Based on its chemical composition, corundum is nothing but aluminum oxide. When it is synthesized through various processes, For industrial applications, artificial corundum is manufactured synthetically with a small addition of colouring agents, which is later left for cooling and solidification. This entire process of manufacturing artificial corundum is known as the Verneuil Process.
Corundum is a highly stable and hard mineral; second hardest mineral available in the world after diamond. Corundum can be made available in a variety of colours. The most commonly preferred types of corundum are Padparadscha (Pink and orange variety of Sapphire), Emery (Black), Star Ruby, Ruby (Pink or red), Blue Sapphire, Star Sapphire, and Green Sapphire.
Growing Applications of Artificial Corundum as Precious Stones to Drive the Market
While corundum is commonly used in a large variety of applications, its sales in the jewellery industry as precious stones account for a significant share in the global corundum market. Corundum minerals are used in the manufacturing of various gemstones, and are emerging as among the gemstones that are highest in demand, after diamonds. This is among the biggest driving forces for the global market for corundum.
As mentioned earlier, the demand for corundum is not only high across the popular segments such as Blue Sapphires and Red Rubies, but rare gemstones such as padparadscha are also witnessing significantly high demand across the jewellery industry, mainly for their uncommon and unique colour. This creates a great potential for leading stakeholders in the corundum market across the jewellery and precious stones industries.
Furthermore, non-gemstones manufactured using corundum are commonly used in various industrial applications, contributing to the growth of the global corundum market. For instance, Black Emery finds applications as an abrasive, which is mainly attributed to its natural hardness. Brown corundum is also witnessing high demand as a deburring agent in various applications such as grinding, sand blasting, and plunge cutting, owing to its ability to smoothen and soften ragged edges.
Though it is not as hard as brown corundum, white corundum is used in abrasion applications, such as polishing glass, where high speed is required without producing more heat during friction. It is also used as a sharpening agent for cutting tools, in vitrified grinding wheels, as well as in the manufacturing of precision milling equipment that are used in similar applications. Consequently, though the corundum market is mainly driven by its demand in the jewellery industry, its growing significance in industrial abrasion applications will also contribute to the growth of the market in the coming years.
Price Fluctuations of Jewellery-grade Corundum may Inhibit Exponential Growth of the Market
While the global market for corundum continues to witness positive growth due to its burgeoning demand as precious stones, the constant fluctuations in the prices of jewellery-grade corundum create roadblocks for market players in the industry. This is mainly attributed to the fluctuating demand and the dynamics of consumer markets. Sapphires made from corundum, especially the ones in a colour other than red or blue, are highly volatile as consumer demand is unpredictable and highly dynamic. Thereby, this triggers constant fluctuations in the prices of fancy sapphire, and restricts market players from introducing stability in the prices of corundum.
In addition to this, another factor that impacts the prices of corundum is the political instability in some African countries such as the Republic of Madagascar. Such geopolitical factors often lead to unpredictable restrictions on the export of precious stones that are manufactured using corundum. This ultimately contributes to the disruptions in the demand supply chain, which has a direct impact on the prices of corundum in the international markets. In the coming years, this may emerge as a hindrance for the growth of the corundum market.
Corundum Market: Region-wise Analysis
Global market for corundum is geographically segmented into seven regions - North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. Attributing to the surging demand for artificial corundum due to its lack of natural occurrence in the United States along with many European countries such as the United Kingdom, Germany, and Turkey, North America and Europe are expected to remain the largest regional market for cordum, in the coming years.
China is one of the largest producers of artificial corundum, and this is expected to boost the significance of Asia Pacific in the global market for corundum. Apart from China, other Asia countries such as Thailand, India, Japan, and Korea are also expected to account for a significant share in the market owing to the expanding presence of leading manufacturers in these countries.
Leading stakeholders in the global corundum market are entering Asia countries including Cambodia, Afghanistan, Sri Lanka, Vietnam, and Myanmar to capitalize on the natural corundum mines in these countries. African countries such as the Republic of Madagascar, are also gaining attention from market leaders with the natural occurrence of corundum in this region. This is expected to amplify growth potential for stakeholders in the corundum market in the Middle East & African region, in the coming years.
Corundum Market: Competitive Landscape
- Henge Group
- Rau GmbH & Co. KG
- Swarovski Gemstones
- Mineralmühle Leun
- K.A. Refractories Co. Ltd.
- Zibo Jinjiyuan Abrasives Co.,Ltd
- Alteo Alumina
- Riken corundum Co. Ltd.
The global market is moderately consolidated as the top 5 stakeholders have established a stronghold with the global footprint of their businesses.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Corundum Market: Segment Analysis
The corundum market can be segmented on the basis of the following:
- Electrical & Electronics Equipment
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