Global Corundum Market Size, Share & Trends Analysis Report, Type and by Application, By Region Forecasts, 2023 - 2030

Global Corundum Market Size, Share & Trends Analysis Report, Type and by Application, By Region Forecasts, 2023 - 2030

Global Corundum Market was valued at US $ 2.6 Billion in 2022 and is expected to reach US $ 3.9 Billion by 2030 growing at a CAGR of 5.4% during the forecast period 2023 – 2030.

The corundum market is concerned with the world of corundum, which is a crystalline structure of aluminium oxide that is typically found in crystals such as sapphire and ruby. This market includes all of the processes that go into extracting corundum and then processing, producing, and distributing it to a broad range of industries and applications. The well-known qualities of corundum—such as its hardness, durability, and flexibility—make it highly valued in a number of industries, such as jewellery, abrasives, electronics, refractories, aerospace, and construction. Moreover, the market definition is still broad, covering both synthetic and natural corundum types. This shows how adaptable and sustainable the market is, encouraging environmentally responsible activities. It represents a thriving and diverse business with applications that include energy-efficient technologies, ethical gemstone substitutes, and precise manufacturing.

One of the main factors propelling the growth of the corundum business is the growing use of corundum in electronics. This trend is supported by numerous powerful causes. Corundum, which is commonly used as abrasives, is essential to the accurate production of semiconductors and microchips, among other electronic components. Corundum is an indispensable material for precise grinding and polishing in a world where there is a never-ending need for smaller, more powerful electronics. The foundation of modern electronics, the semiconductor sector, mostly depends on corundum for a wide range of vital operations. From photomask production to wafer slicing, these procedures cover it all, and as technology develops, so does the need for high-purity corundum. This increase in demand enables manufacturers to produce increasingly complex and effective electronic components, paving the way for future technological developments.

“Emery segment, by type, to be dominating market from 2023 to 2030.”

With more than 49.55% of the market share in 2022, Emery emerges as the dominant corundum type on the international scene. However, sapphire is the corundum form that grows the fastest, with a notable Compound Annual Growth Rate (CAGR) of more than 6.3% throughout the anticipated period from 2023 to 2030. Emery is a naturally occurring abrasive material composed of magnetite and corundum that is used for a variety of purposes, including cutting, polishing, and grinding. Many different types of users favour it because of its affordability. Sapphire, on the other hand, is a valuable gemstone valued for both its exceptional durability and visual attractiveness.

“Abrasive segment, by application, to be dominating market from 2023 to 2030.”

In the abrasives sector, the corundum market is experiencing the highest demand and fastest growth. By 2022, abrasives accounted for more than 42.6% of the world market for corundum. Forecasts show that throughout the forecast period of 2023 to 2030, this segment is expected to grow at a Compound Annual Growth Rate (CAGR) of over 7.4%. For a number of compelling reasons, abrasives have emerged as the most popular and rapidly growing application in the corundum market. Their versatile usefulness in a variety of industries is essential. Abrasives are widely used in manufacturing and industrial operations, especially in surface finishing, metalworking, and woodworking.

“Asia Pacific to be largest region in Corundum market.”

Leading the corundum market is the Asia-Pacific region, which is not only the largest but also the fastest growing market segment. The Asia-Pacific area accounted for around 52.4 percent of the world market for corundum in 2022. Forecasted growth for this area is expected to reach a Compound Annual Growth Rate (CAGR) of more than 5.5% between 2023 and 2030. There is a significant need for corundum due to the continued industrialization and infrastructure growth in nations like China and India, especially for applications like abrasives, refractories, and ceramics. Furthermore, corundum is required in a number of production processes by the region's rapidly expanding electronics, automotive, and construction industries. The demand for high-purity corundum is further fuelled by APAC's embrace of new ideas and technology, particularly in the electronics and semiconductor industries. Due to its strength and resistance to heat, materials based on corundum are in high demand in the building and infrastructure sectors, which are fuelled by population increase and urbanisation. APAC's dominance in the corundum sector is also attributed to its booming gemstone market and its status as a worldwide hub for manufacturing.

Corundum Competitive Landscape

The competitive landscape of the Corundum market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Corundum technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Corundum market is highly competitive, with numerous companies vying for market share. Prominent companies in the Corundum Market include:

Henan Province Mineral Products Import & Export Corporation, Zibo Taigang Trading Co., Ltd., Shandong Donghai International Trade Co., Ltd., Henan Province Gold Group Co., Ltd., Henan Province Mineral Investment Group Co., Ltd., Shandong Taian Zhongtian Machinery Co., Ltd., Shandong Province Mining Group Co., Ltd., Hebei Province Mining Group Co., Ltd., Zibo Tongtai Minerals Co., Ltd., Jiangsu Province Mining Group Co., Ltd., Mineralmühle Leun, ALTEO, K. A Refractories Co.,Ltd., Rau GmbH & Co. KG, RIKEN CORUNDUM CO.,LTD., Zibo Jinjiyuan Abrasives Co.,Ltd., RUSAL, HENGEGROUP, Xinyang Jinbo Abrasives Co., Ltd, Rock & Gem company Ltd., Swarovski Gemstones and others.

Recent Developments:

The Australian corundum manufacturer Rio Tinto declared in September 2023 that it will make investments in cutting-edge technology in order to develop a more efficient and environmentally friendly method of corundum mining. With the use of this cutting-edge technology, Rio Tinto is expected to reduce its carbon emissions by 20% and water use by 30%.

US-based corundum manufacturer Alcoa unveiled a novel range of high-purity powder in July 2023 that is intended for use in semiconductor and aerospace applications. As of right now, this newly created powder is the purest corundum powder on the market.

A new corundum deposit in the state of Minas Gerais was discovered, a stunning discovery revealed by Brazilian corundum company MMX Mineração e Metálicos in May 2023. It is anticipated that there are an astounding 100 million tonnes of corundum ore in this deposit.