Synthetic sapphire is evolving as a major industrial material due to its mechanical, optical, structural, thermal and chemical properties. Also, the availability of cheap synthetic sapphire is driving the use of this material in many industries. Synthetic sapphire is gaining increasing demand for production of windows owing to its extraordinary scratch-resistant properties and high-transparency to the wavelength of light. Also, due to its excellent electrical insulating properties, synthetic sapphire is being used widely as a substrate for semiconducting circuits.
Moreover, biocompatibility of monocrystalline sapphire has made it suitable for hip joint endoprostheses in the medical industry. The creation of synthetic sapphire has also increased in the recent years due to its affordability as compared to its natural version and rising need in the industrial application. With the increasing demand, manufacturers are using various methods to produce synthetic sapphire. However, different methods used in manufacturing have a different impact on the shape and quality of sapphire produced. Moreover, regulatory bodies such as the U.S. Federal Trade Commission has introduced specific guideline regarding the sales of synthetic gems. This is also playing an important role in manufacturing of synthetic sapphire.
As per the report by Persistence Market Research, the global synthetic sapphire market is anticipated to see a significant growth during the forecast period 2017-2024. The report also expects the global synthetic sapphire market to bring in US$ 9,255.7 Million revenue by the end of 2024.
Optical Application of Synthetic Sapphire to Gain Maximum Traction in the Global Synthetic Sapphire Market
Optical properties of synthetic sapphire are extraordinary, hence it is becoming the most preferred material choice for engineers dealing with high temperature, high pressure, and harsh chemical conditions. This is due to synthetic sapphire’s high strength, wear resistance, temperature stability and chemical inertness. Synthetic sapphire windows are being used on a large scale to produce sapphire windows as it is stronger than standard glass windows. These sapphire windows are being used on a large scale in vacuum chambers and high pressure for spectroscopy, crystal in watches, windows in barcode scanner in grocery stores. Its use as shatter resistant windows in vehicles and to develop military armor suits is also increasing.
Synthetic Sapphire to be used on a Large Scale for LED Manufacturing
Synthetic sapphire is forming as a basis for future electronics. With increasing industrial use, synthetic sapphire wafer has become a basic component for LED production. Synthetic sapphire wafer consumption in LED manufacturing is also increasing. Synthetic sapphire wafer manufacturers are also focusing on cost management by taking into account the high volume production. Manufacturers are also focusing on developing colorless synthetic sapphire wafers due to the negative effects of color sapphire wafers, especially for LEDs. In the recent years, the demand for high-quality colorless sapphire has increased by LED companies as an effective solution for improving product quality and cost management.
Consumer electronics also present a huge growth opportunity for synthetic sapphire manufacturers. Smartphone companies and other consumer electronics manufacturers’ are showing interest in use of synthetic sapphire. With increasing production and demand for consumer electronics worldwide, manufacturers of are focusing on developing synthetic sapphire that can be used in consumer electronic products.
The report by Persistence Market Research provides a forecast on the global synthetic sapphire market between 2017 and 2024. The report has considered 2016 as the base year and offers data on the other years from 2017 to 2024. This report also provides an in-depth analysis of the global market for synthetic sapphire along with the major factors contributing towards the growth of the market globally. This report offers details on the latest trends and factors driving the market growth. Factors in various regional markets are also given in the report that are expected to influence the growth in the global synthetic sapphire market throughout the forecast period.
The report offers details on synthetic sapphire with the help of segments which includes applications, end user, and region. Region-wise, the market is segmented into Latin America, Europe, Asia Pacific, North America, and the Middle East and Africa (MEA). A detailed analysis of each segment is provided in the report. This information can help clients to plan strategies for their business. The availability of the product is important, hence the report provides an analysis of the Segmentation, Targeting and Positioning (STP) for all the key revenue growth areas.
The report also offers an analysis of the global market for synthetic sapphire providing a market outlook for 2017–2024 and provides estimated numbers in terms of value and volume for the global market. This report talks about the market size based on the segments and region. It also discusses market share of all the key segments in the global synthetic sapphire market. The key segments are further bifurcated into sub-segments to provide a clear picture of the market.
The last section in the report provides details on all the major companies operating in the global market for synthetic sapphire. This is given in the report to provide clients with a dashboard view of various points such as revenue, key developments, and presence in the global market. It also helps in identifying key competitors and their strategies to compete in the global market.
Analysis of all the segments in terms of market size, revenue is provided in the report on the global synthetic sapphire market. To provide an accurate forecast on the market, market size is first taken into account, which helps in identifying how the global market for synthetic sapphire is likely to perform in the near future. Outcomes are triangulated by analyzing demand in the market, supply and all the micro and macro-economic factors.
The report also provides a forecast in terms of CAGR, value, volume, and year-on-year growth to identify the overall market growth in the future and also to identify growth opportunities in the global synthetic sapphire market.
The report offers absolute dollar opportunity, which is considered an important factor in identifying growth opportunities in the global market for synthetic sapphire. This also helps in finding potential resources from delivery and sales point of view in the global synthetic sapphire market. Along with this, the report also provides detail on the key factors and strategic recommendations for new market entrants in the global market for synthetic sapphire.