Corundum Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Corundum Market Analysis
The global corundum market is expected to register a CAGR greater than 6% during the forecast period.
COVID-19 moderately impacted industry growth owing to the disruption in the supply chain. However, the rising application of corundum in jewelry has propelled the overall industry's growth.
- One of the major factors driving the market is the high demand for synthetic corundum in abrasion applications and the growing demand for artificial corundum in the jewelry sector.
- But fused alumina and silicon carbide are making it hard for the market studied to grow.
- Emerging applications in the electrical and electronics sector are likely to offer new growth opportunities to the industry during the forecast period.
- Asia-Pacific had the biggest share of the market, and it's likely that it will continue to do so for the next few years.
Corundum Market Trends
Jewelry Segment to Dominate the Market
- The major application of corundum is as a precious stone used in jewelry.
- After diamonds, corundum minerals are probably the most sought-after precious stones.
- Apart from the highly popular red rubies and blue sapphires, rare gemstones such as padparadscha have witnessed an increasing demand in the jewelry market owing to their uncommon color.
- Corundum is also used more and more in jewelry because people have more money to spend on themselves.
- According to the China Jewelry Association, China is one of the world's top jewelry import destinations and the second-largest jewelry exporter. Additionally, in 2021, China will export approximately USD 29.3 billion worth of jewelry products, up from USD 18.4 billion in 2020. In that year, inlay jewelry was the most exported jewelry product from China.
- Furthermore, according to IBEF, India's gem and jewelry exports reached USD 39.14 billion in 2021-22, a 54.13% rise from the previous year. Additionally, India has signed an FTA with the UAE, which will further boost exports and is expected to reach the target of USD 52 billion. Besides this, in India, several jewelry companies are investing to expand their businesses. In September 2021, Malabar Group invested INR 750 crore (USD 100 million) in a gold refinery and jewelry unit in Hyderabad.
- Due to all of these factors, the jewelry industry is likely to be the most important part of the market that was looked at.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominates the global corundum market owing to high demand from countries like China, Japan, and India.
- Some of the major manufacturers of corundum are India, Thailand, Korea, and Japan. A significant amount of corundum is also mined in countries like Sri Lanka, Myanmar, Afghanistan, and Vietnam.
- In China, the electrical and electronics industry has witnessed significant growth in the recent past. China ranks first globally in the production and sales of consumer electronics, which is due to the country's improved innovation and brand-building capacity.
- In 2022, according to the China Academy of Information and Communications Technology reports, from January to February, the added value of major electronics manufacturers rose 12.7 percent year-on-year, compared with the 7.5 percent growth seen in the overall industrial sector. Additionally, according to the National Bureau of Statistics of China, in November 2022, retail sales of household appliances and consumer electronics in China amounted to about CNY 94 billion (USD 14 billion).
- Additionally, there has been an increasing demand for corundum from southeast Asian countries for usage in industries like electrical and electronics, abrasives, jewelry, etc.
- In India, according to the commerce and industry ministry, the exports of electronic goods recorded USD 6.67 billion from April to December 2022, as compared to USD 10.99 billion during the same period last year, registering a growth of 51.56%.
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to dominate the market studied during the forecast period.
Corundum Industry Overview
The global corundum market is partially consolidated as most of the market share is divided among a few players. Some of the key players in the market include ALTEO, RUSAL, HENGEGROUP (IMEXICO MINERALS), Mineralmühle Leun, Rau GmbH & Co. KG, and Zibo Jinjiyuan Abrasives Co., Ltd., among others (not in any particular order).
Corundum Market Leaders
ALTEO
RUSAL
HENGEGROUP (IMEXICO MINERALS)
Mineralmühle Leun, Rau GmbH & Co. KG
Zibo Jinjiyuan Abrasives Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Corundum Market News
Recent developments pertaining to the market studied will be covered in the final report.
Corundum Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 High Demand for Synthetic Corundum in Abrasion Applications
4.1.2 Growing Demand of Artificial Corundum in Jewelry Sector
4.2 Restraints
4.2.1 Competition from Fused Alumina and Silicon Carbide
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Emery
5.1.2 Ruby
5.1.3 Sapphire
5.2 Application
5.2.1 Jewelry
5.2.2 Abrasive
5.2.3 Refractory
5.2.4 Mineral
5.2.5 Electrical and Electronics
5.2.6 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ALTEO
6.4.2 HENGEGROUP (IMEXICO MINERALS)
6.4.3 K. A Refractories Co.,Ltd.
6.4.4 Mineralmühle Leun, Rau GmbH & Co. KG
6.4.5 RIKEN CORUNDUM CO.,LTD.
6.4.6 RUSAL
6.4.7 Zibo Jinjiyuan Abrasives Co.,Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emerging Applications in the Electrical and Electronics Sector
Corundum Industry Segmentation
Corundum is a naturally occurring aluminum oxide mineral. It is the second-hardest known natural substance after diamond. The market is segmented by type, application, and geography. By type, the market is segmented into emery, ruby, and sapphire. By application, the market is segmented into jewelry, abrasive, refractory, mineral, electrical and electronic, and other applications. The report also covers the market size and forecasts for the corundum market in 11 countries across major regions. The market sizing and forecasts for each segment have been done based on revenue (USD million).
| Type | |
| Emery | |
| Ruby | |
| Sapphire |
| Application | |
| Jewelry | |
| Abrasive | |
| Refractory | |
| Mineral | |
| Electrical and Electronics | |
| Other Applications |
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Corundum Market Research FAQs
What is the current Corundum Market size?
The Corundum Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Corundum Market?
ALTEO, RUSAL, HENGEGROUP (IMEXICO MINERALS), Mineralmühle Leun, Rau GmbH & Co. KG and Zibo Jinjiyuan Abrasives Co., Ltd. are the major companies operating in the Corundum Market.
Which is the fastest growing region in Corundum Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Corundum Market?
In 2024, the Asia-Pacific accounts for the largest market share in Corundum Market.
What years does this Corundum Market cover?
The report covers the Corundum Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Corundum Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Corundum Minerals Industry Report
Statistics for the 2024 Corundum Minerals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Corundum Minerals analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
