According to Future Market Insights’ most recent market study, the global market for optical materials is estimated to account for US$ 9,540.4 Million in 2022 and is expected to reach US$ 16,142.5 Million by 2032, growing at a CAGR of 5.3% between 2022 and 2032.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 9,540.4 Million |
| Market Size 2032 | US$ 16,142.5 Million |
| Value CAGR (2022 to 2032) | 5.4% |
| Collective Value Share: Top 3 Countries (2022E) | 35% - 40% |
The substances that permit light to pass through are known as optical materials. Optical materials can be used for a variety of things, including lenses in sunglasses, contact lenses, and eyeglasses. Depending on the use cases, different coatings are applied to the glasses, including anti-glare coating and mirroring. Based on how they react to visible light, these materials can be classed as transparent, translucent, or opaque.
Transparent materials transmit light with little absorption or reflection. Translucent materials are those that diffusely transmit light. Additionally, opaque materials are those that do not allow light to pass through. These are employed in a variety of high-tech industrial applications as well as consumer goods.
The demand for optical materials has substantially expanded as a result of the numerous applications for which they are used as well as their transmission, absorption, reflection, and other optical qualities. Optical materials are extensively used in a wide range of industrial and consumer applications.
The growing usage of optical semiconductors in consumer electronics is another important driver boosting the demand for optical materials. The growing need for optical materials across a range of end-use sectors will thus push the sector of optical materials to grow.
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Over the 2017 to 2021 period, there have been significant changes seen in the global market for optical materials over the Historical Assessment period. The COVID-19 epidemic damaged the global economy, which affected the production and distribution of optical materials. After a dismal 2019, which saw a nearly 5% decline in global vehicle manufacturing, the COVID epidemic presented the global auto industry with a brand-new, unprecedented issue in 2020. Production delays occurred in the optical materials market, which includes electronics, construction, and other sectors that heavily rely on migrant labor. circumstances like these have impeded the expansion of the Optical Materials business during the historical period.
It is anticipated that the market for optical materials would grow more quickly than it did in the past. From 2017 to 2021, the market for optical materials experienced a compound annual growth rate (CAGR) of 4.7%, while predictions for the period from 2022 to 2032 indicate a CAGR of 5.3%. The growing and increasing construction industry are expected to increase demand for optical materials over the projected timeframe. With improved diagnostic equipment due to medical technology advancements, it is also projected that demand for optical materials would increase. During the forecast period, rising investments and the ICT sector's inclining growth will both aid in market expansion.
Significant Market Traction from Increasing Adoption of Optical Materials across the aerospace sector
Aerospace applications require strong optical materials that can operate in the IR spectral regions. The near-to-mid-infrared region has always been crucial for airplanes because cameras, detectors, and IR sensors, are so widely used. Due to the complexity of electro-optical systems that function in a range of wavelength regimes, move swiftly, and sustain harsh circumstances, optical materials are also necessary for flight applications. The need for optical glass in various aircraft components, including cockpit displays, heads-up displays (HUDs), and gyroscopes, to enhance visual clarity, is growing, which is driving the market.
With the demand for new airplanes for both military and commercial use, the requirement for optical materials is anticipated to rise. Additionally, the aircraft industry is increasingly outsourcing component assembly rather than purchasing individual optical components. Luna Innovations, a US business that specializes in fiber-optic sensing, has transformed into a distributed fiber-sensing "powerhouse" after purchasing OptaSense, a part of UK aerospace and defense major QinetiQ, for more than $40 million.
A thriving consumer electronics sector ramps up sales in the global market for Optical Materials
The growth of the worldwide optical materials market IS attributed to consumer electronics such as tablets, smartphones, laptops, and wearable devices that use semiconductors. In recent years, UV-curing polymer-based materials have surpassed glass and injection-molded plastic in terms of optical performance.
In terms of large-scale production and manufacturing, polymeric materials have several benefits over the glass. When compared to glass alternatives, optical materials offer a weight reduction in smaller systems. In terms of lenses, they are used in gadgets like time-of-flight sensors and spotlights. Due to the expanding use of optical materials in consumer electronics, it is predicted that the market for optical materials will develop significantly over the course of the forecast period.
Increasing Miniaturization in Optics is estimated to restrain the market growth for Optical Materials
Miniaturization is the process of making optical devices and products that are even smaller. The significance of miniature optical equipment has increased with the use of smartphones and tablets. The macrocosm must be connected to the optical elements as well as the surface or volume they cover. To do this, it is necessary to build high-quality millimeter-scale production for nanometer-scale structures.
When it comes to miniaturization, the optical devices' shape, size, and distinctive features must be guaranteed for them to be successfully integrated and packed into a commercial product that can meet consumers' expectations for intelligence and multi-functionality. However, because side effects, a well-known characteristic of downsizing, make it impossible to scale down all parameters in the micro-forming process, ideas and technologies created for the macro world cannot simply be applied to the micro world.
Second, local changes in nanostructure parameters are necessary to properly exploit the components' fine structure. More than 100 million elements are generated using a millimeter, an optical element, and a 100 nm basic structural element. An optical multidimensional systems design that can handle a lot of parameters and is based on a strict method to become a standard is suited to this situation. As a result, the issues with downsizing in optics would constrain the expansion of the optical materials market during the forecasted period.
Principal Consultant
According to the end-use industry sector, Consumer electronics have the biggest market share in optical materials. According to projections, the increased demand for semiconductors in consumer electronics, notably in tablets, smartphones, laptops, and wearable devices, is one of the key drivers fueling the growth of the global optical materials market.
For instance, Philips said in August 2021 that it will invest US$ 40.41 Million in consumer electronics. The company expanded its operations in Pune to increase production in India. Consumer electronics is therefore driving the growth of the optical materials market. UV-curing polymer-based optical products have become increasingly commonplace in recent years. They are used as lenses for gadgets like flashlights and pocket-sized cameras as well as diffractive optical elements (DOEs) for structured light emitters.
The North American region has dominated the optical materials market, and this trend is anticipated to last during the projected period. The demand for optical materials in the United States, Canada, and Mexico is primarily being driven by the expansion of several end-use industries, including electronics, automotive, optical, medical, and aerospace. To meet the increasing demand for their products in the area, VIAVI Solutions Inc. announced in 2021 that it's Optical Security and Performance Products (OSP) division will be establishing a new production facility in Chandler, Arizona, USA. OSP uses optical coating technology for anti-counterfeiting products and other optics.
Additionally, in 2018, Nippon Electric Glass Co., Ltd. worked with a research team led by Professor Hitoshi Takamura from Tohoku University and the University of Washington in the United States to create an optical coating material for display cover glass. This optical substance will make it possible to create screens with high-contrast images and a premium appearance. The growth of the optical materials market in the North American area is also largely being driven by the rising number of development initiatives pertaining to the optical materials market.
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Market participants are spending globally to improve their Optical Materials production capacity to meet the growing needs of end consumers. The numerous technological innovations and the increasing growth attempts of the top competitors through strategic alliances and agreements have opened up a wide range of market prospects. Further, participants are exerting great effort to create and launch cutting-edge technological innovations to stay ahead of the competition.
All of these developments imply that the Optical Materials market will have enormous growth potential internationally in the years to come.
For Instance,
In July 2021, Dynasil Corporation of America revealed that its subsidiary EMF's production capacity has increased. This was done to promote its wide array of large-format, industrial, high-volume optical coating solutions.
In February 2019, Dow Chemical Company unveiled DOWSIL Primer-less Silicone Encapsulants. This optically transparent silicone is designed for use with high-quality LED lighting and cures at room temperature. Modern silicone technology is designed to work with a range of sizes and shapes of lighting fixtures. Without losing rheological properties, it provides outstanding optical performance.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million for Value, Volume in Tons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, End-use Industry, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East & Africa (MEA) |
| Key Countries Covered | The USA, Canada, Mexico, Brazil, Germany, The UK, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Companies Profiled | Dynasil; Schott AG; Inrad Optics; The Dow Chemical Company; Corning Incorporated; Phosctech Photonics; Nikon; Jenoptik; Knight Optical; Merck KGaA (Merck Group); PPG Industries, Inc.; Heraeus Holding GmbH; Korth Kristalle; Opco Laboratory; Glass Fab; Oxide Corporation; Eksma Optics |
| Customization & Pricing | Available upon Request |
In 2022, the value of the global Optical Materials market reached over US$ 9,540.4 Million.
During the forecast period, the global Optical Materials market is estimated to expand at a CAGR of 5.4% from 2022 to 2032.
The global Optical Materials market is projected to reach US$ 16,142.5 Million by the end of 2032.
The key players operating in the Optical Materials market are Dynasil, Schott AG, Inrad Optics, The Dow Chemical Company, Corning Incorporated, Phosctech Photonics, Nikon, Jenoptik, Knight Optical, Merck KGaA (Merck Group), PPG Industries, Inc., Heraeus Holding GmbH, Korth Kristalle, Opco Laboratory, Glass Fab, Oxide Corporation, Eksma Optics, and various others.
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