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Optical Ceramics Market is Expected to Reach $603.4 million by 2030

 
2022
Optical Ceramics Market

Report Code : A14370

quote Ceramics are a form of optical material that is more thermally resistant than resin or glass. They can be moulded into any shape and provide more productive results than a single crystal. Optical ceramics goods, such as scintillators for medical diagnostics, infrared transparent materials for missile domes and windows, and others, are used in military and commercial applications. quote

Eswara Prasad
Manager, Materials & Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled," Optical ceramic market by material and end-use: global opportunity analysis and industry forecast, 2021-2030," the global optical ceramics market size was valued at $189.3 million in 2020, and is projected to reach $603.4 million by 2030, growing at a CAGR of 12.4% from 2021 to 2030.

Optical ceramic is a crystalline sophisticated industrial material with a long-life span. They are well-known for their ability to provide reasonable cost and large-scale materials for large-scale detection. Optical ceramics are rapidly replacing numerous materials such as metals, glasses, and plastics. It can be used in a variety of fields, including optical, aerospace, and military.

The optical ceramics market has witnessed a significant growth, owing to possibility of manufacturing of moderately priced and large sized materials for large area detection. The product substitution for other products such as glass, metals, and plastics has further increased demand for such products. However, high cost these products restrain growth of the optical ceramics market. Nevertheless, its involvement in wide applications such cathode ray tubes and laser is expected to provide an opportunity for the growth of the optimal ceramics globally.

The global optical ceramics market is segmented into material, end use, and region. By material, the market is segregated into sapphire, aluminum oxynitride, spinel, yttrium aluminum garnet, and others. On the basis of end-use, it is fragmented into optics & optoelectronics, aerospace & defense and security, energy, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

By, material, the sapphire segment is projected to hold a significant share in the market, and is expected to continue the same during the forecast period, exhibiting remarkable growth. 

By end use, the optics and optoelectronics segment is projected to contribute a significant share in the market, owing to high use of optical ceramics due to its better mechanical and optical properties.

Region wise, Asia-Pacific is projected to hold a significant share in the global optical ceramics market, owing to high application of optical ceramics in the defense industry, coupled with presence of high defense expenditure in the region.

The major companies profiled in this report include American Elements, CeraNova, CeramTec, CoorsTek, Konoshima Chemicals, Kyocera, Saint- Gobain, Schott AG, Surmet Corporation, and II-VI Aerospace & Defense. These players have adopted strategies such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market. 

Key findings of the study

  • Region wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 13.7%, in terms of revenue, during the forecast period.
  • On the basis of end-use, the optics & optoelectronics segment accounted for the largest market share in 2020.
  • Depending on material, the sapphire segment garnered the highest share in 2020.

Impact of COVID-19 on the global optical ceramics market

The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world. Construction & infrastructure is one of the most affected sectors, owing to lockdown announced in several countries. Lockdown has affected several construction and infrastructure projects due to supply chain disruptions and unavailability of workers.

Since the advent of the pandemic, the optics & optoelectronics, aerospace & defense and security, and energy sectors witnessed a severe decline. As a result, demand for optical ceramics in the construction sector is decreasing, thereby affecting the market growth.

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quote Optical Ceramics Market by Material (Sapphire, Aluminum Oxynitride, Spinel, Yttrium Aluminum Garnet, and Others) and End Use (Optics & Optoelectronics, Aerospace & Defense and Security, Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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