Rockville , Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global Lithium tantalate crystal market is estimated to be valued at US$ 520 Million in 2023 and is expected to grow at a CAGR of 5.6% during the forecast period of 2023–2033.
For a long time, quartz was the only material used in telecommunication and optical devices. Slowly evolved the use of lithium tantalate which proved to be extremely effective for the advancement in technological and telecommunication fields. Lithium tantalate possesses higher electro-mechanical coupling and is consumed in the shear mode transducers.
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In recent times, there has been a surge in the field of telecommunication which demands a much larger bandwidth. Thus, the manufacturers have also focused on making extensive use of lithium tantalate crystals in the production of acoustic resonator filters.
| Report Attribute | Details | |
| Value Projection (2033) | USD 2.3 Billion | |
| Groth Rate (2023-2033) | 5.1% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 74 Tables | |
| No. of Figures | 84 Figures | |
Key Takeaways from the Market Study
- The global Lithium tantalate crystal market is projected to grow at 5.7% CAGR and reach US$ 810 Million by 2033
- The market reached a valuation of US$ 490.8 Million in 2022 growing at a CAGR of 1.7% between 2018 to 2022
- Application of coating formulations is estimated to grow at a CAGR of 5.5% during the forecast period
- US Lithium tantalate market is estimated to reach a valuation of US$ 153.2 Million by the end of the year 2033
“Rising demands for electronic goods and technological advancements in telecommunications will have a positive impact on the global lithium tantalate market,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Celanese Corporation
- Polyplastics Co. Ltd.,
- Solvay S.A.
- Toray International
- Ueno Pharmaceuticals
- Sumitomo Chemicals
- Shanghai PRET Composite
- SHENZHEN WOTE ADVANCED MATERIALS
- Seyang Polymer
- Kingfa Sci & Tech
- RTP
Market Growth Stratagems
Competitors are adopting various strategies to strengthen their positions in the Lithium tantalate market and making full use of the emerging opportunities. Some of these strategies include expanding their market, product diversification, strengthening supply chain management, establishing strategic partnerships with other industry stakeholders to access new markets and distribution channels, and focusing on customer engagement.
Competitors are also investing in marketing and promotion efforts to raise awareness about the extensive applications of lithium tantalates and differentiate themselves from others. By adopting these growth strategies, market players aim for sustainable growth, gain competitive advantage, and meet the evolving demands of the consumers.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the Lithium tantalate market, presenting historical market data (2018–2022) and forecast statistics from 2023 to 2033.
The study reveals essential insights based on By Grade (Optical, SAW, Others) By Application (Electro-optical Modulators, Pyro-electric Detectors, Piezoelectric Transducers, Acoustic Wave Devices, Others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa)
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About Fact.MR:
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