In rising economies like India, China, and Brazil, rapid economic expansion and an increase in disposable income have resulted in an increased use of consumer electronics such smart phones, tablets, laptops, PCs, Televisions, TFT, and LED screens, which increases the need for optical glass. Moreover, optical glass is used in pharmaceuticals, diagnostics, surgical tools, and other medical equipment, which is likely to offer the market substantial growth possibilities. The shift in millennials' lifestyle preferences and their growing use of expensive accessories promote market expansion. The growing demand for their products encourages optical glass manufacturers to concentrate on creating fashionable and reasonably priced eyewear.
The recession will have a significant effect on the market for optical glass. Since demand and supply issues can both be impacted by a recession, the optical glass industry may be significantly impacted. Consumer and company spending typically declines during a recession, and people are more likely to make fewer non-essential purchases, such as eyewear and other optical goods. As a result, the demand for optical glass may diminish, which would result in decreased sales and income for producers of optical glass. Recessions can also have an impact on the supply of raw materials and other components needed to produce optical glass. This may result in a broken supply chain and price changes, which may further harm the optical glass market's profitability and competitiveness.
Increased Adoption in Consumer Electronics Industry to Drive Market Growth
It is anticipated that the market for optical glass (flint glass and crown glass) used in consumer electronics including TVs, laptops, tablets, and smartphones would expand. The India Cellular & Electronics Association (ICEA) estimates that there were 500 million smartphone users in India in 2019 and that there would be over 800 million users by 2022. Apple Inc. released the iPhone, two iPad models, Apple Watch Series 6 (with a blood oxygen sensor), and Apple Watch SE in September 2020. For iPhone, iPad, and Apple TV, Apple Watch represents substantial advancements in health and wellness features. As a result, increasing smartphone usage and the growth of consumer electronics are predicted to increase the size of the optical glass market in this period.
High Cost of Optical Glass to Limit Market Growth
The high price of optical glass is a significant market barrier that hinders industry acceptance and expansion. To acquire its high-performance qualities, optical glass is a specialty material that needs precise manufacturing procedures. In these procedures, the glass is melted and shaped while frequently utilising complex methods such controlled cooling, annealing, and chemical treatments. Due to the high level of technical competence required, the specialised equipment and facilities required, and the quality control procedures necessary to ensure the glass complies with tight standards, the manufacture of optical glass is expensive. Customers, who frequently need high-quality, dependable optical components for their applications, pay these expenses.
By Raw Material
Based on raw material, the optical glass market is segmented into Boric Oxide, Zinc Oxide, Potassium Oxide and Others. The boric oxide category dominated the market in 2022. A common raw material used to make optical glass is boric oxide glass. Boric oxide glass can be used to create lenses and prisms with a high magnification since it has a high refractive index. Boric oxide glass is perfect for usage in severe situations because it is also resistant to chemical corrosion.
Based on type, the optical glass market is segmented into flint and crown. The flint category dominated the market in 2022. The best optical glass for flawless visibility is flint glass. Due to a variety of qualities like light transmission and double glazing, it is frequently used in technological and medical products. Compared to regular glass, flint glasses were stronger. Moreover, flint glass lessens colour flaws, which are anticipated to increase the need for flint optical glass.
Based on application, the optical glass market is segmented into consumer optics, astronomy, industrial equipment, medical and biotech, electronics and semiconductors and others. The medical category dominated the market in 2022. Optical glass is used to shield medical diagnostic imaging windows from radiation and provides a clean view. Endoscopy, often known as non-instructive surgical procedures, heavily relies on optical communication. With the use of optical glass, strong light is used in these applications to illuminate the surgical area. Hence, it is predicted that rising surgical costs would result in increased demand for optical glass in surgical instruments.
Asia Pacific is projected to hold the largest share of the optical glass market over the forecast period due to rising demand for semiconductors, eyewear, and medical equipment in developing nations like China and India. UV rays can be blocked by optical glass, which also has improved abrasion resistance and light transmission. A wind and dust barrier is offered by this thermal insulator. Optical lenses can endure temperatures ranging from very cold to very hot. Millions of Indians have eye conditions and require treatment. On the other hand, North America optical glass market is anticipated to grow significantly. The need for premium optical components is rising across a number of industries, including healthcare, defence, aerospace, and electronics. The growing adoption of cutting-edge optical technology across a variety of industries, including healthcare and defence, is what is driving the demand for high-quality optical glass in the US. Increasing demand for high-tech optical components across a range of industries has led to the emergence of new markets for optical glass in Canada and Mexico.
LIST OF KEY COMPANIES PROFILED:
- Ohara Corporation
- Carl Zeiss
- CDGM Glass Company
- Edmund Optics
- Nikon Corporation
- Crystran Ltd.
- Sumita Optical Glass
- Sterling Precision Optics
|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||