CHICAGO, March 2, 2020 /PRNewswire/ -- According to the new market research report "Transparent Ceramics Market by Type (Monocrystalline Transparent Ceramics, Polycrystalline Transparent Ceramics, Others), Material (Sapphire, Spinel), End-User Industry (Optics & Optoelectronics, Mechanical/Chemical), and Region - Global Forecast to 2022", published by MarketsandMarkets, the Transparent Ceramics Market was valued at USD 219.2 Million in 2016 and is projected to reach USD 698.1 Million by 2022, at a CAGR of 21.3% between 2017 and 2022.
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The growth of the transparent ceramics market is primarily triggered by the increasing use of transparent ceramics in the optics & optoelectronics; aerospace, defense & security; and sensors & instrumentation end-user industries, owing to their superior mechanical properties and high mechanical strength as compared to conventional materials, such as glass, metal, and plastics. The increased miniaturization of electronic devices, equipment, and components and the rise in the need for modernization in environmental engineering are also some of the factors driving the growth of the transparent ceramics market.
Monocrystalline transparent ceramics is the fastest-growing type segment of the global transparent ceramics market in 2016
Monocrystalline transparent ceramics is the largest and the fastest growing segment of the transparent ceramics market, in 2016. Monocrystalline transparent ceramics are ideally suitable for applications that require high optical transparency and mechanical strength. Therefore, these are widely used optoelectronics and aerospace, defense & security applications. Monocrystalline transparent ceramics are increasingly being used in cutting tools and lasers applications, due to their high mechanical strength, high chemical and physical stability, and low absorption in the infrared range.
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Sapphire is the fastest-growing material segment of the global transparent ceramics market in 2016
Sapphire is the fastest-growing segment, projected to register a CAGR of 24.0% during the forecast period. There is a high potential for sapphire across various industry verticals, such as optoelectronics, energy, aerospace, defense, and security, among others. Sapphire (single crystal aluminum oxide) is primarily used where standard glass and technical ceramics cannot meet the high transparency demand of the specific applications. High ultraviolet and infrared optical characteristics and high electrical resistance, dielectric constant, and dielectric strength make sapphire the most widely used material in various applications, such as medical, optoelectronics, lasers, cutting tools, and aerospace, defense & security.
Optics & optoelectronics segment accounted for the largest market share of the global transparent ceramics market in 2016
Optics & optoelectronics segment dominated the global transparent ceramics market in 2016, due to the increasing use of transparent ceramics, owing to their superior mechanical and optical properties. The optics & optoelectronics segment accounted for the largest share of 21.3%, in 2016, of the overall transparent ceramics market. China is expected to be a major market for the optics & optoelectronics transparent ceramics due to low labor cost and potential high demand for transparent ceramics across various emerging applications.
The Asia-Pacific region was the largest market for the global transparent ceramics market in 2016
Asia-Pacific was the largest market of transparent ceramics in 2016, growth of this regional market is driven by the rising demand from electronics and defense industries in major economies such as China and India. Asia-Pacific is also estimated to be the fastest-growing transparent ceramics market. Asia-Pacific accounted for a share of 33.5% of the transparent ceramics market in 2016.
Key players operational in the Transparent Ceramics Market include CoorsTek Inc. (U.S.), Surmet Corporation (U.S.), Schott AG (Germany), and II-VI Optical Systems (U.S.), CILAS (France), Brightcrystals Technology Inc. (China), and CeramTec-ETEC GmbH (Germany), among others.
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