Transparent Ceramics Market size is anticipated to reach USD 1.1 billion by 2024. It is projected to expand at a CAGR of 22.4% over the forecast period on account of its increasing demand from various application sectors as an alternative for traditional glass technologies in numerous functions for instance armors, optical fibers, lasers and infrared domes.
The
increasing emphasis on deployment cutting and laser tools is enhancing the
transparent ceramics market globally. In addition, growing penetration of
transparent ceramics on account of its excellent properties as compared with
conventional ceramics is presumed to fuel the expansion over the forecast
period.
The
product consists of materials which are transparent under the electromagnetic
wave as well as UV and IR light. Some of its materials provide multipurpose and
special properties which are appropriate for lasers and scintillators.
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The
aerospace, defense & security sector accounted for 22.3% of the overall
market share in the year 2015. The sector is anticipated to witness a speedy
growth over the next eight years on account of increasing expenditure in this
sector for new advancements.
Transparent
ceramics are used for manufacturing windows, hemispherical domes and armors for
missiles. The constant rise in the expenditure for the improvement of aerospace
& defense segment, specifically in the Middle East, is presumed to fuel the
overall growth.
The
optics & optoelectronics industry is anticipated to garner revenues worth
USD 302.40 million by the year 2024. The product is utilized in CCDs, CMOS,
transmitter, couplers and image & display sensors on a large scale, as a
result optics & optoelectronics application sector is expected to garner
the highest revenue share over the forecast period.
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The
monocrystalline transparent ceramics accounted for over 53.4% of the total
revenue share in the year 2015. They are projected to witness augmented growth
over the forecast period.
The
polycrystalline transparent ceramics are expected to witness the fastest growth
over the forecast period on account of its increasing application scope such as
armors, laser equipment and optoelectronic devices.
Material Insights
The
demand for spinel is anticipated to witness a rapid growth over the next eight
years on account of its increasing application for manufacturing defense
industry related products. The polycrystalline structure of the material
enables it to be a commercially feasible option for application in spinel.
Sapphire
accounted for 41.30% of the total revenues in the year 2015. The material
segment is presumed to continue its dominance over the next eight years on
account of its rising usage in electronics & semiconductor industry.
Yttrium
aluminium garnet (YAG) is projected to grow at a moderate rate on account of
its increasing application in defense vehicles and optic devices. The material
segment is expected to garner a market share of around 22.1% by the year 2024.
Regional Insights
Asia
Pacific accounted for approximately 45.0% of the total market share in the year
2015. The demand in this region is fueled by the increasing application of the
product on account of its excellent properties. In addition, the rising demand
for iron & steel and defense sectors owing to rapid industrialization is
presumed to boost the overall growth.
The
availability of raw materials at cheaper rates along with large number of
manufacturers and suppliers is a crucial factor for the market growth in this region.
China is expected to lead the growth of Asia Pacific during the analysis
period.
The
U.S. market was estimated at USD 20.90 million in the year 2015 and occupied
more than 60.0% of the total revenue share in the North America. In addition,
increasing expenditure of the country in defense sector is projected to fuel
the demand over the forecast period.
The
gobal market in Europe is highly influenced by the glass & ceramic
refractory and steel & iron industry. It is expected to witness a
significant growth rate of 18.4% CAGR over the forecast period.
Competitive Insights
The
major players are continuously engaged in R&D activities for new product
development and innovations with an aim of strengthening their foothold in the
market and achieve a competitive edge over the competitors.
The
major participants include Coorstek, Schott AG., Surmet Corporation, IBD
Deisenroth Engineering, Murata Manufacturing Co. Ltd., CeramTec, Koito
Manufacturing and Ceranova. The increase in the applications for transparent
ceramics is anticipated to provide a competitive advantage to the market
participants.
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