Corundum Market Report 2024

The corundum market size has grown strongly in recent years. It will grow from $2.5 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The increase during the historic period can be credited to several factors, the notable expansion of industrialization, the development of the electronics sector, a rise in disposable income, a higher demand for both industrial materials and luxury items, and the adoption of sustainable practices coupled with regulatory policies.

The corundum market size is expected to see strong growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth during the forecast period is due to a higher demand for electronics, advancements in sustainable mining and production methods, the use of corundum in abrasives, a surge in the popularity of colored gemstones, and a boost in investment in renewable energy. Key trends for this period include the widening applications in the medical sector, progress in synthetic corundum production, the rising interest in lab-created gemstones, increased funding for research and development, and innovations in manufacturing technology.

The corundum market is expected to grow due to the rising demand for gemstones, which are valued for their rarity and beauty. As consumers increasingly seek luxury and personalized jewelry, and as disposable incomes rise, the interest in gemstones is expanding, driven by evolving fashion trends. Corundum, used in gemstones such as rubies and sapphires, is especially prized for its remarkable hardness and vivid colors. The value of these gemstones makes them highly sought after in jewelry. For example, the US Geological Survey (USGS) reported that in January 2022, US gemstone imports reached approximately $24 billion in 2021, a 49% increase from $16.3 billion in 2020. Of this, gem-quality diamonds accounted for $21 billion, marking a 49% rise from $14.3 billion in 2020, while nondiamond gemstones totaled $2.9 billion, up 51% from $1.9 billion in 2020. This surge in gemstone demand is contributing to the growth of the corundum market.

Major players in the corundum market are investing in advanced solutions such as high-tech gem testing laboratories, which make gem analysis more accessible and cost-effective. For example, in February 2023, GGTL Laboratories, a gemological lab based in Switzerland, opened the GGTL Gemlab in Antwerp, Belgium. This facility boasts cutting-edge technology for the analysis of melee-sized gemstones and offers comprehensive testing services including authenticity and origin verification for sapphires and rubies.

In January 2021, UMS Group, a South Africa-based mining logistics firm, acquired ALTEO, a French company specializing in specialty alumina, including corundum. This acquisition will enhance UMS Group’s research and development capabilities and reinforce its leadership in the specialty aluminas market.

Major companies operating in the corundum market are Compagnie de Saint-Gobain S.A, IMERYS S.A., Swarovski AG, Mirka Abrasives Inc., Asahi Diamond Industrial, H.C. Starck, Washington Mills, Almatis, RIKEN Corundum, Norton Abrasives, Fujimi Corporation, Starsgem Co. Ltd, Zhengzhou Sunrise Technology, HENGE Services GmbH, Huber GmbH & Co. KG, THAI TECH SAPPHIRE CO. LTD., Anda Tool And Fastener, Kuhmichel Abrasiv GmbH, RuiShi Group, Eurotungstene Poudres SAS, LD International Abrasives.

Asia-Pacific was the largest region in the corundum market in 2023. The regions covered in the corundum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the corundum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Corundum is a crystalline form of aluminum oxide and is one of the hardest natural minerals, ranking 9 on the Mohs scale of mineral hardness. It is widely used both as an abrasive in industrial applications and as a gemstone, with notable varieties including sapphire and ruby. Its exceptional hardness makes it valuable for both industrial and decorative purposes.

The primary types of corundum are brown fused alumina, white fused alumina, and others. Brown fused alumina is a high-density abrasive material produced by melting bauxite ore in an electric arc furnace. It is widely used for grinding, sandblasting, and as a refractory material due to its durability and hardness. Additionally, it includes varieties such as emery, ruby, and sapphire, and is applied in fields such as jewelry, abrasives, refractory materials, minerals, and electronics.

The corundum market research report is one of a series of new reports that provides corundum market statistics, including the corundum industry's global market size, regional shares, competitors with a corundum market share, detailed corundum market segments, market trends and opportunities, and any further data you may need to thrive in the corundum industry. This corundum market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The corundum market consists of sales of synthetic corundum, industrial corundum powders, and pink and blue sapphire. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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