Wellesley, Mass, May 11, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research reveals that rising demand for solid-state lighting, solar cells, and other devices requiring advanced optical properties are driving huge growth in the global market for transparent ceramics.
BCC Research's Transparent Ceramics anticipates the global market to reach $227.million and $548.7 million in 2017 and 2022, respectively, demonstrating a 19.3% CAGR.
Research Highlights
- Transparent ceramics are preferable to single crystals in laser fabrication because they can be produced at lower costs, on a larger scale, and in less time.
- Optics and optoelectronics as a segment is expected to achieve a 20.1% CAGR through 2022.
- The glass market is projected to account for 41.5% of the total ceramics market.
"Transparent ceramics are gaining increasing interest compared to other more traditional transparent 0pmaterials such as glass and polymers because they are characterized by unique properties such as high hardness and strength, stability when exposed to chemicals and radiation, and resistance to high temperatures," says Kevin Fitzgerald, BCC Research editorial director.
Variety of Factors Driving Big Demand
Demand for transparent ceramics is expected to grow rapidly due to drivers such as increased penetration in different sectors, the healthy growth of certain industry segments such as light-emitting diode lighting and solar cells, and the availability of advanced raw materials and improved processing methods.
"Transparent ceramics for optical and optoelectronic applications represent the largest share of the market with an estimated 89.9% of the total in 2017, corresponding to $204.4 million in sales," Fitzgerald notes. "Within this segment, transparent ceramics are primarily used for fabrication of lighting devices, lasers, and optical components. By 2022, BCC Research expects this segment to reach $510.7 million, easily doubling its 2017 market value."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.