The global transparent ceramics market is expected
to reach USD 1.08 billion by 2024, according to a new report by Grand View
Research, Inc. Increasing demand for the product in various industries
including electronics, aviation, and healthcare as a substitute for existing
glass technologies in numerous function such as armors, optical fibers,
domes(infrared) & lasers is expected to drive demand. Expansion of these
end-use industries is predicted to fuel the industry growth further over the
next eight years.
Rising focus
on utilizing cutting & laser tools across the world, on account of rapid
industrialization and turnaround of the manufacturing sector, is expected to
propel growth. The increase of the ceramics industry is also driving expansion
over the next eight years.
The global
market for transparent ceramics was valued at USD 178.5 million in 2015 and is
expected to witness growth over the forecast period on account of rising
manufacturing facilities in emerging markets of Asia Pacific such as India and
China coupled with increasing expenditure on defense on improved & enhanced
technology. Growing need from end-user industries such as chemical &
mechanical industries, instrumentation & sensor and optics &
optoelectronics is expected to stimulate expansion.
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Further key findings from the study suggest:
- Transparent ceramics blankets are suitable for high-temperature procedures. Lightweight, low thermal conductivity & heat storage, soaring temperature stability, outstanding handling power & fire protection, corrosion and thermal shock resistance and resistance are some of the properties owing to which blankets are preferred. The market is likely to witness growth at a CAGR of 21.8% from 2016 to 2024.
- The transparent ceramics demand in optic & optoelectronics was USD 61.4 million in 2015. These products are used in medical & healthcare industries. Advancements in the healthcare sector across the globe is expected to drive industry development over the forecast period.
- Asia Pacific contributed to 47.1% of the global market in 2015 and is projected to witness massive expansion in light of augmented government expenditure on the industrial sector and increasing opportunities for FDI in China and India. Rising demand for defense and iron & steel on account of rapid industrialization is expected to drive growth.
- The Middle East & Africa is expected to observe considerable gains at a CAGR of 20.9% from 2016 to 2024. Increasing expenditure on aviation & defense by governments in the Middle East is expected to propel growth.
- Key industry players include Surmet Corporation, CoorsTek, Murata Manufacturing Co. Ltd., ETEC, and Koito Manufacturing. These companies focus on research for product development to enhance their portfolio. Also, numerous research institutes are also focusing on R&D for increasing the application scope of transparent ceramics. For instance, in April 2014, the U.S. Naval Research Laboratory (NRL) developed a method that fabricates nanocrystalline spinel, which is 50% harder than the existing spinel armor materials utilized in military vehicles.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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