The global market for sapphire substrates exhibits a largely fragmented and an intensely competitive vendor landscape, observes Transparency Market Research (TMR) in a recent report. The leading five companies collectively accounted for a nearly 30% of the market in 2015, while small- and medium-sized players held nearly 65% of the global market in the said year.

TMR analysts suggest that the global sapphire substrates market will exhibit a healthy 4.10% CAGR over the period between 2016 and 2024. Considering the numbers hold true, the market is expected to rise from a valuation of US$0.4 bn in 2015 to US$0.6 bn by 2024.

sapphire substrates marketMarket in Asia Pacific to Outpace other Crucial Regional Market

Of the key areas of application for the global sapphire substrates market, including radio frequency integrated circuits, light emitting diodes, and laser diodes, the report states that the LED segment was attributable for a large share of the overall consumption in 2015. The segment is also expected to continue to hold prominence over the report’s forecast period.

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Geographically, the market in Asia Pacific is presently the leading contributor of revenue to the global sapphire substrates market. The regional market accounted for a massive 60% of the overall market and is expected to continue to have a stronghold on the global market over the report’s forecast period.

Factors such as the presence of a large number of LED manufacturers, a well-established consumer electronics industry, and the presence of several semiconductor manufacturing facilities could bode well for the development of the region’s sapphire substrates market over the report’s forecast period.

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Massive Expansion of Global Electronics Industry to Help Market Gain Pace over Forecast Period

TMR analysts expect the advent and increased adoption of the silicon-on-sapphire (SoS) technology to act as a key growth driver for the global sapphire substrates market in the next few years. Vast advantages of sapphire in terms of insulating capacity as compared to other materials have been the key factors encouraging the increased uptake of SoS technology across a number of applications. The vast rise in demand for LED products across a vast number of application areas could also act as a promising growth driver for the market.

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On the flip side, however, the market has suffered a great deal from the oversupply of sapphire ingots in the recent past. The vast potential showcased by sapphire attracted a large number of companies in the global market and led to plummeting costs and reduced profitability for leading players. Moreover, the increased popularity of GaN-on-Si-based LED products is also hampering the growth prospects of the global market.