May 22, 2024
Synthetic Sapphire Market

Synthetic Sapphire Market Poised for Robust Growth

Synthetic sapphire, also known as laboratory-grown sapphire, is an artificially produced sapphire that is chemically, physically and optically identical to natural sapphire but can be grown in a controlled setting. Synthetic sapphire finds wide application as scratch-resistant artificial sapphire glass in smartphones such as the Apple iPhone as well as in watch faces, camera lenses, LASIK surgery procedures and medical implants owing to its high durability, strength and transparency. Rising demand for premium smartphones and consumer electronics is expected to drive volume growth of synthetic sapphire over the forecast period.

The global Synthetic Sapphire Market is estimated to be valued at US$ 8.21 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Synthetic Sapphire Market are Associated British Foods Plc, Biotec Pharmacon ASA (Biotec BetaGlucans AS), Biothera, the Immune Health Company, Ceapro Inc., Immuno Medic AS, Koninklijke DSM N.V., Super Beta Glucan (SBG) Inc., Groupe Soufflet S.A (AIT Ingredients), Tate & Lyle plc. (Tate & Lyle Oats Ingredients), and Zilor Inc. (Biorigin).

The Synthetic Sapphire Market Demand for screen covers and camera lens covers in smartphones along with increasing availability of affordable synthetic sapphire is expected to drive market growth over the forecast period.

Manufacturers are expanding their global footprint by setting up new production facilities across Asia Pacific, North America and Europe to better serve the rising local demand.

Market key trends

Synthetic sapphire production using the Kyropoulos method is gaining traction as it yields larger single crystal boules suitable for applications requiring larger sapphire sheets such as cover glass for bigger display screens and watch faces. Compared to Czochralski method which produces cylindrical boules, Kyropoulos method facilitates growth of square and rectangular crystals.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as the technology to produce synthetic sapphire is well established and accessible. However, it requires significant capital investments to set up production facilities.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like aluminum oxide and silicon carbide. However, synthetic sapphire has better properties compared to substitutes.

Bargaining power of suppliers: Suppliers of key raw materials like aluminum and oxygen have low to moderate bargaining power due to availability of alternative suppliers.

Threat of new substitutes: Low threat from new substitutes as synthetic sapphire has superior mechanical, thermal and optical properties over substitutes.

Competitive rivalry: High as the market is dominated by few established players and barriers to exit are high requiring huge investments in production facilities.

Geographical Regions

The Asia Pacific region accounts for the largest share of the global synthetic sapphire market in terms of value due to high demand from industrial and defense applications in countries like China, Japan and South Korea.

North America is expected to be the fastest growing region during the forecast period due to increasing demand for synthetic sapphire from the LED and semiconductor industries in the United States. Countries like the US, Canada and Mexico are major contributors to the growth of the North American synthetic sapphire market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it