The global corundum market size is projected to reach USD 3.5 billion by 2027, advancing at a steady CAGR of 4.0% over the forecast period, as per an expansive study by Grand View Research, Inc. Corundum is an aluminum oxide with a hexagonal crystal structure that is found in metamorphic, sedimentary, and igneous rocks. Corundum is widely recognized across the globe owing to its two gem varieties, which are sapphire and ruby. The presence of chromium in rubies gives them their red color, while sapphire obtains its color on the basis of the transition metal present in it. For instance, the presence of Fe and Ti within the crystal structure provides the sapphire with blue color. These gems are widely popular in the retail segment of the jewelry industry globally, which is responsible for the steady product demand. The product retail price is highly marginalized, on account of the presence of various processing stages involved within the value chain of colored gems.
The hardness of corundum makes it extremely useful as an abrasive, although aspects such as variability in quality and small, irregular shape of natural corundum deposits hinder its usage. In its place, synthetic corundum, which is produced by using calcined bauxite, has become a more reliable source. Besides the two aforementioned applications, the product is also used in producing high-alumina refractory bricks, which find widespread usage across the linings of thermal kilns. Together, these three segments constitute almost the entirety of the corundum demand across the globe. The product saw a stagnant growth in 2020 on account of the advent of the COVID-19 pandemic, as industries were forced to shut down operations as a means to mitigate the virus spread. Additionally, in the near future, the economic uncertainties due to the pandemic are expected to dilute the demand for corundum, with regards to manufacturing of jewelries. Regions such as Asia Pacific, Europe, and North America are expected to hold the bulk of the market share over the forecast period.
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Corundum Market Report Highlights
• Corundum is exceptionally hard and tough, with its rating of 9 on Moh’s scale placing it second to diamond in terms of hardness. As such, besides being a major presence in the jewelry industry, it finds widespread application as an abrasive, with uniformly sized granules and powders being used for grinding media, polishing compounds, sand papers, grinding wheels, & other cutting applications
• The hardness and scratch-resistant properties of corundum have expanded its presence in other applications, such as scratch-resistant optics, scratch-resistant watch crystals, in instrument windows for satellites and aircrafts, as well as in ceramic armor development
• With regards to application, the abrasives segment is expected to maintain its dominance in terms of volume in the corundum market. The hard nature of the product aids its implementation as an abrasive product. The ever-expanding construction sector across the globe is expected to further enhance corundum demand, owing to its use in final finishing
• In terms of revenue, jewelry application is projected to be the dominant segment over the forecast period in the corundum market, with rubies and sapphires being utilized heavily in this area, from economical commercial stones sold in malls and department stores, to spectacular specimens used in designer and custom jewelries
• Asia Pacific is projected to be the fastest-growing regional market over the forecast period in the corundum industry, with North America coming second. The demand in the former region is driven by the expanding presence of glass and steelmaking industries, while in North America, the growth is expected to be caused by the advancements in the jewelry sector
• The hardness and strength of corundum have been considered by organizations involved in military and defense sectors. For instance, the Technodinamika Group from Russia had been undertaking trials in 2020 for a unique ceramic armor prepared from corundum, to be used for armored vehicles. The armored plates have been developed by the Ufa Aggregate Production Association
• Major competitors in the corundum market focus on strengthening their manufacturing and supply chain, as well as developing more refined products as a means to generate revenue. The coronavirus outbreak significantly impacted the production, and in the near future, economic uncertainties are expected to lead companies in adopting cash-saving strategies and reducing operational costs
• Product launches have positively impacted the performance of corundum specialists across the globe. For instance, in August 2021, Alteo announced a new range of alumina solutions called ‘REal’ for refractories. The solutions constitute a variety of application areas, and have better stability and offer improved performance
• Companies are engaging in partnerships with other organizations as a means to strengthen their market position and expand geographical reach. For instance, in April 2021, Greenland Ruby and Nebari Natural Resources Credit Fund I, LP, announced the execution of an agreement for a USD 18 million working capital facility, known as Project Aurora
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