Increasing expenditure on advanced materials & technologies and surging adoption of substitute to glass, metals & plastics to drive growth of global optical ceramics market through 2024.
According to TechSci Research report, “Global Optical Ceramics Market By Material Type, By Application, By End-User Industry, By Region, Competition Forecast & Opportunities, 2024”, the global optical ceramics market is expected to grow at a CAGR of around 15% during the forecast period. The growth in the market can be attributed to rising adoption of optical ceramics across various industries on account of its durability, increasing defense expenditure on advanced technologies and materials and their adoption as a substitute to glass, metals and plastics. However, cost of optical ceramics is likely to hamper the growth of the market during forecast period.
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Global optical ceramics market is segmented based on material type, application, end user industry, region and company. Based on type, the market can be segmented into Sapphire, Phosphor, Alumina, Selenide, Oxynitride, Spinel, Yttrium Aluminium Garnet [YAG] and Others. Sapphire is estimated to dominate the market during the forecast period as a large number of manufacturers are present in the market. Moreover, various properties of Sapphire such as easy availability, ease of manufacturing, and suitability for a wide range of optical applications, makes it a preferable choice across different applications.
Konoshima Chemicals Co., Ltd., Coorstek Advanced Materials Crewe Limited, CeramTec-ETEC GmbH, Brightcrystals Technology Inc., Schott AG, Surmet Corporation, Murata Manufacturing Co. Ltd., II-VI Optical Systems Inc., Compagnie Industrielle des Lasers CILAS SA, and Ceranova Corporation are some of the leading players operating in global optical ceramics market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“Asia-Pacific is expected to be the largest and fastest growing market for optical ceramics during the forecast period, owing to the easy availability of raw materials, low cost labor and higher demand in the region. These factors have made Asia-Pacific the most preferred destination for the manufacturers of optical ceramics. Moreover, rising manufacturing of optoelectronic devices using materials such as sapphire and Yttrium aluminium garnet in countries like Japan, China, and India is further fuelling growth in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Optical Ceramics Market By Material Type, By Application, By End-User Industry, By Region, Competition Forecast & Opportunities, 2024” has evaluated the future growth potential of global optical ceramics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global optical ceramics market.
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