Albany, NY -- (SBWIRE) -- 05/15/2017 -- Characterized by the rivalry between Crystal Applied Technology Inc., Hansol Technics Co. Ltd., Monocrystal, TeraXtal Technology Corp., Iljin Display, Rubicon Technology, and Crystaland, the global market for sapphire substrates exhibits a highly fragmented and competitive landscape, finds a report by Transparency market Research (TMR). The competitive rivalry between these players is expected to remain high over the next few years.

As per the report, the worldwide market for sapphire substrates presented an opportunity worth US$0.4 bn in 2015. Rising at a CAGR of 4.10% during the period from 2016 to 2024, the market is likely to reach US$0.6 bn by the end of the forecast period. The market volume is estimated to reach 40,333.2 thousand units over the same time period. The demand for these substrates has been higher from the LED segment and is expected to continue like this over the years to come, thanks to the escalating usage of LED lights and screens.

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With a Large Pool of LED Manufacturers, Asia Pacific to Continue as Market Leader

The report also presents a geographical analysis of the global sapphire substrates market. According to the study, the worldwide market stretches across North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific has been leading this market with a revenue share of more than 60% and the scenario is anticipated to remain same over the next few years. The regional market is also projected to continue its leading streak on the volume front over the forecast period.

The presence of a large pool of LED manufacturers and semiconductor manufacturing units, thanks to the easy availability of raw materials and equipment suppliers, together with much lower labor cost, in this region is likely to add significantly to the growth of the Asia Pacific market for sapphire substrates over the forecast period. The North America market for sapphire substrates, which stood second in 2015, is also projected to experience a steady rise in the near future on account of the increasing application of high quality sapphire substrates in RFICs and laser diodes.

Growth of Electronics Market to Reflect Positively on Demand for Sapphire Substrates

"The global market for sapphire substrates has gained significant impetus from the advent of silicon-on-sapphire (SoS) technology," states the author of the study. The excellent insulating property of sapphire has been indorsing the uptake of SoS technology applications. Furthermore, the massive rise in the demand for LED across various sectors is also adding to the growth of this market substantially.

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In addition to these, the growth of the electronics market is likely to have a positive impact on the demand for sapphire substrates globally in the near future as their application in various electronic devices has escalated significantly due to the excellent properties and relatively lower price of sapphire.

On the other hand, the oversupply of sapphire ingots has been restraining the growth of the global sapphire substrates market. Sapphire was supposed to have immense potential, which led to the venturing of a number of companies, resulting in the oversupply of sapphire substrates, compared to demand. Additionally, the growth of GaN-on-Si-based LED market is anticipated to hamper the market's growth in the near future, notes the research study.