High Refractive Index Resins Market - Industry Analysis, Market Size, Share, Trends, Growth and Forecast 2024 - 2030.

High refractive index resins market size is forecast to reach $1.4 billion by 2030, after growing at a CAGR of 9.8% during 2024-2030. The demand for high refractive index resins, particularly those produced using silane coupling agents, has been steadily increasing due to the advancements in optical technology and the need for new functional materials. A refractive index of 1.6 or more is considered high, and these resins are becoming essential for the development of advanced optical devices. The emergence of new functions like heat curing and ultraviolet curing has further emphasized the importance of high refractive index resins in the fabrication of optoelectronic devices. The potential applications of high refractive index resins, such as acrylate resin, have garnered significant attention in the industry. These resins are now being utilized in the production of high-performance substrates for advanced display devices, optical adhesives, anti-reflective coatings, diffraction gratings, image sensors, and more. Their ability to enhance the performance and functionality of these optical devices has led to a surge in demand for high-refractive index resins. 

Moreover, the growing market for smartphones, computers, and sensors has created additional opportunities for the high refractive index resins industry. As these devices continue to evolve and demand higher performance, the need for advanced optical materials like high refractive index resins becomes even more pronounced. As a result, the demand for high refractive index resins is being driven by the rapid advancements in optical technology, the increasing need for new functional materials, and the expanding market for high-performance electronic devices. As the industry continues to innovate and develop new applications for these resins, the demand for high-refractive index materials is expected to grow significantly in the forecast period.

The report: “High Refractive Index Resins Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the high refractive index resins Industry.

By Polymer Type: Polysulfone (PSU), Polyvinylidene Chloride (PVDC), Polyvinyl Napthalene, and Others

By Refractive Index: 1.62 Refractive Index, 1.67 Refractive Index, 1.70 Refractive Index, 1.71 Refractive Index, 1.72 Refractive Index, and Others

By Curing Method: Heat Curing and Ultraviolet Curing

By Application: Adhesives & Sealants, Light Emitting Diodes (LEDs), Paints & Coatings, Computers, Smart Phones, Image Sensors, Navigation Devices, and Others 

By Geography: North America, Europe, Asia-Pacific), South America, Rest of the World.

• Asia-Pacific witnessed the highest growth in the high refractive index resins market share of 39% in 2023. The growing demand for smartphones, computers, diffraction gratings, image sensors, and more in Asia-Pacific is a major driving factor for the high refractive index resins market.

• According to Ericsson, by 2029, North America and GCC are expected to lead in 5G penetration at 92%, with Western Europe following closely at 85%. With the increasing mobile industry, the demand for high refractive index resins such as acrylate resin will also eventually increase, which will drive the market growth.

• Demand for new materials that have better RI, higher efficiency, and, in particular, are halogen-free instead of high refractive index resins produced using silane coupling agent is growing increasingly due to increasing environmental concerns, which is hindering the high refractive index resin market growth.

• High refractive index resins offer the application in NIL for the fabrication of the wafer level optics including automotive lighting, light carpets, heads-up display, in-car sensing and LiDAR as well as medical imaging for endoscopic cameras, ophthalmic applications and surgical robotics, thereby contributing to the market growth rate.

 

The polyvinylidene chloride (PVDC) segment held the largest share in the high refractive index resins market in 2023. Increasing demand for PVDC in the food industry for packaging owing to its high levels of transparency offering the most attractive product presentation and display and excellent barrier qualities extending the shelf life and conservation of foods, while at the same time reducing the need for preservation is a major factor contributing to its segmental growth. Moreover, in 2023, Solvay's Diofan Ultra736 is a breakthrough PVDC coating offering an exceptional water vapor barrier, aiding in carbon footprint reduction for pharmaceutical blister films. Fluorine-free, it complies with regulatory standards, enabling sustainable, thinner coatings. This innovation fuels demand for polyvinylidene chloride in the High Refractive Index Resins Market, catering to diverse industries seeking advanced barrier solutions.

The 1.70 refractive index segment held the largest share in the high refractive index resins market in 2023 and is growing at a CAGR of 8.1% during 2024-2030. Optical elements made with optical glass of a refractive index of 1.70 are usually desirable in optical data transfer applications, particularly in read-write devices with movable read-write heads. Apart from this, the recent development by the key players to strengthen their foothold in the market is a vital factor contributing to its market growth. Moreover, High refractive index resins, exemplified by materials with a refractive index of 1.70, meet the increasing demand for advanced optical components. Their superior light-bending capabilities enhance lens design, providing thinner and lighter options. This addresses the consumer preference for aesthetically appealing and technologically advanced eyewear.

The ultraviolet curing segment held the largest share in the high refractive index resins market in 2023 and is growing at a CAGR of 10.1% during 2024-2023. Utilizing an ultraviolet (UV) curing system eliminates the heating, mixing, and drying processes associated with a thermal cure, owing to which it is extensively utilized in optical electronics products. Apart from this, the wide usage of the UV Curing Method in the food industry for automated printing so that the products could be ready for shipping is also another factor driving its market growth. This method offers numerous advantages over traditional drying methods as it increases production speed, reduces reject rates, facilitates superior bonding as well as improves scratch and solvent resistance. Owing to these advantages associated with the ultraviolet curing system, the demand for high refractive index resins as ultraviolet curing systems is substantially increasing during the forecast period.

The smartphone segment held a significant share in the high refractive index resins market in 2030 and is growing at the highest CAGR of 8.3% during 2024-2030. Ultraviolet curing-based optically transparent high refractive index resins can be used for wafer-level optical lens production, wafer-level camera applications, and cell phone applications. Smartphones, tablets, and other devices enable camera lens equipment to have a high refractive index, decreasing lens spacing, and low birefringence, which enhances the accuracy of the image. Resin material with a high-performance index is a single optical material with a high degree of modeliability that fulfills these two criteria. As demand for modern camera performance is on smartphones, high-performance index resin content for camera lenses is designed to meet consumer requirements. Mobile devices like smartphones and tablets need good usability in different environments, with little to no system performance deficiencies in difficult scenarios. The demand for cell phone cameras is projected to be strong as the market for mobile phones continues to expand at an explosive pace. High-refractive index resins can be integrated into smartphones, thus increasing the growth of the high-refractive index resins industry during the forecast period.

Asia-Pacific region held a significant share in the high refractive index resins market in 2023 up to 39% and is growing at a CAGR of 9.3% during 2024-2030, owing to the escalating demand for high refractive index resins produced using silane coupling agents in the country from the optical electronics sector. According to Invest India, India has emerged as a prominent force in global electronics manufacturing, poised to reach a $300 billion industry valuation by 2025-26. Its rapid growth positions India as a leading hub in this sector. Also, Thailand's Digital Government Development Agency (DGA) is amplifying digital services nationwide, aiming for inclusive accessibility across age groups. With a target of over 400 million digital service usages, excluding infrastructure services, Thailand emphasizes robust digital governance. To drive economic and social change, the government wants to improve digital capabilities in all fields, including agriculture, tourism, education, medicine, public administration, and more. With the increasing demand for the optical electronics sector, the demand for high refractive index resins is also substantially rising. Furthermore, according Trade Promotion Council of India, India's smartphone exports surged, surpassing $9.3 billion in April-Feb 2023, marking a remarkable 50% growth, while imports remained at $1.37 billion, showcasing substantial progress in five years. Hence the growing expansion alongside the integration of HRI resins in smartphones is set to boost the market growth rate in the Asia-Pacific region during the forecast period.

Resins exhibiting optically clear, high refractive index, and ultra hard UV-curable are highly used in UV or photo nanoimprint lithography (P-NIL) for wafer-level-optical lens, high-resolution lenses, and so on. For instance, from 2001 to 2022, the National Nanotechnology Initiative invested $38 billion in nanotechnology. The U.S. workforce in this sector grew from 17,800 in January 2002 to 29,000 in May 2023, a remarkable 63% surge. Also, The President's 2022 Budget allocates $1.98 billion for the National Nanotechnology Initiative (NNI), emphasizing sustained investment in foundational research to drive future industries and tackle global challenges, reaching a cumulative total exceeding $38 billion reported by the National Nanotechnology Initiative. As a result, the Nanotechnology Initiative reflects a commitment to foundational research, fostering innovation for applications like UV-curable resins in nanoimprint lithography, wafer-level-optical lenses, and high-resolution optics.

Higher refractive index resins have attracted particular attention because of the performance of optical devices, such as diffraction gratings, imaging sensors, LEDs, and so on. Semiconductor chips used to generate light in LEDs usually have a high refractive index. To maximize the amount of light emitted by the LED chip passing through the encapsulation, the refractive index of the chip and encapsulant (resin) must be high. Hence the deployment of high refractive index resins for better light emission is set to contribute to the market growth rate. In addition, the shift towards energy savings in the United States with the widespread use of LED lighting alongside the significant deployment of high refractive index resin is significantly contributing to the market growth rate. As stated by US Department of Energy, by 2027, widespread use of LEDs could save about 348 TWh of electricity.

High refractive index resins are being extensively utilized in smartphones. According to Ericsson, smartphone penetration continues to rise, and subscriptions associated with smartphones account for about 75 percent of all mobile phone subscriptions. At the end of 2026, it is estimated there will be 7.5 billion smartphone subscriptions, which will account for around 85 percent of all mobile subscriptions at that time. With this, the demand for high refractive index resins is also expected to increase, which will then drive market growth. Mitsubishi Gas Chemical Company, Inc. launched Iupizeta™ EP-10000, a specialty polycarbonate resin for smartphone camera lenses boasting the world’s highest refractive index of 1.68. Iupizeta ™ EP-series specialty polycarbonate resins are widely used in smartphone camera lens units and other devices globally.

In a broad range of optical, photovoltaic, photonic, and electronic applications, high refractive index (RI) resins such as acrylate resin, especially radiation-curable high RI materials, have been used for light control. Recently, owing to growing environmental considerations, there have been increasingly increasing criteria for new products with much higher RI and improved efficiency while still being halogen-free. And it is a huge challenge to reach an equal RI without using halogenated materials. Thus, this factor acts as a restrain for the high refractive index resin market.

Regulations imposed on the high refractive index resins are stringent as these materials could emit hazardous substances. This is analyzed to be one of the major challenges to the high refractive index resin market. High refractive index materials have to follow the environmental policies and restrictions as the applications are also in medical applications through image sensing. However, the monomers that contain aromatic groups were developed in recent years that are significantly contributing to the market growth rate.

The COVID-19 pandemic negatively impacted the global economy, lowered the equity valuations, while disrupting the global supply chains and workforce participation in 2020. Quarantines and "stay in place" orders, the timing and length of containment, eradication solutions, travel restrictions, absenteeism by infected workers, labor shortages, and other disruptions to supply chain or customers adversely impacted the sales and operating results and has resulted in some project delays in high refractive index resin market. In addition, order lead times were extended or delayed and pricing of suppliers for needed materials increased. Furthermore, globally, various companies experienced the temporary closure of many of the customer's retail locations and factories shut down to comply with the government "stay in place" orders. Thus, the global pandemic had a major impact on the high-refractive index resin market. Adding to this, the development of new COVID strains in countries such as US, UK, Nigeria and so on during end of 2020 to the beginning of 2021 is further resulting in the lockdown and impacting the manufacturing sector thereby constraining the market growth.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the high refractive index resins market. Major players in the high refractive index resins market are NTT Advanced Technology Corporation, Mitsubishi Gas Chemical Company Inc., Sumitomo Seika Chemicals Company Ltd., Mitsui Chemicals, Miwon Specialty Chemical, High RI Optics, SABIC, Inkron, Sumitomo Seika Co., Ltd, Asahi Kasei Corporation and Others.

 In March 2022, Mitsui Chemicals introduced MR-160DG™, a plant-derived high-index lens material, as part of the Do Green™ series. The sales launched on April 1 showcased their commitment to sustainable innovation in lens technology.

 In May 2022, Asahi Kasei Corp. announced the full-scale marketing launch of AZP™, a novel transparent polymer with low birefringence. Following preliminary sales in response to market demand, the company aims to broaden adoption across diverse fields, meeting the growing industry requirements.

 In August 2022, SABIC expanded its ULTEM™ resin optical material portfolio with a new polyetherimide (PEI) resin. This material offers a substantially lower coefficient of thermal expansion (CTE) compared to standard ULTEM grades, enhancing its performance in optical applications.