Photochromic Materials Market Size, Share, Growth, and Global Industry Growth by Type (T- type, P-type, and Others), By Application (Light Control Material, Sensing Applications, Printed and Recorded Media, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

PHOTOCHROMIC MATERIALS MARKET REPORT OVERVIEW

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The global photochromic materials market size was USD 132.5 million in 2022 and is projected to touch USD 292.6 million by 2031, exhibiting a CAGR of 9.2% during the forecast period.

Photochromic materials are a transparent matter which when exposed to light demonstrates increased light absorption. They are used in sunglasses as they spontaneously blend in to the light conditions. If the surroundings are bright, photochromic materials gets extremely dark and if it is not exposed to sunlight, they transmit light. Photochromic materials are also used in making windows to regulate the illumination from sunlight. They are prepared by embedding silver chloride or another silver halide in microcrystalline form further converting to some glass.

Global photochromic materials market size is predicted to grow rapidly over the years. The growing population of the old age has led to a rise in demand in the photochromic market during the forecast period. Photochromic materials are most preferred for correction of vision amongst the older population. Children suffer from myopia at a young age. This is caused due to increased usage of electronic devices. Eye care professionals recommend photochromic lenses so as to protect the eyes from UV exposure.

COVID-19 Impact: Increasing Screen Time Boosted Product Demand Significantly

The global COVID-19 pandemic has been unprecedented and staggering, with photochromic materials experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the photochromic materials market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 had a life changing impact globally. The photochromic materials market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for photochromic materials experienced a significant uptick.

There was substantial evidence of increase in vision related problems such as myopia. This was caused due to the increased adoption of E-Learning and the work from home trend due to the lockdown. An article published in the India Journal of Ophtalmology 2020, the outpatient records of Narayana Nethralaya, a Bangalore-based eye clinic, were studied. The studies concluded that in March and April 2020 with 78% of the patients were refractive errors, and 79% were myopia and myopic astigmatism. The growing number of young adults admitted to schools and colleges has contributed to the rise of myopic numbers. An investigation published on JAMA Ophthalmology concluded that the prevalence of myopia in the 2020 photo-screenings was higher than the highest prevalence of myopia within 2015-2019 for children aged 6- 8 years old. Younger children have a sensitive refractive status as they are in a crucial period for the development of myopia. This rise is anticipated to drive the global photochromic materials market growth during the forecast period.

LATEST TRENDS

"Scientific Advancement and Continuous Innovation to Strengthen Market Outlook"

The global photochromic market growth is anticipated to increase owing to recent scientific advancements led by experimentation. A conference paper on volume phase holographic gratings have conducted experiments to test latest developments in the global photochromic materials market. They developed photochromic polymers based on diarylethene unit. This makes Volume Phase Holographic Gratings [VPHGs] suitable for observations in the near infrared region where the materials are highly transparent and show large modulation of refractive index.

Furthermore, organic photochromic materials were studied as active materials in optical devices. Photochromic polyester based diarylethene was synthesized and characterized in solution and thin film. The optical properties of these films were good for making optical devices.

PHOTOCHROMIC MATERIALS MARKET SEGMENTATION

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• By Type

Based on type; the market is divided into T-type, P-type, and others.

T-type accounted for the largest market share.

• By Application

Based on application; the market is divided into light control material, sensing applications, printed and recorded media, and others. The light control material segment will capture maximum market share through 2028.

DRIVING FACTORS

"Proliferation of Digital Age to Increase the Need for the Photochromic Materials"

The global photochromic materials market growth is anticipated to spike owing to the increase in the number of myopic patients amongst youngsters. As the novel coronavirus pandemic surfed through globally, the population adapted to the circumstances. The home confinement during the COVID-19 pandemic caused a hike in myopia cases in school-going children. The insufficient time spent in outdoor activities has been recognized as a major risk factor for myopia development by an investigation published on JAMA Ophthalmology. In the investigation, the prevalence of myopia was identified to be tripled in 2020 than in other years for children aged 6 years, doubled for children aged 7 and 1.4 times for those aged 8. Therefore, with the growing adaptation to digital learning, the global photochromic materials market growth will steadily increase.

"Increased Geriatric Population and Increased Need for Vision Correction to Propel Growth"

The global photochromic materials market growth is expected to rise considering the increase in the geriatric population. There is increasing adoption rate of photochromic lens and an increasing demand for it amongst the elderly population. This is expected to drive the photochromic materials market. World Ageing Report of 2019 states that Japan has the world’s fastest ageing population. The report concludes that the population above the age of 65 in Japan was 35.524 million in 2019 this comprises about 28% of the population. It is projected to reach 37.278 million by 2030 comprising about 30.9% of the population. As the number of geriatric populations increases in the coming years, the growth photochromic materials market size will expand in the forthcoming years.

RESTRAINING FACTORS

"High Costs of Manufacturing to Cause Scarcity "

There are several factors that could affect the global photochromic materials market growth. The growth of the market is hampered due to its high manufacturing costs. Furthermore, the expansion of the global photochromic materials market is restricted to some extent by the discomfort and other inconveniences connected with its usage. Economic slowdown created by the COVID-19 pandemic also poses as a restraining factor. the aforementioned factors coud limit the market growth in the coming years.

PHOTOCHROMIC MATERIALS MARKET REGIONAL INSIGHTS

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"Asia Pacific Dominates the Market Owing to Increase in Geriatric Old Age Population"

Asia Pacific holds the largest part of the global photochromic materials market share. This is due to increasing geriatric old age population. The increase in the number of old aged people is a direct contributing factor to a requirement of vision correction. These factors combined with the rise in the use of photochromic lenses in the region contribute to the dominance of this region.

KEY INDUSTRY 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 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

• Tokuyama Corporation [Japan]
• Vivimed Labs [India]
• Milliken Chemical [Belgium]
• Mitsui Chemicals [Japan]
• Essilor International [France]
• Tianjin Forsheen Sunshine Technology [China]
• Bloclo Technologies [China]
• Yamada Chemical [Japan]
• LCR Hallcrest [U.S.]
• QCR Solutions Corp [U.S.]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. The studies also offer a detailed analysis by identifying factors such as segmentation, advancements in the industry, growth, size, share and constraints. These analytics are subject to change if the key players and probable analysis of market dynamics changes.