NEW YORK, Oct. 26, 2016 /PRNewswire/ -- 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.
Further key findings from the report 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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