iCrowdNewswire Jan 26, 2021 5:00 AM ET
The Global Optical Ceramics Market reached USD 148 million in 2018 and is estimated to register a CAGR of around 15.2% during the forecast period, 2019–2025. The growth of the global optical ceramics market is driven by the increasing demand for material having properties such as high-temperature resistance and high stiffness in the aerospace & defense industry as well as the growing demand for substitutes of glass, plastics, and metals.
The global optical ceramics market has been segmented based on material, application, end-use industry, and region.
By material, the global optical ceramics market has been classified into sapphire, phosphor, aluminum oxynitride, spinel, and others. The sapphire segment is expected to be the largest and fastest-growing segment during the forecast period as it offers properties such as scratch resistance and high optical transparency, owing to which it finds application in the checkout doors at the supermarket. Yttrium aluminum garnet (YAG) exhibits high thermomechanical properties owing to which it is widely used in the production of nanocomposite optical ceramics, which are high in demand for applications in range finders, target designators, and spot welding.
Based on application, the global optical ceramic market is segregated into optics & optoelectronics, semiconductor, and others. The growing use of image sensors, light-emitting diodes, and laser transmitters in recent years have surged the demand for optical ceramics, particularly in the optical & optoelectronics segment.
Aerospace & defense, energy, electrical & electronics, and others are the end-use industries analyzed under the scope of the report. The electrical & electronics segment held the largest market share in 2018, owing to its significant growth in Asia-Pacific. The aerospace & defense is expected to be the second-largest due to the increasing production of missiles domes, high energy laser missiles, and infrared radomes.
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Ceranova Corporation (US), CeramTec (Germany), Murata Manufacturing Co., Ltd (Japan), CoorsTek Inc (US), Brightcrystals Technology Inc (China), Schott AG (Germany), Saint-Gobain (France), Koninklijke Philips N.V. (The Netherlands), General Electric (US), CeraNova (US), Shanghai SICCAS (China), II-VI Optical Systems Inc (US), Kyocera Corporation (Japan), CILAS (France), Surmet Corporation (US), Konoshima Chemicals Co., Ltd (Japan).
Asia-Pacific, Latin America, North America, Europe, and the Middle East & Africa are the regions analyzed under the scope of the global market.
The global optical ceramics market was led by North America with the largest contribution in 2018 and is expected to be the fastest-growing regional market during the forecast period. Asia-Pacific is projected to be the second-largest market due to innovations in the optical and optoelectronics segment. However, the Middle East & Africa and Latin America are projected to witness steady growths during the forecast period.
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Keywords: Optical Ceramics Market, Optical Ceramics Market Share, Optical Ceramics Market Trends, Optical Ceramics Market Global Size, Upcoming Trends Opportunities, Up-to-date Development Data and Global Research Insight 2020-2023