Increasing developments in the aerospace & defense sector drive the growth of the global optical ceramics market. Based on material, the sapphire segment accounted for the major share in 2020. By region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.
Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global optical ceramics market was estimated at $189.3 million in 2020 and is expected to hit $603.4 million by 2030, registering a CAGR of 12.4% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in developments in the aerospace & defense sector is driving the growth of the global optical ceramics market. On the other hand, high costs of optical ceramic impede the growth to some extent. However, rise in demand for optical ceramic in Asia-pacific and top-end advancements in nanotechnology are expected to create lucrative opportunities in the industry.
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The outbreak of the COVID-19 pandemic had led to partial or complete shutdown of production facilities, owing to prolonged lockdown in the majority of countries, thereby impacting the global optical ceramics market negatively. Dearth of adept workers and disruptions in the supply chain, at the same time, aggravated the situation even more.
However, as the global situation is getting better, the market is anticipated to revive soon.
The global optical ceramics market is analyzed across material, end-use, and region.
Based on material, the sapphire segment accounted for the major share in 2020, holding more than one-fourth of the global market. The same segment would also grow at the fastest CAGR of 13.2% throughout the forecast period.
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Based on end-use, the optics & optoelectronics segment generated the highest share in 2020, accounting for more than two-fifths of the global market. The same segment is also projected to manifest the fastest CAGR of 12.8% from 2021 to 2030 .
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering nearly one-third of the global market. The same region is also expected to cite the fastest CAGR of 13.7% by the end of 2030.
The key market players analyzed in the global optical ceramics market report include American Elements, CeramTec, CoorsTek, Konoshima Chemicals, Kyocera, CeraNova, Saint- Gobain, II-VI Aerospace & Defense, Schott AG, Surmet Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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