Market Size of Corundum Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 3.07 Billion |
Market Size (2029) | USD 4.25 Billion |
CAGR (2024 - 2029) | > 6.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Corundum Market Analysis
The Corundum Market size is estimated at USD 3.07 billion in 2024, and is expected to reach USD 4.25 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The COVID-19 pandemic initially disrupted the corundum market due to supply chain interruptions and reduced demand for luxury goods. However, as economies recovered and industries adapted to the new normal, the corundum market began to rise again, driven by increased demand for electronics, abrasives, and gemstones, contributing to the overall rebound of the global economy.
- The major factors driving the market are the high demand for synthetic corundum in abrasion applications and the demand for artificial corundum in the jewelry sector.
- However, the fused alumina and silicon carbide are restraining the market’s growth.
- Nevertheless, the emerging applications in the electrical and electronics sector, due to their resistance to heat and electrical conductivity, are likely to offer new growth opportunities to the industry during the forecast period.
- Asia-Pacific had the most significant share of the market, and it is expected to continue to do so for the next few years.