The Global Sapphire Glass Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Sapphire Glass market is segmented by Product type (General Transparency and High Grade Transparency); Application (Consumer Electronics, LED Manufacturing, Semiconductors, Medical Devices and Industrial); Geography (North America, Europe, APAC and ROW).
Introduction
Sapphire glass is a synthetically manufactured transparent crystal and one of the hardest substances after diamonds. It has high durability, brilliance, and resistance against abrasions and chemicals.
The durable property of sapphire glass makes it ideal for the manufacturing of consumer electronic devices that utilize digital output displays, such as smartphones, tablets, and laptops.
Besides these properties, the requirement for high capital and technical knowledge for product development is one of the factor restricting the growth of this market.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global sapphire glass market is expected to grow to $9,144.30 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 8.44% CAGR.
Factors such as the demand from LED and semiconductor industry, increasing demand of smartphones and tablets are contributing to the growth of the sapphire glass market.
Asia Pacific region is the fastest-growing market of sapphire glass owing to the massive urbanization and rising disposable incomes in this region.
Key Trends
Wide applications of sapphire glass in medical industry due to heat resistance property is boosting the market
Increasing research and development activities by sapphire glass industry is expected to propel the market growth.
Growing demand from developing economies is key trend seen in sapphire glass market.
Key Market Players
Some of the key players in the market are KYOCERA Corporation, Rayotek Scientific, Rubicon Technology, Saint-Gobain Group, Crystran, SCHOTT.
The key players are dominating the market by adopting modern and innovative technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
Use of sapphire in a wide range of applications such as medical, safety equipment, aerospace, and defense is increasing its popularity. Therefore, increase in popularity of the sapphire glass is the key factor expected to drive the growth of this market.
Rise in demand from LED and semiconductor industry is driving the market growth
High penetration of smartphone users in the developing regions
Extreme competition from Gorilla Glass is restraining the market growth
High cost of production has emerged as the key growth barrier of this market
Recycling sapphire glass is a biggest challenge for the market players as it hard material. So, this is expected to hinder the market growth during forecast period.