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Corundum Market To Reach $8.47Bn By 2030 | CAGR: 5.1%

Corundum Market To Reach $8.47 Billion By 2030 | CAGR: 5.1%

December 2024 | Report Format: Electronic (PDF)

Corundum Market Growth & Trends

The global corundum market size is estimated to reach USD 8.47 billion by 2030 registering a CAGR of 5.1% from 2025 to 2030, according to a new report by Grand View Research, Inc. The rising popularity of ruby based jewelry is projected to aid market growth over the forecast period. Corundum is a naturally occurring mineral, which is mostly found in rocks with higher percentages of alkalis and alumina. The vivid color combination exhibited by the product in the form of ruby and sapphire is due to the elemental substitution.

The presence of Fe and Ti within the crystal structure of the product provides the sapphire with blue color. Similarly, the presence of chromium provides the ruby with red color. These aforementioned colored gems are widely popular in the retail segment of the U.S. jewelry industry, which valued at around USD 83.4 billion in 2016. Although, due to the various level of processing stages involved within the value chain of colored gems, the retail price of the product is highly marginalized. The growth of the U.S. jewelry industry is directly related to the nation’s economic macro indicators, which are likely to observe a declining trajectory in FY 2020 due to the emergence of coronavirus.

With the global pandemic and lockdown on industrial activities, the product demand in FY 2020 is likely to observe stagnant growth. The product demand observed a significant decline in the first quarter of the FY 2020 as the key application segments, such as jewelry, ceramics, and refractory industries, had a disruption in their operational activities. Key companies in the market are formulating strategies to adopt sustainable mining practices and reduce Greenhouse Gas (GHG) emissions.

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Corundum Market Report Highlights

The jewelry application segment dominated the market and accounted for the largest revenue share of 53.7% in 2024.
The abrasives segment is expected to grow at a CAGR of 5.4% over the forecast period, owing to its superior hardness, making it an ideal material for various industrial uses.
Europe corundum market dominated the global market and accounted for the largest revenue share of 33.6% in 2024, driven by the increasing industrial demand for abrasives and refractory materials.