The global optical materials market is projected to accrue a revenue of USD 16,142.5 million by 2032, rising from USD 9,540.4 million in 2022. The target market is set to record a moderate CAGR of 5.4% from 2022 to 2032. Optical materials are substances that allow light to pass through them and are used for varied applications including as lenses in sunglasses, contact lenses, and eyeglasses. The transmission, absorption, reflection, and other optical qualities of the optical materials drive the demand for the same in the global marketplace. These materials are used in a wide range of industrial and consumer applications which further aids the growth of the optical materials market in the upcoming years.
Historically, the market witnessed a CAGR of 4.7% from 2017 to 2021 whereas the predictions for 2022 to 2032 indicate steady growth. This market is strongly influenced by the increasing adoption of optical semiconductors in consumer electronics, the rapidly growing consumer electronics industry, and the surging use of optical materials in the aerospace sector. The elevated use of tablets, smartphones, laptops, and wearable devices that use semiconductors fuels the growth of the optical materials market. An upsurge in demand for consumer electronics as well as the rising adoption of optical materials in consumer electronics has a positive impact on the global sales of optical materials.
The aerospace sector requires robust optical materials that can function in the IR spectral regions. The need for optical glass in various aircraft components such as cockpit displays, heads-up displays (HUDs), and gyroscopes to help improve the clarity of vision is a key driver for the optical materials market. Further, the rising demand for new airplanes for commercial and military use will spur the demand for optical materials in the global marketplace. Though the optical materials market is expected to undergo steady growth over the projection period, it is not without its share of challenges. The prevailing miniaturization trend is expected to have an adverse effect on the market growth of optical materials. Miniaturization in optics will restrain growth as issues related to downsizing in optics will hinder the growth of the optical materials market.
Key Takeaways:
- By end-use, the consumer electronics segment accounts for the largest share of the optical materials market.
- North America will continue to dominate the optical materials market due to the immense demand for the same across the automotive, aerospace, and electronics industries.
- High demand for optical materials in the US, Canada, and Mexico will drive the growth of the market in North America.
Competitive Landscape
Dynasil, Schott AG, Inrad Optics, The Dow Chemical Company, and Nikon, among others, are some of the leading players in the optical materials market profiled in the full version of the report.
In a competitive environment, key market players are focusing on strategies that will help expand production capacity. These enterprises adopt technologically advanced tools and innovations to produce novel products. For instance, in July 2021, Dynasil Corporation of America announced that its subsidiary EMF’s production capacity has been increased to promote its wide range of large-format, industrial, high-volume product offerings
More Insights Into Optical Materials Market
FMI offers an unbiased analysis of the global optical materials market in its latest report, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. The report offers insights on a ten-year sales prospect, market drivers, restraints, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, end-use industry, and region.
As per FMI estimates, based on segmentation, the consumer electronics sector will generate the most demand for optical materials. Increasing demand for semiconductors in tablets, smartphones, and laptops, among others will propel the optical materials market forward. Based on region, the optical materials market in North America will present impressive growth. The target market in this region will hold a significant portion of the overall market share. The US, Canada, and Mexico will all aid the expansion of the optical materials market. Surging demand in the electronics, automotive, medical, and aerospace sectors will drive the market in this region. In conclusion, the high demand for optical materials in various end-use industries like consumer electronics and aerospace along with contributions from North America drive the global growth of the optical materials market.
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