Transparent Ceramics Market Research Report 2019-2027 | Industry Outlook, Growth, Trends and Forecast
Transparent Ceramics Market: Key Highlights
- The global transparent ceramics market was valued at ~ US$ 275 Mn in 2018, and is anticipated to expand at a CAGR of ~ 22% during the forecast period.
- The global transparent ceramics market is driven by the rise in the demand for electrical & electronics (E&E) and sensors & instrumentation applications.
- Asia Pacific accounts for a prominent share of the global transparent ceramics market, led by an increase in the demand for electric, electronic, and healthcare products in the region.
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Key Drivers of the Global Transparent Ceramics Market
- Transparent ceramics are used as optically transparent materials in different forms. The global transparent ceramics market is anticipated to expand rapidly during the forecast period, owing to the increase in the adoption of energy-efficient materials across the world.
- Transparent ceramics are widely employed in the production of components of eco-friendly optical fibers and humidity sensors. This is likely to drive the global transparent ceramics market during the forecast period.
- Growth of the medical industry, led by the rise in population, is projected to drive the global transparent ceramics market during the forecast period. Energy-saving potential, cost-saving potential, and durability of transparent ceramics are key factors likely to augment the global market during the forecast period.
Sapphire Material to Offer Attractive Opportunities
- The sapphire segment accounted for a major share of the global transparent ceramics market in 2018. It is estimated to be a highly attractive segment during the forecast period. Sapphire-based transparent ceramics are used in a broad range of end-use industries such as optoelectronics, aerospace & defense, and security.
- Sapphire is a single-crystal aluminum oxide (Al2O3), which is primarily used when standard glass and technical ceramics cannot meet the demand of certain applications in terms of high transparency. It possesses exceptional optical properties such as high ultraviolet and infrared optical characteristics, high resistance to wear and scratches, high thermal conductivity, and high co-efficiency of linear expansion.
- Single-crystal aluminum oxide is an excellent ceramic oxide with a wide range of applications, including adsorbents, catalysts, microelectronics, chemicals, etc. It is applied in aerospace and other high-technology fields also.
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High Cost of Transparent Ceramics Likely to Hamper Market
- Transparent ceramics require machining to obtain components with a specific shape and size, before they are employed in end-use industries, which entails high capital costs. This factor is hampering the global transparent ceramics market. Transparent ceramics are generally used in all major applications such as optics, aerospace, spacecraft, chemical, mechanical, and consumer products.
- The high cost of transparent ceramics is likely to restrain the market in the near future. Furthermore, the high prices of raw materials raise the cost of these ceramics, thereby increasing the prices of end products. Thus, end-use industries are compelled to seek low-cost substitutes for these raw materials.
Top Five Players Accounted for ~ 40% of Market Share in 2018
The global transparent ceramics market is dominated by a few large and medium players that operate across the globe. The top five players, i.e. 3M, II-VI Optical Systems, SCHOTT AG, Surmet Corporation, and CeramTec, accounted for ~ 40% of the market share in 2018. The global transparent ceramics market is dominated by II-VI Optical Systems, which is the largest manufacturer of transparent ceramics across the world.