The global transparent ceramics market is all set for a bright outlook in line with the rocketing sales of mobile devices. The market roughly hit the US$480 Mn mark in the year 2021 and will grow impressively in the years to come.
Market Analysis in Brief
This study intends to analyse diverse aspects of the global transparent ceramics market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline. In 2021, the market reflected stable growth and per industry figures, it stood at around US$480 Mn in terms of value. According to preliminary study carried out by Fairfield Market Research, the transparent ceramics industry will continue to grow at a bullish CAGR in the next seven years.
Key Report Findings:
Unprecedented Expansion of Electronics Sector
The transparent ceramics market remains influenced by the momentous growth of the electronics sector. Transparent ceramics are used in the manufacturing of electronic components and products owing to their extraordinary transparency properties. They are used in applications such as LEDs, lamps, indicators, bulbs, LCDs, light guides, plasma, OLEDs, and similar displays. Consumer electronics sector has been growing at a significant pace since the past couple of years and is expected to maintain status quo going forward.
Moreover, owing to increasing demand of tablets, smartphones, laptops and other portable appliances, the manufacturing of electrical components and equipment has increased. This is expected to complement the value and volume growth of the transparent ceramics market in the forthcoming years on the global front.
Growing Adoption by Aerospace and Defense Industry
Aerospace and defense industry has been one of the major end users of transparent ceramics. Properties of transparent ceramics such as optimum stiffness, high strength, and high resistance to heat and chemicals, among others make them a suitable option for different applications in the defense and the aviation sectors. Moreover, transparent ceramics, as compared to most of the metals are light in weight and are show high stability at extreme temperatures. This has propelled their use in thermal protection systems that are present in exhaust cones in rockets. They are also used in insulting tiles in space shuttles, engine components and missile nose cones.
Among materials, sapphire is widely used in the aerospace industry owing to its functional properties such as high operating temperature, high abrasion resistance and high strength among others. Sapphire transparent ceramics are widely used in conformal optical windows, transparent body armor, and advanced optical domes. That said, growing production of aircrafts is expected to trigger demand for different transparent ceramic materials, in turn bolstering the growth of the transparent ceramics market.
Overview of Key Segments
Monocrystalline Ceramics Surge Ahead
There are different types of transparent ceramics, of which the monocrystalline category is expected to gain high traction in the coming years. This can be attributed towards increasing adoption of the monocrystalline transparent ceramics in dental applications coupled with stable growth of the dentistry domain in healthcare. Monocrystalline transparent ceramics are widely used in manufacturing of ceramic brackets which are largely used in the healthcare sector.
In addition, the increasing demand for monocrystalline transparent ceramics in solar panels is also poised to complement the market growth. It is used as insulation in solar PV panels and its low corrosion ability and high melting point further push its demand in this space. Also, there has been a drastic shift towards the use of sustainable and natural energy sources, which has resulted in the growth in use of solar panels in commercial and residential applications. This factor is likely to give an upswing to the growth of the transparent ceramics market.
Growth Opportunities Across Regions
Asia Pacific to Emerge as an Optimistic Revenue Pocket
Emerging economies in Asia Pacific are expected to account for a significant value share in the transparent ceramics market. One of the major factors promoting this growth is the expanding defense sector in the region coupled with increased spending in the sector. For instance, in 2021-22, the budget allocated to the Ministry of Defence in India was INR 4,78,196 crore which increased significantly to reach INR 5,93,537.64 crore for the 2023-24 period representing 13.18% of the overall budget allotted.
Similarly, a military budget of US$224.8 Bn was announced by the Chinese government for the 2023-24 period which represents a 7.2% increase as compared to the previous year. Rising investments in defense applications are expected to result in the development of advanced military equipment such as missiles in turn paving new avenues of growth for the transparent ceramics market.
Aviation Industry Registers Growing Demand
The aviation sector in the region is also picking up steam. This has in turn resulted in the use of transparent ceramics in different applications in aviation industry. They are widely used in aeroplanes and helicopters in ceramic guard, sensor, and armour applications. Furthermore, the expanding consumer electronic industry across economies such as Japan, China, South Korea, and India is another factor contributing towards the growth of the Asia Pacific transparent ceramics market.
Booming Electronics Manufacturing
The electronics manufacturing ecosystem in Asia Pacific is expanding at a momentous pace and is expected to further gain momentum going forward. For instance, according to the India Brand Equity Foundation (IBEF), India aims to boost the electronics production and increase the demand of electronic products to reach its digital economy target of US$1 Tn. These factors remain instrumental in driving the demand of transparent ceramics across emerging nations in Asia Pacific. That said, manufacturers can remain optimistic about Asia Pacific’s lucrativeness apropos to the growth of the transparent ceramics market in the forthcoming years.
Transparent Ceramics Market: Competitive Scenario
A few of the major players in the transparent ceramics market include CeramTec, Saint-Gobain Group, General Electric, Koninklijke Philips NV, Schott AG, CoorsTek Inc., Surmet Crop, Kyocera Corporation, and CeraNova Corporation.
Regional Classification of the Global Transparent Ceramics Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Transparent Ceramics Market
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