Global Corundum Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

“Global Corundum Supplements Market” is the title of an upcoming report offered by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global corundum market has been segmented on the basis of application, as well as regions and countries.

Overview:

Corundum is a crystalline form of aluminum oxide typically containing traces of iron, titanium, vanadium, and chromium. It is a rock-forming mineral. It is also a naturally transparent material, but can have different colors depending on the presence of transition metal impurities in its crystalline structure.

Dynamics:

The surging popularity of sapphire and ruby jewelry is a primary factor that is expected to boost the revenue growth of the global corundum market in the coming years. Corundum has a rating of 9 on the Mohs scale, which puts second only to diamonds in terms of mineral hardness. Due to which, it is frequently used across applications such as refractory and abrasives. The revenue growth of the global corundum market is closely linked to the growth of the global jewelry market due the latter industry’s applications of this mineral.

In light of the recent COVID-19 outbreak, numerous retail and commercial centers across the world have been temporarily closed down. This pandemic has also compelled individuals to reduce unnecessary spending and to invest responsibly. These factors have had a significantly negative effect on the revenue growth of the global corundum market, and this is expected to continue in the foreseeable future.

Segmentation of the global corundum market is as follows:

On the basis of application, the jewelry segment accounted for the highest number of revenue shares of the global corundum market in 2019, and this has been significantly influenced by macro-level economic indicators and consumer sentiments. The abrasives segment came in second, in terms of application. The increasing application prominence of abrasives especially in the construction, as well as the steel & glass industries respectively, is expected to continue to contribute to the overall revenue growth of this market.

Regional Segmentation and Analysis:

Markets in the APAC region accounted for the majority revenue share of the global corundum market in 2019, owing to the increasing growth of end-use industries such as construction and steel. The robust industrialization of countries such as China and India are slated to further contribute to the future market growth of this global industry. North America accounted for the second-highest number of revenue shares owing to the increasing demand for corundum from the jewelry industry. Although, presently this region’s market conditions are looking a bit sluggish, it is expected that once the pandemic is under control, the revenue growth of this market here is slated to make a comeback. The same applies to the markets in Europe, over the next decade.

Segmentation of the Global Corundum Market:

Segmentation by Application:

• Jewelry
• Abrasive
• Refractory
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa