-2033.
The market's growth will be influenced by the increasing disposable income of the population.
Sapphire is expensive and that could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global sapphire market based on below mentioned segments:
Global Sapphire Market by Type:
Global Sapphire Market by Application:
Global Sapphire Market by Region:
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