Optical ceramics may be defined as transparent polycrystalline materials that could be used in place of single crystal scintillators. Ceramic fabrication methods are adopted for their production and the scintillator material chosen should be transparent in its emission wavelength. Optical ceramics are replacing glass, plastics and metals at a rapid pace and thus, catching the world’s attention. The global Optical ceramics Market is expected to foray ahead with a higher single digit CAGR over the forecast period of 2019-2029. Increase in production capacities of ceramics has emerged as the recent trend in the market. For instance, in March 2019, Okayama Murata Manufacturing has completed the construction of its production capacity at Okayama, Japan. In addition,
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Kyocera has built ceramic microelectronic packages manufacturing plant in June 2018 at Kagoshima, Japan. Hence, such capacity expansions tend to increase the production of optical ceramics that in turn drives the market growth over the forecast period. Moreover, factors such as demand of alternatives to glass, metals and plastics, coupled with increasing defense expenditure for research & development of advanced materials, tend to boost the market growth till 2029. However, high cost of optical ceramics acts as a restraining factor to the Optical ceramics market growth over the forecast period.
Increasing Research & Development Activities for Advanced Materials by Defense is Providing Traction to the Market Growth over Forecast Period
Inclination of defense towards research and development of advanced materials is creating huge adoption avenues for the market growth over the forecast period. For instance, in June 2019, the Australian Department of Defence selected seven innovative research projects from Australian universities dedicated towards advanced material research. In addition, the United States has spent $78.1 billion on defense R&D in 2016. The major areas of research were advanced materials, drones, nuclear weapons and others. Therefore, such projects tend to enhance the research and development of advanced materials that consequently drives the optical ceramics market growth till 2029.
Optical ceramics Market: Regional Outlook
The global Optical ceramics market is segmented into six regions including North America, Latin America, Europe, East Asia, South Asia & Oceania and MEA. Among the above-mentioned regions, North America is expected to contribute majority of the market share in 2018 in terms of volume owing to high adoption of optical ceramics across the application industries.
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High adoption of optical ceramics in optoelectronics, semiconductor and aerospace industry has fuelled the regional market. Europe has captured a fair amount of percentage in the optical ceramics market. Moreover, South Asia and East Asia are expected to show high growth rates due to high demand from semiconductor and electronics industry. Furthermore, increasing population along with growing aerospace industry and high demand for optical ceramics also tends to supplement the regional growth till 2029. China is one of the key emerging markets for optical ceramics in the region. Moreover, Middle East & Africa along with Latin America accounts for substantial market shares in terms of optical ceramics demand in 2018.
Key players of Optical ceramics Market
Prominent players in the global optical ceramics market are II-VI Optical Systems (U.S.), CeramTec (Germany), CeraNova (U.S.), Schott AG (Germany), Konoshima Chemicals Co. Ltd. (Japan), Murata Manufacturing Co. Ltd. (Japan) etc. The optical ceramics market consists of well-diversified global and regional players with global vendors ruling the market.
The research report presents a comprehensive assessment of the Optical ceramics market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Optical ceramics market report provides analysis and information, according to market segments such as geographies, type and application.
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