Aspherical Lens Market Size, Share, Growth, And Industry Analysis, By Type (Glass Aspherical Lens, Plastic Aspherical lens, Precision Glass Molded, Precision Polished, Hybrid Molded and Plastic Molded), By Application (Cameras, Optical Instruments, Ophthalmic and Mobile phone), Regional Forecast From 2023 To 2030

Updated On: 08 April 2024

Aspherical Lens Market Report Overview

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The global aspherical lens market size was USD 12.26 billion in 2021 and the market is expected to reach USD 17.52 billion in 2028, exhibiting a compound annual growth rate (CAGR) of 6.13% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with aspherical lens experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

A lens is said to be aspheric if its surface profile is not a straight line. An equation can be used to describe the profile of an aspheric lens. Compared to regular lenses, aspheric lenses are flatter. They still have the same advantages for improving eyesight while being flatter. Less curvature gives them a more beautiful profile as well. As opposed to regular lenses, they don't have the same "coke bottle" appearance. The front surface of aspheric lenses is more intricate and gradually curved. Additionally, they work better because of improved retinal light refraction. Mild prescription eyeglass wearers might not detect a significant difference. However, those who frequently wear larger glasses and have strong farsightedness prescriptions will notice a noticeable shift.

Aspheric lenses are in greater demand in the consumer electronics sector. The usage of aspheric lenses in cars is rising along with the demand for them in the medical sector. Defense industry need for aspheric lenses is expected to increase, and technological developments that are producing better, more advanced aspheric lens products are expected to support market expansion.

COVID-19 Impact: Disruption of Supply Due to Mandatory Lockdown to Hamper Market Growth

Due to mandatory lockdowns and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of various industries have either been temporarily suspended or are running with small personnel. This element is projected to have a very unfavorable effect on the expansion of this industry's revenue in the global aspherical lens industry, which is similar to other markets. Over the course of this projection period, the high expenses related to the installation and maintenance of these machines is another factor that could restrain the worldwide aspherical lens market growth.

Latest Trends

"Optical Instruments Segment to Provide Impetus to the Market"

The global aspheric lens market was dominated by the optical instruments segment, which is anticipated to expand significantly over the next years. Over the next seven years, product demand is anticipated to be driven by the rising demand for high-quality lenses for use in telescopes, microscopes, binoculars, and other optical devices. Since aspheric lenses can correct nearsightedness, farsightedness, and astigmatism-related vision issues, they are frequently employed in cameras.

Aspherical Lens Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into glass aspherical lens, plastic aspherical lens, precision glass molded, precision polished, hybrid molded and plastic molded.

In terms of product, glass aspherical lens is the largest segment.

• By Application Analysis

Based on application, the market can be divided into cameras, optical instruments, ophthalmic and mobile phone.

In terms of application, cameras are the largest segment.

Driving Factors

"Availability of Trendy Frames to Propel Market Growth"

Aspheric lenses are more than merely fashionable. When switching to aspheric lenses, many people appreciate having the option to select the frames that best fit their face. However, people don't solely select this kind of lens for fashion reasons. Spherical aberration correction (which reduces blur in the corrected image) and improved performance are only two of the many advantages of aspheric lenses. The spherical surfaces of aspheric lenses are the main distinction between them and conventional lenses. There is less of a bulge or curvature because aspheric denotes "non-spherical." On the front of conventional lenses is a spherical curve (like a basketball). Aspheric lenses, on the other hand, are flatter and smoother, which lessens distortion when wearing glasses.

"Flexibility of Designs of the Lens to Enhance Market Performance"

Conventional lenses are often thicker than aspheric lenses due to their spherical curvature. This makes them heavier and thicker, especially if your prescription is powerful. Because aspheric lenses are flatter and smoother, they minimize the distortion that results from wearing glasses. This change allows many people to feel more comfortable using their glasses. They might use their corrective lenses with increased vigor. If someone did not like how they looked in conventional glasses in the past, their only options were laser vision correction Don't use their glasses. With aspheric lenses, this is no longer true. The appearance and comfort of eyeglasses can now be chosen from a variety of styles and forms.

Restraining Factors

"High Price of the Lens to Impede Market Expansion"

Producing aspheric lenses is substantially more labor-intensive than producing spherical lenses. These lenses' production takes longer because there are more steps involved. For the right outcome, higher precision is required. Spending more money on aspheric lenses than spherical ones require more time and labor overall. All of this money must come from your own pocket if you don't have vision insurance or if it just pays for a small percentage of the expense. If more than one person in the family uses glasses, this can become rather expensive given that glasses need to be renewed every four years on average.

Aspherical Lens Market Regional Insights

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"North America to Dominate the Market Due to Demand for High Quality Imaging Equipment "

The aspherical lens market share is largely dominated by North America. Throughout the predicted period, the region is anticipated to hold onto its position. This is due to the rise in the demand for high-quality imaging equipment like cameras and smartphones as well as the rise in the number of suppliers concentrating on regional growth plans.

Over the next eight years, Asia Pacific is expected to experience profitable growth due to an increase in disposable income and an improvement in standard of living brought on by rapid economic development, along with government initiatives promoting basic amenities like healthcare and primary education facilities as well as infrastructure development at affordable prices for the general public.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Sunny Optical Technology (China)
• GeniuS Electronic Optical (GSEO) (Taiwan)
• HOYA (Japan)
• Calin Technology (Taiwan)
• Lante (China)
• Kinko Optical (Taiwan)
• Panasonic (Japan)
• Asahi Glass Co. (AGC) (India)
• LARGAN Precision (Ireland)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.