Published Date: 2019-07-17 | Pages: Ongoing | Tables: Ongoing | Report ID: 7248
Industry: Chemical & Material
Corundum is probably one of the most durable commercial gemstones, taking into account its hardness of 9 on the Mohs scale. It is popular for its gem variations, viz. sapphire and ruby. The rock-forming mineral is a crystalline form of aluminum oxide that usually contains traces of chromium, vanadium, titanium, and iron. It is found in sedimentary, metamorphic, and igneous rocks and has a hexagonal crystal structure. If opaque, pure corundum is pale white, and if transparent, it is clear and colorless. Although it is commonly found as opaque crystals, corundum comes in many different colors, i.e. in almost all rainbow colors.
Government agencies encouraging investments in the mineral sector are expected to boost the growth of the global corundum market. In April 2019, Afghanistan’s Ministry of Mines and Petroleum opened 43 tenders for natural resource projects. This was part of the US Agency for International Development’s (USAID) global initiative INVEST to bring in investments for the Afghan mineral sector having assets worth an estimated $1 trillion.
Some of the special characteristics of corundum such as exceptional hardness, rarity, and uncommon colors are predicted to increase the attractiveness of the global market. Different types of corundum have different applications in a range of industries. For instance, white corundum is used in precision milling equipment, as a sharpening agent for cutting tools, and vitrified grinding wheels. Since brown corundum can make ragged edges even, it finds application as a deburring agent.
However, corundum is a capital-intensive business, and the fluctuation in the prices of jewelry-grade corundum could pose challenges to players operating in the global market.
By End Use
● Electrical and Electronics
Among different types of corundum, ruby is anticipated to account for a substantial share of the global market. After diamond, it is considered as one of the most sought-after precious stones. Moreover, it is extensively used in the jewelry business. Among end-use industries, analysts expect jewelry to take a remarkable share of the global corundum market. Padparadscha sapphire and other rare gemstones along with red ruby and blue sapphire are highly demanded for their use in various jewelry items.
According to researchers, North America is prophesied to take the lead in the global market because of the high demand for artificial corundum. The lack of natural occurrence of corundum is increasing the demand for artificial variants of the mineral in the region. Other factors such as high attraction for precious gemstones, high living standards, and superior lifestyle of people are predicted to further push the growth of the regional market.
Some of the major players of the global corundum market are K.A. Refractories Co. Ltd., Shenyang Hongyang Fine Ceramic Co. Ltd., Swarovski Gemstones, Riken Corundum Co. Ltd., Alteo Alumina, and Henge Group. The report also covers emerging players including Stars Gem, Swarovski Gemstones, World Corundum, Wuzhou Yisheng Jewelry, Xiamen Xinbailong Instrument, Xingyang Jinbo Abrasives, Yancheng Jiuheng Industry & Trade, Yixing Haiyu Refractory Materials, and Zhengzhou Sunrise Technology.
As part of primary research on the global corundum market, QY Research gathered critical information from stakeholders, regulatory organizations, manufacturers, processors, and raw material suppliers. In order to collect quantitative and qualitative data, the authors of the report interviewed different sources from the demand and supply sides of the global market. Secondary sources included certified publications, investor presentations, annual reports, press releases, BusinessWeek, Bloomberg, D&B Hoovers, and authorized databases. QY Research took inputs and verified its findings and assumptions with the help of industry experts.
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NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
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