High Index Lens Monomer Market Size, Share, Growth, And Industry Analysis by Type (1.67 Index, 1.71 Index, 1.74 Index) by Application (Single Vision Lenses, Bifocal Lenses, Progressive Lenses) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

HIGH INDEX LENS MONOMER MARKET REPORT OVERVIEW

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The global high index lens monomer market size was USD 67 million in 2022. As per our research, the market is expected to reach USD 106.24 million by 2031, exhibiting a CAGR of 5.2% during the forecast period.

High index lens monomers are specialized optical materials used in the production of prescription eyeglass lenses. These monomers have a high refractive index, which means they bend and focus light more efficiently than conventional lens materials like glass or plastic. This property allows for the creation of thinner and lighter lenses, reducing the bulk and weight of eyeglasses. These lenses are ideal for individuals with strong refractive errors, such as nearsightedness or farsightedness, and they are also popular in the production of multifocal and progressive lenses. High index lens monomers offer improved aesthetics and comfort while maintaining superior optical performance, making them a valuable choice in the eyewear industry.

The market is experiencing substantial growth due to several key factors. Firstly, an aging global population has led to an increased prevalence of vision-related issues, driving demand for prescription eyewear. Additionally, the growing awareness of the benefits of high index lenses, such as their thinner and more attractive profile, has prompted consumers to seek these products. Moreover, advancements in ophthalmic technology and the desire for improved visual comfort have fueled the adoption of high index lens monomers. As a result, both optometrists and consumers are recognizing the advantages of these lenses, contributing to the high index lens monomer market size expansion.

COVID-19 Impact: Pandemic Caused Subheading Disruptions In Supply Chain And Reduced Retail Demand

The COVID-19 pandemic has been unprecedented and staggering, with high index lens monomer market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The global eyewear industry, including the production and distribution of high index lenses, experienced disruptions in the supply chain and retail operations due to lockdowns and restrictions. Many optical stores were temporarily closed, leading to reduced demand for eyewear products. Additionally, consumer priorities shifted, with healthcare and essential items taking precedence over eyewear purchases. On the manufacturing side, supply chain interruptions and workforce challenges impacted production capacities. However, the pandemic also accelerated the adoption of e-commerce and telehealth services, which facilitated the purchase of eyewear online. As restrictions eased, there was a gradual recovery in the market, and the industry adapted to new norms by emphasizing hygiene and safety measures in retail settings. Overall, while the pandemic initially caused challenges, the high index lens monomer market demonstrated resilience and adaptability in response to the evolving circumstances. 

LATEST TRENDS

"Growing Emphasis On Eco-Friendly And Sustainable Eyewear Materials Drives Innovation"

One significant trend in the industry is the growing emphasis on eco-friendly and sustainable eyewear materials. Many consumers are becoming increasingly conscious of environmental issues, leading to a demand for eyewear products that are made with reduced environmental impact. In response to this trend, eyewear manufacturers are launching new products that use bio-based, recyclable, or biodegradable high index lens monomers, reducing the carbon footprint of their products. Leading players in the market, such as Essilor, Hoya Corporation, and Zeiss, are actively investing in research and development to create innovative and sustainable lens solutions. These companies are also promoting responsible manufacturing practices and collaborating with environmental organizations, aligning their strategies with the evolving consumer preferences for environmentally friendly eyewear options.

HIGH INDEX LENS MONOMER MARKET SEGMENTATION

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• By type

Depending on the market given are types: 1.67 Index, 1.71 Index, 1.74 Index. The 1.67 Index type will capture the maximum market share through 2029.

The market is segmented into various refractive index categories, including 1.67, 1.71, and 1.74 indexes. Each segment offers unique advantages to cater to diverse consumer needs. The 1.67 index lenses strike a balance between thickness reduction and affordability, making them a popular choice for individuals with moderate refractive errors. The 1.71 index lenses provide even thinner and lighter options, ideal for those with stronger prescriptions, while the 1.74 index lenses represent the pinnacle of high index technology, offering the thinnest and lightest lens material for the most significant refractive corrections. These segments ensure that consumers can find the right high index lens solution tailored to their specific visual requirements.

• By Application

The market is divided into Single Vision Lenses, Bifocal Lenses, Progressive Lenses based on application. The market players in cover segment like Single Vision Lenses will dominate the market share during 2022-2029.

In the market, segmentation by application categorizes products into three primary types: Single Vision Lenses, Bifocal Lenses, and Progressive Lenses. Single Vision Lenses are designed for individuals with a single prescription, whether for near or distance vision. Bifocal Lenses serve those with both near and distance vision requirements, while Progressive Lenses offer a seamless transition from distance to intermediate to near vision, catering to individuals with presbyopia. This segmentation allows the market to address a wide spectrum of vision correction needs, ensuring a comprehensive range of solutions for consumers.

DRIVING FACTORS

"Rising Global Prevalence of Myopia to Drive Market Development"

One of the driving factors for the high index lens monomer market growth is the increasing global prevalence of myopia, or nearsightedness. Myopia has been on the rise, attributed to factors such as increased screen time and indoor activities. As more people require corrective eyewear for myopia, there is a growing demand for high index lenses due to their ability to provide thinner and more aesthetically pleasing eyeglasses. High index lenses are particularly advantageous for myopic individuals as they help reduce the thickness and weight of lenses, offering improved comfort and cosmetic appeal. This surge in myopia cases significantly contributes to the expanding market for high index lens monomers.

"Consumer Preference for Lightweight and Fashionable Eyewear to Fuel Market Expansion"

Another key driving factor for the market is the rising consumer preference for lightweight and fashionable eyewear. Modern consumers, particularly younger demographics, seek eyeglasses that not only correct vision but also enhance their appearance. High index lenses, known for their thinner and lighter profile, align with this trend, offering a more comfortable and stylish eyewear solution. With increased focus on aesthetics and comfort, many individuals are opting for high index lenses to achieve a sleeker and less obtrusive look. This demand for both vision correction and fashion-forward eyewear choices is fueling the market's growth, as manufacturers continually innovate to meet these evolving consumer expectations.

RESTRAINING FACTOR

"Higher Cost Compared To Traditional Lenses Restrains Market Growth"

A significant restraining factor for the sector is the relatively higher cost associated with these advanced materials compared to traditional lens options. The enhanced technology and superior optical properties of high index lenses lead to a premium price point, making them less accessible to price-sensitive consumers. This cost factor can limit market penetration, especially in regions with a larger proportion of budget-conscious individuals. Additionally, in economic downturns or uncertain financial conditions, consumers may opt for more cost-effective alternatives, impacting the market's growth. To address this challenge, manufacturers must find ways to balance product quality and affordability, offering a wider range of options to cater to diverse consumer budgets.

HIGH INDEX LENS MONOMER MARKET REGIONAL INSIGHTS

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"Asia Pacific Leads the Market Due To Large And Affluent Population "

The high index lens monomer market share is experiencing substantial growth, with the Asia Pacific region emerging as the leading region in terms of market share and rapid expansion. The Asia Pacific market's dominance is attributed to several factors, including a large and increasingly affluent population, a growing awareness of eyecare, and a rising prevalence of vision-related issues. In addition, the region's robust manufacturing capabilities, particularly in countries like China and Japan, have positioned it as a key production hub for high index lenses. Furthermore, changing lifestyle preferences and the influence of fashion trends are driving demand for thinner, lighter, and more stylish eyewear, contributing to the region's prominence in the market.

KEY INDUSTRY PLAYERS

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

The high index lens monomer market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Mitsui Chemicals (Japan)
• MGC (Japan)
• Miwon Commercial (South Korea)
• Efirm New Material (South Korea)

INDUSTRIAL DEVELOPMENT

December 2021: One notable industrial development in the eyewear market occurred in December 2021 when EssilorLuxottica, a leading global eyewear company, announced the acquisition of GrandVision, a major optical retail group. This merger, valued at approximately €7.3 billion, marked a significant move in the eyewear industry, consolidating the market power of these two giants. The acquisition allowed EssilorLuxottica to expand its presence in the optical retail sector and strengthen its position as a dominant player in the eyewear market, from manufacturing to retail. This development showcases the ongoing evolution and consolidation of the eyewear industry, impacting both production and distribution channels.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.