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.
Optical
ceramics are an alternative to single-crystal technology and conventional glass
technologies in various new applications, including infrared domes and
high-energy radiation detection. The technological advancement in the
production of optical ceramics has led to the usage of optical ceramics in
niche applications such as inertial confinement nuclear fusion and automobiles.
Thus, the increasing demand for optical ceramics in niche applications is
providing excellent growth opportunities for the manufacturers.
Sapphire is the largest and fastest-growing material for optical ceramics owing to the presence of a large number of manufacturers producing this material. Also, sapphire finds use in an array of end-use industries such as optoelectronics and aerospace and defence & security, which is driving the market.
Optics &
optoelectronics is expected to be the largest and fastest-growing end-use
industry during the forecast period
The end-use industries of optical ceramics include
optics & optoelectronics, aerospace and defence & security, energy, and
others (medical imaging). The use of optical ceramics is increasing in the
optics & optoelectronics segment as glasses & halides, sulfides, and
selenides, which are used as an alternative to ceramics materials that have
limited scope in this segment. Therefore, the demand for polycrystalline
ceramics is increasing owing to their superior mechanical and optical
properties.
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Although optics & optoelectronics accounted for
the largest market share in 2017 and is expected to be the fastest-growing
segment during the forecast period; aerospace, the defence & security
application segment is likely to hold tremendous opportunities for growth. This
growth is attributed to the technological advancements and innovations in the defence
& security equipment such as body armors & helmets and vehicle &
aircraft.
North America is
projected to be the largest market during the forecast period.
On the basis of region, the optical ceramics market
has been segmented into APAC, Europe, North America, the Middle East &
Africa, and South America. The growth of the optics & optoelectronics
industry in the emerging economies is driving the market. APAC is projected to
register the highest CAGR during the forecast period. This is attributed to the
high economic growth rate, growing manufacturing sector, low-cost labour, and
the global shift of the consumption and production capacities from the
developed markets to the emerging markets in APAC.
Key Market Players
The key players profiled in this market are II-VI Optical
Systems (US), CeraNova (US), CeramTec (Germany), Surmet Corporation (US),
Schott AG (Germany), CoorsTek (US), Murata Manufacturing Co. Ltd.
(Japan), Konoshima Chemicals Co. Ltd. (Japan), Kyocera (Japan), and Saint-
Gobain (France).
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