Industry insights
The global 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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Application Insights
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.
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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