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New report shares details about the sapphire substrates market forecast to 2024

Thanks to the massive rise in the demand for LED across a number of sectors, the global market for sapphire substrates has been witnessing a remarkable progression in its size. In addition to this, the advent of the silicon-on-Sapphire (SoS) technology is likely to add significantly to the growth of this market in the near future, owing to the favorable properties of sapphire.

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Global Sapphire Substrates Market: Snapshot

The rising application of SoS integrated circuits (ICs) in various electronic products is also projected to promote the growth of this market substantially over the next few years.

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The worldwide market for sapphire substrates, which presented an opportunity worth US$0.4 bn in 2015, is expected to rise at a CAGR of 4.10% between 2016 and 2024 and reach US$0.6 bn by the end of 2024.

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In terms of volume, the market is estimated to reach 40,333.2 thousand units by 2024.

Demand for Sapphire Substrates to Remain High from LED Segment

Light emitting diode (LED), radio frequency integrated circuits (RFIC), laser diodes, silicon on sapphire (SoS) integrated circuits, and other applications, such as insulated gate bi-polar transistor (IGBT), double-diffused metal oxide semiconductor (DMOS), and ultra-fast diodes, are the main application areas of sapphire substrates across the world.

Among these, the demand for these substrates has been greater from the LED segment, which is likely to remain so over the years to come, thanks to the increasing usage of LED lights and screens. The RFIC segment is also expected to witness a considerable rise in the demand for sapphire substrates over the next few years.

In 2015, Asia Pacific was the largest regional market for sapphire substrates, accounting for more than two third of the market share, in terms of revenue, and is expected to retain their leading position during the forecast period. In terms of volume, Asia Pacific is again expected to be the largest regional market for sapphire substrates, accounting for more than 80% market share in 2015.

The shifting of semiconductor manufacturing facilities in China, Taiwan, Japan and other Asian countries has been a primary factor for the growth of the sapphire substrates market in this region.

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Additionally, easy availability of raw materials and equipment suppliers, coupled with much lower labor cost, has also been promoting the growth of sapphire substrates market in Asia Pacific. Furthermore, presence of several LED manufacturers in this region has also significantly promoted the growth of sapphire substrates market in this region.

North America was the second largest market for sapphire substrates in 2015, in terms of revenue. Volume wise, the region was also the second largest market.

The market is expected to grow at a medium pace and is primarily driven by the application of high quality sapphire substrates in RFICs and laser diodes among others.

Some of the leading players in the global market for sapphire substrates are Precision Micro-Optics Inc., Hansol Technics Co. Ltd., Semiconductor Wafer Inc., Rubicon Technology Inc., Meller Optics Inc., Crystal Applied Technology Inc., KYOCERA Corp., Saint-Gobain Group, Crystalwise Technology Inc., and Monocrystal Inc.

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