The Continuous Development and Innovation of Science and Technology Will Promote the Development of LBO Crystal Market

LBO crystal is one of the most versatile nonlinear optical crystal materials available. It has a very broad transmission range from vacuum UV to mid infrared, a very high damage threshold (actually the highest among the common nonlinear crystals) and is capable of noncritical phase matching (NCPM) in the near IR region. In addition, the crystal has stable chemical properties, high mechanical hardness, and does not deliquesce. It is very attractive for certain nonlinear optical processing and helps to limit the spectral range of phase matching, but it will also convert between visible light and near-infrared light. The application leads to non-critical phase matching and large acceptance angles.

LBO crystal can be divided into LBO Crystal without coating and LBO Crystal with coating. In medical industry, it is mainly used in the manufacture of medical lasers. As for Industrial, it is mainly used in the manufacture of industrial laser processing equipment. LBO crystal can also be used in the manufacture of laser weapons in military and used for research and development in the laboratory.

The COVID-19 Severely Affected Global LBO Industry Market

China was the largest revenue market with a market share of 50.24% in 2015 and 53.33% in 2020 with an increase of 3.09%. It can be seen that with the development of overall economy of China, the downstream application market continues to prosper and expand, occupying more than half of the global LBO crystal market. Europe ranked the second market with the market share of 16.29% in 2019. LBO Crystal Market industry concentrate rate is very high. The top three companies are CASTECH Inc, EKSMA Optics and Cristal Laser with the revenue market share of 9.19%, 2.03% and 1.39% in 2019.

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In a short period of time, behaviors of markets and consumers have undergone drastic changes due to the outbreak of the coronavirus (COVID-19). From people raiding grocery store aisles to the cancelation of the most significant events and mandates for non-essential businesses to temporarily close, this pandemic is having a substantial impact on the economy and society as we knew it. Due to the emergency shutdown of downstream application companies, the market demand for LBO crystals has decreased. Due to the policy requiring factories to stop production and logistics, the production side is also affected even when the epidemic is gradually controlled and production can return to normal, the entire industry will continue to develop in 2020. Under the impact, the global market value of LBO crystal industry is expected to be 168.4 M USD in 2020, showing a negative growth, which is the combined result of lower demand and lower unit price. In the initial period when production returns to normal, market competition will also intensify. Vendors will compete to deliver competitive advantages in the market on the basis of pricing, user-friendly interfaces, value-added benefits, and service portfolios. During the forecast period, we expect this competition to intensify with an increase in product extensions.

The Continuous Development and Innovation of Science and Technology Will Promote the Development of LBO Crystal Market, but the Backward Technology Will Also Restrict the Development of Some Enterprises

With the development of 5G technology, the components in mobile phones and other electronic products are expected to further develop towards miniaturization and densification, which will drive the accelerated release of demand for precision processing. The penetration rate of ultrafast ultraviolet lasers is expected to increase further, which will benefit the development of the LBO crystal industry. Technological innovations have an important role in driving the growth of the market. To sustain in the competitive market, vendors should develop new ideas and technologies and stay up-to-date with the advanced technologies. EKSMA Optics has started a new R&D project with an objective to develop two new innovative products. Considering current and forecasted market demand, laser attenuator with high laser damage threshold and dichroic cube beamsplitter will be created by employing the technical capabilities and introducing new production technologies. These new products will offer technological and functional advantages to the market. Successful completion of this project will allow to increase the innovative potential of the company, while the commercialization of new products will increase turnover and competitiveness. EKSMA Optics has started a new R&D project with an objective to develop two new innovative products. Considering current and forecasted market demand, laser attenuator with high laser damage threshold and dichroic cube beamsplitter will be created by employing the technical capabilities and introducing new production technologies. These new products will offer technological and functional advantages to the market. Successful completion of this project will allow to increase the innovative potential, while the commercialization of new products will increase turnover and competitiveness. According to our research, the global LBO Crystal Market has a total value of 95.0 M USD back in 2015, and increased to 168.4 M USD in 2020. We made a series of functional calculation and deduced the data of past 5 years with scientific model. Finally, we made the prediction that the value of LBO Crystal Market markets can be 367.4 M USD by 2026. The CAGR of LBO Crystal Market is 13.88% from 2020 to 2026.

It is worth mentioning that technological innovation is the driving factor of the industry, but the lack of breakthroughs in technology and production processes will hinder the development of the industry. Since LBO crystal production involves multiple complex processing techniques such as growth, cutting, polishing, coating, and product inspection, each link has high technical requirements. The lack of technology in any link will affect the quality of the end product, so there is a high technical barrier. In addition, since this product is mostly a non-standard customized product with many product specifications and models, downstream customers usually do not easily change suppliers, and customers are highly sticky. This is conducive to the consolidation of cooperation between players and their customers, but it also limits the expansion of customer scale to a certain extent, especially for new entrants, they need to spend a lot of time to build well cooperation with customers. These two factors will restrict the development of LBO crystal industry.

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