REPORT OVERVIEW
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The global optical plastic lens market size is estimated to be USD 5052.9 million in 2022 and the market is projected to touch USD 7290.2 million by 2028, with a growing CAGR of 6.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with optical plastic lens experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Optical Plastic Lens is a plastic or clear glass optical cable. It consists of cladding and core. The cable is designed to propagate optical energy.
Growing usage of the internet globally is anticipated to accelerate market growth. Extensive use of mobile phones and television for communication and entertainment purposes. Increasing demand for electronic products such as computers, laptops, microwaves, refrigerators, and monitor. They are lightweight, durable, and reduce glare. Such properties of the optical fiber are anticipated to accelerate market growth. Good service and the long life of the product are predicted to surge market growth. Further, the availability of lenses in attractive colors is responsible for propelling product demand. Increase in plastic industry is estimated to fuel market growth. The product is ideal for lens manufacturing, which is anticipated to surge market progress in the upcoming years. However, poor resistance and cannot be tinted easily are predicted to hamper the optical plastic lens market growth.
COVID-19 Impact: Closure of End-User Industries to Restrict Market Progress
COVID-19 pandemic affected market growth. Lockdown restrictions globally resulted in closure of end-user industries. Manufacturing units were closed, which impacted production activities. A shutdown of filmmaking sectors impacted market growth. High demand for employee safety hampered market expansion. Further, uncertainty in business and economic development, along with panic among population reduced market progress.
Post-pandemic, the optical plastic lens market is anticipated to witness positive growth owing to reopen of end-user industries. Massive R&D activities by prominent market players are expected to fuel market growth.
LATEST TRENDS
"Growth in Electronic Products to Accelerate Market Progress"
Increasing need for electronic products globally is anticipated to surge market growth. Today, world population is dependent on electronic devices for multiple uses. Increasing usage of internet is predicted to surge market growth. Rapid urbanization and industrialization are estimated to expand market growth. Growing adoption of technologically advanced products is projected to drive market growth in the upcoming years. Increasing demand for electronic products such as computers, laptops, microwaves, refrigerators, and monitors. They are lightweight, durable, and reduce glare. Such properties of optical fiber are anticipated to surge market growth.
SEGMENTATION
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- By Type
Based on type, the market is divided into aspheric lens and spherical lens.
Aspheric lens is expected to be the leading part of the segmentation type.
- By Application
Based on the application, the market is divided into mobile phone, computer, automotive, monitor, and others.
Mobile phone is expected to be the leading part of application segmentation.
DRIVING FACTORS
"Increasing Demand for Aspheric Lens to Foster Market Expansion"
High demand for the aspheric lens is predicted to fuel market progress. The lenses allow optical to correct aberrations. Increased demand for a clear image is estimated to surge market growth. It creates comparatively no blur and helps to improve image quality. The lenses are independent of manufacturing or alignment errors. It is designed in such a manner to minimize aberration by adjusting the aspheric coefficients and conic constant of the curved surface of the lens. The lenses are ideal for achieving the desired resolution goal. The lenses commonly replace multi-lenses systems, which usually result same performance without disturbing unnecessary size enlargement. Some examples of aspheric optics applications are optical data storage, fiber optics, laser application, cameras, general optical elements, and optical space technology. Such extensive applications of the lenses are anticipated to surge market progress in the upcoming years.
"Rising Awareness about the Spherical Lens to Incite Market Expansion"
Growing awareness about the benefits of a spherical lens is estimated to fuel market growth. The product is extensively used to increase focal length in the prevailing systems. It is used for projection systems and beam expanders. Further, the lenses are used to expand light. It is designed in such a manner to reduce or minimize spherical aberration. The lenses are commonly used in small f/number (less than 2.5) applications. The lenses are used to improve filmmaking process. It has a simple design and can be used multi-faceted. It has more acute image sharpness and low manufacturing cost. Such advantages of the equipment are predicted to propel market expansion in the upcoming years. The lenses are also known as singlet and cause light rays to diverge or converge, which is estimated to expand optical plastic lens market growth.
RESTRAINING FACTORS
The lenses have poor abrasion resistance, which is anticipated to hamper market growth. It also impacts resistance due to the presence of anti-scratch coating. Hard-to-tinted properties are projected to reduce optical plastic lens market expansion in the forthcoming years.
REGIONAL INSIGHTS
"Growing Demand for Medical Equipment in Asia Pacific to Drive Market Share "
Asia Pacific holds the largest optical plastic lens market share due to increasing demand for medical equipment. Broad usage of the internet in the region is anticipated to accelerate market growth. Rising need for eye safety equipment is predicted to propel market expansion in the upcoming years. Presence of the largest population in the region, such as China and India. Growing demand for electronic products such as computers, laptops, microwaves, refrigerators, and monitors. Extensive usage of mobile phones and television for communication and entertainment purposes.
North America is projected to witness sustainable market growth due to growth in plastic industry. Growth in the automotive industry is anticipated to accelerate market expansion. Large adoption of the lenses in photography is estimated to surge market growth. High adoption of the product in military applications is estimated to witness lucrative growth opportunities.
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KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Largan (Taiwan)
- Sunny Optical Technology (China)
- GSEO (United Arab Emirates)
- AAC Technologies (Hong Kong)
- Kantatsu (Japan)
- Sekonix (South Korea)
- CoAsia Optics (South Korea)
- Huaxin Optical Tech (China)
- Kinko (China)
- Newmax
- Ofilm
- Aoet
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 5052.9 Million in 2022 |
| Market Size Value By | US$ 7290.2 Million by 2028 |
| Growth Rate | CAGR of 6.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Types & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the optical plastic lens market expected to touch by 2028?
The global optical plastic lens market is expected to reach USD 7290.2 million by 2028.
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What CAGR is the optical plastic lens market expected to exhibit by 2028?
The optical plastic lens market is expected to exhibit a CAGR of 6.3% by 2028.
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Which are the driving factors of the optical plastic lens market?
Drivers of this optical plastic lens market are increasing demand for aspheric lens and rising awareness about the spherical lens.
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Which are the top companies operating in the optical plastic lens market?
Largan, Sunny Optical Technology, GSEO, AAC Technologies, Kantatsu, Sekonix, Newmax, Ofilm, CoAsia Optics, Aoet, Huaxin Optical Tech, and Kinko.
