Optical Ceramics Market Worth $297 Million by 2023 - Exclusive Report by MarketsandMarketsÂ™

(IT-NEWSWIRE.COM, May 07, 2019 ) According to the new market research report "Optical Ceramics Market by Material (Sapphire, Aluminum Oxynitride, Spinel), End-use (Optics & Optoelectronics, Aerospace and Defense & Security, Energy), Region (North America, Europe, APAC, South America, Middle East & Africa) - Global Forecast to 2023", published by MarketsandMarkets™, the Optical Ceramics Market is projected to grow from USD 148 million in 2018 to USD 297 million by 2023, at a CAGR of 15%, between 2018 and 2023. The global optical ceramics market is driven by the increasing defense expenditure on advanced materials and technologies. Optical ceramics are used as a substitute for glass, metals, and plastics, which is boosting the market.

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On the basis of material, the sapphire segment is estimated to lead the optical ceramics market during the forecast period.

Sapphire is the fastest-growing material for optical ceramics owing to the presence of a large number of manufacturers producing this material. Also, sapphire finds use in an array of end-use industries such as optoelectronics and aerospace and defense & security, which is driving the optical ceramics market. Sapphire (single crystal aluminum oxide) is primarily used where standard glass and technical ceramics cannot meet the high transparency demand of specific applications. It possesses exceptional optical properties such as high ultraviolet and infrared optical characteristics, high wear and scratch resistance, and high thermal conductivity & co-efficiency of linear expansion, among others. Innumerable properties of sapphire contribute to its wide use in the optical ceramics market.

Increasing use of optical ceramics in the optics & optoelectronics industry owing to its excellent properties, including its high ultraviolet and infrared optical characteristics is projected to lead the optical ceramics market during the forecast period.

Optics & optoelectronics is the fastest growing end-use industry of optical ceramics. Optical ceramics are used in lamps (primarily LEDs), CMOS (complementary metal–oxide–semiconductor) image sensors, laser pick-ups, CCD (charge-coupled devices) image sensors, displays, couplers, infrared, and laser transmitters. The increasing usage of optical ceramics in these products has led to the growth of the market in the optics & optoelectronics segment.

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High economic growth rate and growing optoelectronics industry in China, Japan, and India are projected to lead the optical ceramics market in APAC during the forecast period.

APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand along with the easy availability of raw materials and low-cost labor make APAC the most preferred destination for the manufacturers of optical ceramics. China, Japan, and India are the major markets of optical ceramics in the region owing to the growth of optoelectronics applications in the region.

The key players in the Optical Ceramics Market include Surmet Corporation (US), CeramTec (Germany), II-VI Optical Systems (US), Schott AG (Germany), CeraNova (US), CoorsTek (US), Kyocera (Japan), Saint- Gobain (France), Konoshima Chemicals (Japan), and Murata Manufacturing (Japan). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launch, and merger & acquisition.

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Optical Ceramics Market Worth $297 Million by 2023 - Exclusive Report by MarketsandMarketsÂ™