The global optical glass market is expected to exhibit strong growth, reaching USD 893.9 billion by 2030. As per the report titled "Optical Glass Market Size, Share & Recession Impact Analysis, By Raw Material (Boric Oxide, Zinc Oxide, Potassium Oxide and Others), By Type (Flint and Crown), By Application (Consumer Optics, Astronomy, Industrial Equipment, Medical and Biotech, Electronics and Semiconductors and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 549.5 billion and USD 893.9 billion in 2030. The market is expected to exhibit a CAGR of 7.20% during the forecast period.
Ray-Ban and Meta (formerly Facebook) Introduced Stories, Smart Optival Glass with wo 5-megapixel cameras
In September 2021, Launched by Meta (formerly Facebook) and Ray-Ban, Stories are smart optical glass with dual 5-megapixel cameras that can take photos and 30-second films. To let wearers know when the cameras are active, the glasses have external-facing LED lights. Its temples also double as earphones and include touch-activated call, volume, and audio controls.
Rising Demand from Medical Sector to Accelerate Market Growth
Future generations of medical gadgets, instruments, and techniques for diagnostic therapy and surgical applications will be made possible by the versatility and superior thermal insulation of optical glass. Invest India estimates that the market for medical devices would likely reach US$65 billion by 2024 and will export medical goods worth US$10 billion by 2025. Also, the international trade administration reports that the Mexican pharmaceutical market was worth US$ 2.5 billion in 2019 and that sales of pharmaceutical products increased to US$ 11.1 billion in 2019 from US$ 10.8 billion in 2018. Because of all these factors, the optical glass market is anticipated to expand.
Growing Conpetition from Alternative Materials Could Impede Growth
Competition from other materials is one of the market constraints that the optical glass sector faces. These substitute materials, which can provide various qualities and cost less than optical glass, include plastics, ceramics, and composites. In some applications, like as consumer electronics, plastic is a desirable replacement for optical glass since it is lightweight and reasonably priced. Moreover, they are easily moldable, making it possible to create intricate shapes, which might be difficult to do with glass. Furthermore, another potential substitute for optical glass is ceramics. They can provide comparable mechanical strength, optical qualities, and chemical and high-temperature resistance.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the optical glass market plan acquisitions to improve their brand recognition globally. For instance, in March 2020, an updated global ten-year licence deal for the creation, production, and marketing of Isabel Marant eyeglasses and sunglasses with optical glaa was announced by Safilo Group and Isabel Marant.
List of Key Players Profiled in the Report
Ray-Ban and Meta (formerly Facebook) Introduced Stories, Smart Optival Glass with wo 5-megapixel cameras
In September 2021, Launched by Meta (formerly Facebook) and Ray-Ban, Stories are smart optical glass with dual 5-megapixel cameras that can take photos and 30-second films. To let wearers know when the cameras are active, the glasses have external-facing LED lights. Its temples also double as earphones and include touch-activated call, volume, and audio controls.
Rising Demand from Medical Sector to Accelerate Market Growth
Future generations of medical gadgets, instruments, and techniques for diagnostic therapy and surgical applications will be made possible by the versatility and superior thermal insulation of optical glass. Invest India estimates that the market for medical devices would likely reach US$65 billion by 2024 and will export medical goods worth US$10 billion by 2025. Also, the international trade administration reports that the Mexican pharmaceutical market was worth US$ 2.5 billion in 2019 and that sales of pharmaceutical products increased to US$ 11.1 billion in 2019 from US$ 10.8 billion in 2018. Because of all these factors, the optical glass market is anticipated to expand.
Growing Conpetition from Alternative Materials Could Impede Growth
Competition from other materials is one of the market constraints that the optical glass sector faces. These substitute materials, which can provide various qualities and cost less than optical glass, include plastics, ceramics, and composites. In some applications, like as consumer electronics, plastic is a desirable replacement for optical glass since it is lightweight and reasonably priced. Moreover, they are easily moldable, making it possible to create intricate shapes, which might be difficult to do with glass. Furthermore, another potential substitute for optical glass is ceramics. They can provide comparable mechanical strength, optical qualities, and chemical and high-temperature resistance.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the optical glass market plan acquisitions to improve their brand recognition globally. For instance, in March 2020, an updated global ten-year licence deal for the creation, production, and marketing of Isabel Marant eyeglasses and sunglasses with optical glaa was announced by Safilo Group and Isabel Marant.
List of Key Players Profiled in the Report
- Ohara Corporation
- Carl Zeiss
- CDGM Glass Company
- Edmund Optics
- Nikon Corporation
- Crystran Ltd.
- Sumita Optical Glass
- Sterling Precision Optics
- CORNING
- OAG Werk Optik
Further Report Findings
- The market in the Asia Pacific is expected to gain a huge portion of the global Optical glass market share in the coming years due to the increase in demand for semiconductors, eyewear, and medical equipment in developing nations like China and India.
- Optical glass has enhanced abrasion resistance and light transmission while also being able to block UV radiation.
- In North America, the growth in this region is primarily driven by a growing demand across several industries for high-end optical components.
| Attributes | Details |
| Market Size in 2022 | USD 549.5 Billion |
| Market Forecast in 2030 | USD 893.9 Billion |
| Compound Annual Growth Rate | 7.20 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Raw Material, By Type, By Application and By Geography |
| By Raw Material |
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| By Type |
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| By Application |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2016-2021 |
| Forecast Year | 2023-2030 |
