NEW YORK, November 16, 2016 /PRNewswire/ --
Global Synthetic Sapphire Market Revenue Expected to Register a CAGR of 8.4% Between 2016 and 2024; Asia Pacific Anticipated to Witness Highest Growth between 2016 and 2024
According to the latest market report published by Persistence Market Research titled 'Global Market Study on Synthetic Sapphire: Sapphire Substrates Application Segment Estimated to Account for More than 30% Market Value Share by 2016 End, the revenue generated from global sales of synthetic sapphire has been estimated to be valued at US$ 4,864.3 Mn by 2016 end and is expected to increase at a CAGR of 8.4% during the forecast period of 2016-2024.
Demand of sapphire products is expected to grow beyond LED as its primary application since sapphire growers are researching new applications which are under developing phase. This is because sapphire being an anisotropic material, which makes its mechanical and thermal properties to depend on the direction of crystal growth and its subsequent processing. Thus, the exceptional mix of properties makes sapphire an ideal material for LED manufacturing and as a semiconductor. Also, when compared to other optical materials, sapphire has superior level of radiation stability and thus a demand from various industrial sectors is strong. Attributes such as government policies and regulations for preferring LED lighting over incandescent and CFL, and a high demand from semiconductor industries are the factors responsible for growing demand of synthetic sapphires globally.
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Display application segment is anticipated to register the fastest growth due to growing market for smart watches, premium watches, smart phone covers, and camera lenses. The sapphire substrates in LED is a matured market, wherein substrates of 6'’ and more diameter are at a growth phase. Moreover, favourable taxation policies of governments across the world are also anticipated to support the growth of overall synthetic sapphire demand during the forecast period. The display segment is slated to register a CAGR of around 10.5% in terms of value over the forecast period.
Asia Pacific accounted for the largest value share of the global synthetic sapphire market in 2016, and is anticipated to increase at a CAGR of 8.6% over the forecast period in value terms. Sales of synthetic sapphires in China is projected to increase by 1.8X between 2016 and 2024. In terms of value and volume, Asia Pacific is anticipated to register highest growth followed by Europe over the forecast period.
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Synthetic sapphire manufacturers and fabricators are working closely in fulfilling the end use demand, especially sapphire for LED substrates is a key growth area. The processing plants are mostly setup in Asia Pacific region with players in the market continuously improving the sapphire growth methods in order to improve the sapphire yield.
Rubicon Technology Inc., KYOCERA Corporation, Saint-Gobain, SCHOTT AG, Monocrystal, Rayotek Scientific Inc., CRYSTALWISE TECHNOLOGY INC., ILJIN Display CO., Ltd, Namiki Precision Jewel Co., Ltd. and Juropol Sp. z o.o. are some of the leading players in the global synthetic sapphire market.
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