Global Optical Ceramics Market to Grow at a Robust CAGR During Forecast Period
Increasing expenditure on
advanced materials & technologies and surging adoption of substitute to
glass, metals & plastics to drive growth of global optical ceramics market
through 2024
According to
TechSci Research report, “Global Optical
Ceramics Market By Material Type, By Application, By End-User Industry, By
Region, Competition Forecast & Opportunities, 2024”, the global optical ceramics market is expected to grow at a
CAGR of around 15% during the forecast period. The growth in the market can be
attributed to rising adoption of optical ceramics across various industries on
account of its durability, increasing defense expenditure on advanced
technologies and materials and their adoption as a substitute to glass, metals
and plastics. However, cost of optical
ceramics is likely to hamper the growth of the market during forecast period.
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Global optical ceramics market is
segmented based on material type, application, end user industry, region and
company. Based on type, the market can be segmented into Sapphire, Phosphor,
Alumina, Selenide, Oxynitride, Spinel, Yttrium Aluminium Garnet [YAG] and
Others. Sapphire is estimated to dominate the market during the forecast period
as a large number of manufacturers are present in the market. Moreover,
various properties of Sapphire such as easy availability, ease of
manufacturing, and suitability for a wide range of optical applications, makes
it a preferable choice across different applications.
Konoshima
Chemicals Co., Ltd., Coorstek Advanced Materials Crewe Limited, CeramTec-ETEC
GmbH, Brightcrystals Technology Inc., Schott AG, Surmet Corporation, Murata
Manufacturing Co. Ltd., II-VI Optical Systems Inc., Compagnie Industrielle des Lasers CILAS SA, and Ceranova
Corporation are some of the leading players operating in global optical
ceramics market. Companies operating in the market are using organic strategies
such as product launches, mergers and collaborations to boost their share.
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“Asia-Pacific is expected
to be the largest and fastest growing market for optical ceramics during the
forecast period, owing to the easy availability of raw materials, low cost
labor and higher demand in the region. These factors have made Asia-Pacific the
most preferred destination for the manufacturers of optical ceramics. Moreover,
rising manufacturing of optoelectronic devices using materials such as
sapphire and Yttrium aluminium garnet in countries like Japan, China, and India
is further fuelling growth in the market.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Optical Ceramics Market By Material
Type, By Application, By End-User Industry, By Region, Competition Forecast
& Opportunities, 2024” 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.
About TechSci Research
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