Optical Ceramics Market to Grow with a CAGR of 6.76% through 2028
Surge in technological advancements is expected to drive the Global
Optical Ceramics Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Optical Ceramics
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Optical Ceramics Market stood at USD 301.04 million in 2022 and is anticipated to grow with a CAGR of 6.76% in the
forecast period, 2023-2028. The initiatives taken by government based on Optical
Ceramics has led to favorable market conditions for the Global Optical Ceramics
Market. Several factors contribute to the growth of various Optical Ceramics
products.
The National Science Foundation (NSF) offers various
funding opportunities for research related to ceramics. These opportunities
cover a wide range of ceramic materials, including optical ceramics, and aim to
support innovative research in this particular field. By providing financial
support, the NSF encourages scientists and researchers to explore new
advancements and breakthroughs in the realm of optical ceramics, ultimately
driving progress and innovation in this area.
In line with the significance of the ceramics industry,
New York Governor Hochul recently announced her support for Corning
Incorporated's substantial investment of $139 million. This investment aims to
expand and strengthen Corning's operations in the Finger Lakes region. As a
major player in the ceramics industry, Corning's commitment to growth and
development has the potential to greatly influence the optical ceramics market.
By investing in research, development, and production facilities, Corning is
poised to contribute to the advancement of optical ceramics technology and its
applications. Looking beyond the private sector, the Office of Naval
Research is focusing its efforts on the realization of low-temperature ceramics
fabrication. This research direction is driven by the objective of developing
less expensive ceramic materials. The implications of such advancements extend
to the production of optical ceramics, potentially making them more affordable
and accessible to a broader range of industries and applications. By exploring
innovative fabrication techniques and materials, the Office of Naval Research
aims to contribute to the overall progress of the ceramics industry, including
the field of optical ceramics.
Furthermore, the United States Geological Survey
recently released a list of 50 mineral commodities that are deemed critical to
the U.S. economy and national security. Although the specific inclusion of
materials used in optical ceramics is not specified, the release of such a list
underscores the strategic importance of mineral resources. This acknowledgment
highlights the potential impact on the supply chain for optical ceramics.
Ensuring a stable and secure supply of essential minerals is crucial for the
uninterrupted production and advancement of optical ceramics, which play a
vital role in various technological applications.
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market data Figures spread through XX Pages and an in-depth TOC on "Global
Optical Ceramics Market”
One of the main
factors propelling the optical ceramics market is the continuous advancements
in technology. These advancements include the development of new products that
leverage low-cost and advanced technologies, thereby driving the expansion of
this sector. For instance, the increased usage of optical ceramics in
spectacles, aerospace & defense, energy, and electrical & electronics
sectors has further contributed to the market growth.
Furthermore,
technological improvements and inventions in the military and security industry
have created a higher demand for advanced materials and technologies. This
demand has been fueled by the increasing expenditure in the defense sector,
which has become a significant driver for the optical ceramics market. As a
result, research and development activities in the field have been intensified,
leading to even more innovation and growth in the industry.
Global Optical
Ceramics Market is segmented into material type, application, end user, regional
distribution, and company
Based on its end user, the Aerospace & Defense segment
held the largest share in the market. Optical ceramics, known for their
exceptional properties, are extensively used as a superior alternative to
traditional glass lenses in various applications. For instance, they are widely
employed in headlamp systems and aircraft windows, offering enhanced durability
and performance. These advanced ceramics also play a crucial role as essential
components in solar panels mounted on space-based platforms. This enables
uninterrupted power supply during eclipses or when the sun sets. Furthermore, optical ceramics exhibit remarkable
thermal shock resistance, making them highly suitable for use in fire
extinguishers. Specifically, in situations where high-pressure oxygen or
nitrogen is released through a nozzle, these ceramics act as protective layers
on ceramic tiles. These tiles are deployed in areas prone to fire hazards due
to friction caused by heat radiation from burning materials like oil or fuel
oil. The increasing demand for optical ceramics from various end-use
industries, including the automotive sector, has resulted in significant
investments by companies operating within these domains.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. The region is anticipated to witness substantial
growth in the optical ceramics market due to the increasing demand from various
end-use industries. The aerospace and defense sector, electronics industry, and
energy and power sector are among the key drivers of this growth. The rising
population in China and India is expected to further fuel the demand for
optical ceramics in building structures, automobiles, and consumer appliances,
among others.
Moreover, the region's growth is also supported by
factors such as the rising disposable income of the population and government
initiatives towards infrastructure development. These factors are projected to
drive the expansion of the optical ceramics industry over the forecast period. In
terms of geographical distribution, Europe accounted for a significant share of
the global optical ceramics market. This can be attributed to the high
consumption volumes generated by major end-use industries such as aerospace and
defense, as well as automotive applications in countries like Germany, the UK,
Italy, and France. These countries are expected to drive the regional growth of
the optical ceramics market in Europe.
Similarly, North America has also made a significant
contribution to the industry's growth. The increased military spending and
growing investments by companies like Boeing Co. and Lockheed Martin Corp. have
played a pivotal role in driving the demand for optical ceramics in this
region.
Major companies operating in Global Optical Ceramics
Market are:
- CeraNova Corporation
- Ceramtec GmbH
- Surmet Corporation
- Schott AG
- Coorstek Corporation
- Murata Manufacturing Co. Ltd.
- Konoshima Chemicals Co. Ltd.
- Kyocera Corporation
- Saint-Gobain S.A.
- Ceradyne Inc.
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“Growing application of Optical Ceramics in various
end user industries are key drivers of the Optical Ceramics market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Optical Ceramics with every
passing year are anticipated to register an impressive growth to Global Optical
Ceramics Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Optical Ceramics Market By Material
Type (Sapphire, Phosphor, Alumina, Selenide, Oxynitride, Spinel, Others), By Application
(Active Devices & Passive Devices), By End User (Optics &
Optoelectronics, Aerospace & Defense, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Optical Ceramics Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Optical Ceramics Market.
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