In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
December 2019 - Okayama Murata Manufacturing Co., Ltd., a subsidiary of Murata Manufacturing Company, Ltd. began construction of a new production building to respond to the increasing demand for ceramic components over medium and long term.
Transparent ceramics refers to the inorganic, non-metallic based polycrystalline materials that transmit light in the visible wavelength as well as in the ultraviolet to an infrared range of the electromagnetic spectrum. These materials are used for making tubes, glass, electronic gadget displays, sunglasses,automobile windshields,missile domes, and others.They are also used as an alternative to conventional glass technology in a wide range of functions including infrared domes, armors, lasers, and optical fibers.
Transparent ceramics have a certain light-transmitting capacity and are also known as optical ceramics. These materials are prepared using ceramics technology and have a higher thermal resistance than glass or resin.
The global transparent ceramics market is anticipated to record a significant CAGR throughout the forecast period, i.e. 2020-2028.The growth is attributed tothe superior mechanical properties of transparent ceramics combined with the rising usage in various industries such as defense, optics, aviation, and mechanical & chemical industries among others.
The market is segmented byproduct type, material, application, and by end-user out of which, the product type is further segmented intomonocrystalline transparent ceramics, polycrystalline transparent ceramics, and others. The monocrystalline transparent ceramics is estimated to be the largest as well as the fastest-growing segment over the forecast period owing to its high optical transparency, high chemical and physical stability, low absorption in the infrared range, and high mechanical strength among others.
Based on end-user, the optics & optoelectronics segment is projected to holdthelargest market share in the global transparent ceramics market during the forecast period on account of therising demand fortransparent ceramics to manufacture mvarious products such as optical switches, lenses, laser systems, infrared night vision devices, and others. The aerospace, defense & security segment is also anticipated to grow at a significant rate during the forecast period in view of the rising defense and aviation expenditure in various countries to implement innovative technologies and material. CLICK TO DOWNLOAD SAMPLE REPORT
High Military And Defense Expenditure To Propel The Growth Of The Global Transparent Ceramics Market
The growth of the global transparent ceramics market is primarily triggered by the increasing use of transparent ceramics in various industries such as healthcare, transportation, optics & optoelectronics, aviation, defense, and security, among others. Further, on account of the increase in military and defense expenditure for the production of new aircrafts, the demand for transparent ceramics is expected to witness a major growth in the coming years. Moreover, transparent ceramics are widely used in the military sector for manufacturing armors, sensors, and ceramic guards for helicopters and planes.
Additionally, the increasing developments in the field of optoelectronics, aviation, and healthcare coupled with the presence of leading companies are some of the factors that are likely to boost the growth of the global transparent ceramics market during the forecast period.
High Thermal Stability OfTransparent CeramicsTo Further Drive The Global Transparent Ceramics Market
On account of the high thermal stability and abrasion resistance, transparent ceramics have now replaced conventional glasses and they are widely used in various commercial activities such as the manufacturing of electromagnetic (EM) radomes, IR radomes, sensor protection, and multi-spectral windows. Sapphire, which is a type of transparent ceramic material, is commonly used in high-speed, infrared-guided missile domes. This can be attributed to their excellent thermal stability and mechanical properties as compared to standard glass.
As a result of superior mechanical properties and high mechanical strength as compared to the conventional materials(such as metal, glass, and plastics), the transparent ceramics are widely used in military and other commercial use, including scintillators for medical diagnostics, infrared transparent materials for armors, missile domes, sensor windows and others, which in turn is anticipated to propel the growth of the global transparent ceramics market.
High Cost AndHealth Concerns Associated With Transparent Ceramics To Hamper Market Growth
Many types of transparent ceramics contain multiple chemical ingredients that could affect people with numerous skin-related issues. Such a factor is expected to hamper the product’s sales and in turn act as a key restraint factor towards the growth of the global transparent ceramics market during the forecast period.
Further, the market may face hindrances owing to the high price of transparent ceramics and also caused bythe need for asignificant degree of technical knowledge required for the development of products from such ceramics.
Additionally, the recycling challenges involved with sapphire and other transparent ceramics may further hamper the growth of the market. All these factors coupled with the non-recyclable and non-repairable nature of transparent ceramics will act as a restraint for the global transparent ceramics market during the forecast period.
Our in-depth analysis of the global transparent ceramics market includes the following segments:
By Product Type
Based on the region, the global transparent ceramicsmarket is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region, out of which, the Asia Pacific region is anticipated to hold the largest market share in the global transparent ceramics market over the forecast period owing to the availability of low-cost labor andcheap raw materials in these regions. The growth of this region is further driven by the increasing need across electronics and defense industries in major economies such as China and India.
Additionally, China is predicted to lead the growth of the Asia Pacific market owing to increased defense spending and heightened consumption of transparent ceramics.
The North American market is also expected to grow at a significant rate in terms of revenue during the forecast period on account of growing military and defense expenditure as well as the increasing aviation sector since transparent ceramics is widely used inhelicopters and planes as armors, sensors, and ceramic guards. Additionally, the presence of leading companies dealing with transparent ceramics in North America is also likely to boost the growth of the global transparent ceramics market.
Further, the Latin America and the MEA region is estimated to show a decent growth in the global transparent ceramics market owing to the presence of abundant raw materials, development of ports to ease out transportation, rising number of an educated population, and the availability of state-of-the-art production facilities.
The global transparent ceramics market is further classified on the basis of region as follows: