Optical Bonding Materials Market Size, Share, Growth, and Industry Analysis by Type (Epoxy, Silicone, Acrylate, and Others) By Application (Consumer Electronics, Industrial Electronics, Automotive, and Others) Regional Forecast From 2024 To 2031

Updated On: 01 April 2024

OPTICAL BONDING MATERIALS MARKET REPORT OVERVIEW

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The global optical bonding materials market size was valued at USD 2.221 billion in 2022 and the market is expected to reach USD 4349.47 million in 2031, exhibiting a CAGR of 6.95% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with optical bonding materials experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The process of joining optical components to create a single unit is called sales. The strength or endurance of the optical material may be improved, among other things, by doing this. The material's optical qualities can also be enhanced via this procedure, for example, by raising its refractive index. Optically transparent substances are referred to as optical materials. Lenses for sunglasses, contact lenses, and eyeglasses can all be made out of optical materials. Different coatings, such as anti-glare coating and mirroring, are added to the glasses depending on the use cases. These are used in both consumer goods and a range of high-tech industrial applications.

Over the anticipated timeframe, it is anticipated that the construction industry, which is expanding and rising, would raise demand for optical bonding materials. It is also anticipated that demand for optical bonding materials would rise as a result of improved diagnostic tools brought about by medical technology Another significant factor driving up demand for optical materials is the expanding use of optical semiconductors in consumer devices. Thus, the sector of optical materials will be driven to expand by the expanding demand for optical bonding materials market across a variety of end-use sectors.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth  

The COVID-19 pandemic hurt the world economy, which had an impact on the manufacture and supply of optical bonding materials. The COVID epidemic presented the global auto industry with a brand-new, unprecedented problem in 2020 after a miserable 2019, which saw a nearly 5% decline in global vehicle manufacturing. The optical materials business, which encompasses industries like electronics, construction, and others that rely largely on migrant labor, experienced production delays. These kinds of situations have historically hampered the growth of the optical bonding materials market growth.

LATEST TRENDS

"Demand for Optical Glass to Boost Market Growth"

Strong optical bonding materials that can function in the IR spectral ranges are needed for aerospace applications. Due to the widespread usage of cameras, detectors, and IR sensors, the near-to-mid-infrared spectrum has always been important for aircraft. Optical materials are also required for flight applications due to the complexity of electro-optical systems that operate in a variety of wavelength regimes, move quickly, and withstand harsh conditions. The optical bonding materials market is being driven by the increasing demand for optical glass in various aviation components, such as cockpit displays, heads-up displays (HUDs), and gyroscopes, to improve visual clarity. The need for optical bonding materials is expected to increase as more modern aircraft are needed for both military and commercial purposes. Additionally, rather than buying individual optical components, the aircraft industry is increasingly outsourcing component assembly.

OPTICAL BONDING MATERIALS MARKET SEGMENTATION

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• By Type Analysis

As per the type, the market is classified as follows: Epoxy, Silicone, Acrylate, and Others. The epoxy type segment dominated the optical bonding materials market share.

• By Application Analysis

Based on application, the market is segmented as follows: Consumer Electronics, Industrial Electronics, Automotive, and Others. The manufacture of consumer electronics dominated the world optical bonding materials market in 2022. The global increase in demand for electronic devices is to blame for the optical bonding materials market growth.

DRIVING FACTORS

"Various Advantages of Optical Bonding Materials to Facilitate Market Development"

Consumer electronics that utilize semiconductors, such as tablets, smartphones, laptops, and wearables, are to blame for the expansion of the global market for optical materials. In terms of optical performance, UV-curing polymer-based materials have recently overtaken glass and injection-molded plastic. Polymeric materials have various advantages over the glass in terms of mass production and manufacturing. Optical bonding materials offer a weight decrease in smaller systems when compared to glass substitutes. They are employed as lenses in devices like spotlights and time-of-flight sensors. It is anticipated that the optical bonding materials itsmarket for optical materials would grow significantly over the course of the forecast period as a result of the rising use of optical bonding materials in consumer electronics.

"Rising Need for Optical Bonding Materials in Automobile Parts to Promote Industry Progress"

The rising need for high-tech and lightweight automotive components, electronics manufacturing, and building materials is responsible for the optical bonding materials market's expansion. Growing public knowledge of the advantages of using optical bonding materials is another factor driving this market's expansion. From 2023 to 2031, the optical bonding materials market is anticipated to be dominated by natural resin materials. They possess qualities like strong heat resistance and a low coefficient of thermal expansion, which can be credited for this (CTE). Natural resin materials are widely employed in industries like automobile parts and building materials where excellent performance is required because of these characteristics.

RESTRAINING FACTORS

"Several Side Effects to Hinder Market Growth"

The adoption of smartphones and tablets has raised the importance of small optical devices. The optical components and the surface or volume they cover must be related to the macrocosm. Building excellent millimeter-scale production for nanometer-scale structures is required in order to achieve this. To properly integrate and pack optical devices in a commercial product that may match consumers' expectations for intelligence and multi-functionality during miniaturization, the optical devices' shape, size, and distinctive qualities must be ensured. Ideas and technologies developed for the macro world cannot simply be transposed to the micro world because side effects, a well-known characteristic of downsizing, make it impossible to scale down all parameters in the micro-forming procedure.

OPTICAL BONDING MATERIALS MARKET REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in North America"

The optical bonding materials market has been dominated by the North American region, and this trend is expected to continue during the predicted time. The growth of numerous end-use industries, including electronics, automotive, optical, medical, and aerospace, is the main driver of the demand for optical materials in the United States, Canada, and Mexico. VIAVI Solutions Inc. announced in 2021 that it’s Optical Security and Performance Goods (OSP) division will open a new production facility in Chandler, Arizona, USA, to address the region's rising demand for its products. OSP applies optical coating technology for other optics and anti-counterfeiting merchandise.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Taica (Japan)
• DELO (Germany)
• SEKISUI Chemical (Japan)
• Dexerials Corporation (Japan)
• 3M (U.S.)
• SDK (Denmark)
• Mitsubishi Chemical (Japan)
• Nitto Denko (Japan)
• Dupont (U.S.)
• tesa SE (Germany)
• Momentive (U.S.)
• Dymax (U.S.)
• Dow (U.S.)
• Henkel (Germany)
• Eternal Materials (Taiwan)
• LG Chem (South Korea)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.