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. (Logo: http://photos.prnewswire.com/prnh/20161114/438683LOGO ) 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. Report Analysis and Market Overview@http://www.persistencemarketresearch.com/market-research/synthetic-sapphire-market.asp 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.