Optical Ceramics Market is Estimated to Expand at a Robust CAGR by 2023

q The market size of optical ceramics is estimated at USD 148 million in 2018 and is projected to reach USD 297 million by 2023, at a CAGR of 15%, between 2018 and 2023. The global optical ceramics market is driven by the increasing defence expenditure on advanced materials and technologies. Optical ceramics are used as a substitute for glass, metals, and plastics, which is boosting the market.

Browse 61 market data Tables and 33 Figures spread through 112 Pages and in-depth TOC on "Optical Ceramics Market by Material (Sapphire, Aluminum Oxynitride, Spinel), End-use (Optics & Optoelectronics, Aerospace and Defense & Security, Energy), Region (North America, Europe, APAC, South America, Middle East & Africa) - Global Forecast to 2023"

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CeramTec is a portfolio company of Cinven, a European private equity firm since 2013. It is a manufacturer and supplier of a wide range of ceramics. It has an extensive portfolio of over 10,000 different products of engineered ceramic materials. The advanced ceramic products offered by the company are used across industries such as automotive, electronics, mechanical, and medical.

The company aims at expanding into lucrative market segments, such as lighting technology, sensor technology, and mobility, in addition to its presence in the medical application segment. CeramTec makes extensive use of its R&D activities to innovate safe and cost-effective methods of manufacturing advanced ceramics. The company has a strong presence in the European region and is increasing its presence in APAC. It has adopted organic as well as inorganic growth strategies to maintain its foothold in the global optical ceramics market. For instance, in 2017, CeramTec agreed on the acquisition of the UK Electro-Ceramics business, including two of its manufacturing sites at Ruabon and Southampton, from Morgan Advanced Materials plc (UK). This acquisition helped the company explore new markets, new application areas, and new developments in optical ceramics.

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High economic growth rate and growing optoelectronics industry in China, Japan, and India are projected to lead the optical ceramics market in APAC during the forecast period.

APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of optical ceramics. Increasing manufacturing of optoelectronic devices with touchscreen displays using materials such as sapphire and Yttrium aluminium garnet in Japan, China, and India is anticipated to deliver impetus to the market growth.

The key players in the optical ceramics market include CeramTec (Germany), Schott AG (Germany), Surmet Corporation (US), II-VI Optical Systems (US), CeraNova (US), Kyocera (Japan), CoorsTek (US), Konoshima Chemicals (Japan), Saint- Gobain (France), and Murata Manufacturing (Japan). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launch, and merger & acquisition.

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