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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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.
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.
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.
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.