- Growing demand for electrical and electronics is set to propel growth in the global transparent ceramics market over the forecast period
- Asia Pacific (APAC) is anticipated to account for a sizeable share of the market while North America is expected to grow at a stellar pace, offering novel growth opportunities
ALBANY, N.Y., Sept. 17, 2020 /PRNewswire/ -- The global transparent ceramics market is set to grow at a CAGR of about 22% from 2019 to 2027, improving upon the market valuation by a substantial worth. It is worth noting here that from about USD 275 million in 2018, market would grow up to about USD 1.6 billion by 2027.
As per Transparency Market Research, "Multiple drivers and trends are responsible for keeping the market buoyant over the forecast period. Some of these include increasing demand for electrical and electronics, and healthcare products. New growth opportunities will also mark the market landscape over the stated period."
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Key Findings of Global Transparent Ceramics Market Study:
- Asia Pacific region is anticipated to lay claim to a prominent share of the global transparent ceramics market over the forecast period
- New-age laser ceramics are set to contribute notably to overall market growth from 2019 to 2027
- Use in defense application is set to be a notable factor leading to higher sales of transparent ceramics
- Sapphire is anticipated to have a prominent place in electronic and electrical applications over the forecast period
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Key Drivers of Growth in Global Transparent Ceramics Market:
- Innovations are being noted in colored sapphire, leading to increase in demand in the electronics industry
- Applications of ceramics is seeing an increase across varied industry verticals, paving way for growth in the market over the coming few years
- Increasing demand for smart phones, laptops, tablet, and other consumer electronics is a notable factor of growth
- Growing demand for energy efficient materials is set to drive the transparent ceramics market forward
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Regional Analysis of Global Transparent Ceramics Market:
- Increasing disposable income, growing demand for electrical and electronics products is set to drive the Asia Pacific region towards a prominent market share
- China is anticipated to be at the forefront of growth in the APAC region owing to expansion in energy and electronics industries
- North America is set to grow at an impressive CAGR, providing a host of untapped growth opportunities to market players over the forecast period
- Contributions of United States of America towards growth in the region are expected to be significant
- Factors such as technological advancement, and high disposable income are keeping the region on a high growth trajectory
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Competitive Landscape of Global Transparent Ceramics Market:
The global transparent ceramics market is marked by presence of several prominent players. Some of the renowned names, profiled comprehensively by Transparency Market Research, are 3M, CeramTec, II-VI Optical Systems, Kyocera Corporation, Saint-Gobain Ceramic Materials, SCHOTT AG, Murata Manufacturing Co., Ltd, Surmet Corporation, Rauschert GmbH, McDanel Advanced Ceramic Technologie, CoorsTek Inc., and CeraNova.
Growth strategies such as mergers, collaborations, and expansions are being noted in the fragmented vendor landscape of the market. Additionally, it is worth noting here that proactive players in the market are directing efforts towards new-age transparent ceramics for laser and optical applications. Emerging technologies such as Transparent Amor are being incorporated to gain an edge over competitors.
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Global Transparent Ceramics Market: Research Scope
Transparent Ceramics Market by Material
- Yttrium Aluminum Garnet
- Aluminum Oxynitride
- Others (Including Yttria, Zirconia, Barium Oxide, and Perovskites)
Transparent Ceramics Market by Application
- Optics & Optoelectronics
- Aerospace, Defense, & Security
- Sensors & Instrumentation
- Others (Including Healthcare, Consumer Goods, and Energy)
Transparent Ceramics Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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