Optical Glass Market Size, Growth, Share, and Industry Analysis, By Type (Colorless and Colored Optical Glass), By Application (Consumer Optics, Industrial Equipment, Medical & Biotech, Semiconductors, and Others), Regional Forecast To 2028

Updated On: 15 May 2023

REPORT OVERVIEW

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The global optical glass market size was USD 1.78 billion in 2021 and the market is expected to touch USD 2.61 billion by 2028, with a growing compound annual growth rate (CAGR) of 5.5% during the forecasted period. The global COVID-19 pandemic was unprecedented & staggering, with optical glass experiencing lower-than-anticipated demand across all regions compared to pre-pandemic times.

Optical glass is a solid, transparent material used for technological and decorative purposes. It is used in various sectors for applications such as a thermal insulator, container material for environment protection, building supplies, decoration and aesthetics, and optical devices. The glass is primarily used in consumer optics, eliminating reflection and allowing light to transmit or pass through easily. It makes it efficient for use as it enhances clarity of vision. The use of glass in electronic unit systems improves contrast and brightness without increasing power consumption.

Optical glass enhances semiconductor performance to a great extent as it is used in various electronic components such as memory power, hard disk drives, and microprocessors. Apart from electronic uses, the glass is deployed in sectors such as medical, astronomy, industry equipment, and the biotech fields. Developing countries in the Asia Pacific will drive the market growth and share of the industry due to the increasing adoption of this glass in devices such as smartphones, tablets, LEDs, and other electronic appliances.,

COVID-19 Impact: Closure of Manufacturing and Industrial Activities Hampered Market Growth

The closure of industrial and manufacturing activities due to the pandemic and lockdowns enforced by the government severely impeded the market growth of the optical industry as production was halted. The restrictions imposed proved critical for industrial players and manufacturers worldwide as the industry tried to recover from the consequences of the imposed restrictions. The supply chain disruptions, delayed supply of orders, and slow resumption of activities in developing countries negatively impacted the optical industry.

LATEST TRENDS

"Post-Pandemic Demand to Propel Market Growth in Developing Countries"

The post-pandemic boom of industrial and manufacturing activities will lead the market growth and share of the optical industry. Decreasing inflation, rising disposable income, increasing production, and consumer demand are the factors that will drive the market growth and share of the industry, significantly expanding its market size. Regions such as the Asia Pacific will lead the development due to technological advancements in the area.

SEGMENTATION

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• By Type

The market is categorized into a colorless and colored optical glass.

• By Application

The market is subcategorized based on consumer optics, industrial equipment, medical & biotech applications, semiconductors, and others.

DRIVING FACTORS

"Rising Demand for Consumer Electronics to Lead Market Growth"

The increasing adoption of this glass for consumer electronics, such as smartphones, tablets, and LED TVs, is estimated to grow the industry market size. The growing smartphone consumer or user base and the expansion of consumer electronics in developing countries will drive the optical glass market growth during the forecast era as the manufacturing, and industrial capacities of the Asia Pacific region increases significantly.

"Growing Demand for Medical Sector to Drive Market Share"

Optical glass is a suitable thermal insulator, enabling technologies for developing future medical devices, instruments, and techniques for diagnostic therapy and surgical uses. The optical industry will grow exponentially due to demand from hospitals, clinics, and medical centers post the pandemic. Therefore, the market will see an increase in technological advancements, key mergers and acquisitions, and collaborations in developing regions.

RESTRAINING FACTORS

"Poor Thermal Conductivity of Material to Impede Growth"

Due to weak thermal conductivity, the temperature is low, and deformation is easy, affecting optical properties significantly due to low thermal conductivity. Optical glass offers superior heat, which requires high energy, affecting the environment drastically. Apart from this, the glass requires high energy consumption due to low thermal conductivity during manufacturing, hampering the optical industry’s market growth.

REGIONAL INSIGHTS

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"Asia Pacific to Lead Market Share Owing to Technological Developments"

The Asia Pacific region will lead the optical glass market share as the demand for electronic devices in developing countries increases with rapid technological developments. Manufacturers and industrial players in developing countries such as China and India will lead the global market growth and share of the industry as these regions become a hotspot for investments due to affordable costs and rapid advancements in the manufacturing capacities of the area. Therefore, the market will benefit from the increased demand owing to an exponential boom in production.

KEY INDUSTRIAL PLAYERS

"Organic and Inorganic Growth Techniques to stay Afloat in the Market"

The report analyzes various market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical and environmental outcomes, and newly emerging industries' impact and risks. The study considers all the factors and points after a comprehensive analysis, therefore generating future possibilities for the market, and the dynamics of the report are subject to change as the situation of the market changes.

List of Market Players Profiled

• Schott Glaswerke AG (Germany)
• HOYA CORPORATION (Japan)
• CDGM Glass Company (U.S.)
• Edmund Optics (U.S.)
• Nikon Corporation (Japan)
• Crystran Ltd (U.K.)
• Sumita Optics (Japan)
• Sterling Precision Optics (U.S.)
• CORNING (U.S.)
• OAG Werk Optik (Belarus)
• Precision Optical Inc. (U.S.)
• China South Industries Group Corporation (China)
• Hubei New Huaguang (China)
• Changchun Boxin Photoelectric Co. (China)

INDUSTRY DEVELOPMENT

September 2022: Corning, the leading U.S. optical manufacturer, has opened its new optical fiber manufacturing facility in Poland. The company announced the facility after analyzing the need for the plant to meet the growing demand for fiber optics in the European Union and surrounding developed regions. The need for fiber optics for 5G rollouts and 4G densification, along with initiatives to bring fiber businesses, is growing in the European area with rapid technological innovations that will benefit manufacturers worldwide.

REPORT COVERAGE

The report examines elements that will affect the demand & supply and estimates dynamic forces for the forecasted period. After evaluating the market factors, the report provides an extensive, comprehensive SWOT analysis. The information estimates the trends mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the dental endodontics industry. The report lists the leading industrial players worldwide and the regions that will experience growth during the forecast period.