Optical Glass Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

Report Code: CMR 97452 Report Format: PDF + Excel (Delivery in 48 Hrs)

Optical Glass Market Overview

Optical Glass Market size is forecast to reach $2.1 billion by 2026, after growing at a CAGR of 3.5% during 2021-2026 due to increasing consumption from the medical sector, consumer electronics, semiconductors, and other industries. Optical glass is an excellent thermal insulator that helps to reduce surface reflection and improves display contrast. It increased power consumption without extra brightness and minimizes induced eye fatigue. Additionally, flint glass and crown glass are widely used in telescopes and medical devices. According to the India Brand Equity Foundation (IBEF), India’s medical device market is expected to increase at a CAGR of 35.4% to reach Rs. 352,450 crore (US$ 50 billion) in 2025 from Rs. 77,539 crore (US$ 11 billion) in 2020. Hence, an increasing market of medical devices is estimated to increasing the consumption of optical glasses.

Impact of COVID-19:

COVID-19 has brought effects on many aspects, like massive slowing of the supply chain, falling business confidence, and uncertainty about the future. Optical glass is mainly used in smartphones, LEDs, and other electronic equipment, which is driving fast changes in the market landscape. In accordance with the China Academy of Information and Communications Technology (CAICT), smartphone market sales dropped 10% in May 2020 to 32.6 million, and 16% in June 2020 to 27.7 million. Hence, due to lockdown, the market is negatively impacted because of material supplements.

Report Coverage

The report: “Optical Glass Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Optical Glass Industry.
By Raw Material: Boric Oxide, Zinc Oxide, Potassium Oxide, Phosphorus Pentoxide, Fluorite, Barium Oxide, and Others.
By Type: Flint Glass and Crown Glass.
By Application: Medical Devices, Consumer Electronics (Smart Phones, Laptops, Computer, Televisions, LEDs, Others), Telescope, Industrial Equipment, Electronics & Semiconductors, Laser Systems, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, ANZ, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways

  • Asia-Pacific dominates the optical glass market owing to increasing demand from applications such as medical devices, surgical tools, consumer electronics, and semiconductors.
  • Increasing adoption of flint glass and crown glass for consumer electronics such as smartphones, tablets, laptops, and LED systems, is likely to aid in the market growth of the optical glass market.
  • Increasing demand for optical eyeglasses going forward in Asian countries will create opportunity for the optical glass market.

Figure: Asia Pacific Optical Glass Market, 2021-2026 (US$ Billion)

Optical Glass Market
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Optical Glass Market Segment Analysis – By Type

Flint glass held the largest share in the optical glass market in 2020. Flint glass is the ideal optical glass for perfect visibility. It is widely used in electronic and medical devices due to various properties such as light transmission and double glazing. Flint glasses increased strength compared with normal glass. Also, flint glass reduces color defects which are expected to drive the consumption of flint optical glass.

Optical Glass Market Segment Analysis – By Application

Medical devices have been the primary market for the optical glass market in 2020 and growing at a CAGR of 3.7% in 2021-2026. Optical glass is used to protect medical diagnostic imaging windows against radiation and provides a clear view. Optical communication is an important part of non-instructive surgical methods, known as endoscopy. In such applications, bright light is used on the surgical area with the help of optical glass. Thus, increasing expenditure for surgeries is estimated to grow the consumption of optical glass for surgical tools. According to the American Society for Aesthetic Plastic Surgery (ASAPS), in the United States, patients spent US$ 761 million on breast lift surgery, US$ 358 million on eyelid surgery, and US$ 1.1 billion on silicone breast implant surgery in 2018. Additionally, according to India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market is expected to reach US$ 65 billion by 2024 and ~US$ 120-130 billion by 2030. Hence, the increasing pharmaceutical sector is estimated to grow demand for medical devices which, in turn, increasing the demand for optical glass in upcoming years.

Optical Glass Market Segment Analysis – By Geography

Asia Pacific dominated the optical glass market with 32% in 2020 due to increasing demand for semiconductors, eyeglasses, and medical devices in developing countries such as India and China. Optical glass enhanced abrasion resistance, light transmission, and can block UV rays. This thermal insulator provides a barrier against wind and dust. Optical glasses are durable and withstand low to high temperatures. In India, there are millions of people suffering from eye disorders and need treatment. According to Intra Ocular Implant and Refractive Society of India (IIRSI), 550 million people have vision problems. Hence majorly consumption of optical glasses in India for eyeglasses is estimated to grow the consumption of optical glasses. On the other hand, according to the National Bureau of Statistics China, the medical device market reached USD 78.81 billion in 2018, an increase of 22% from 2017. Hence, such factors are projected to grow optical glass market size.

Optical glass Market Drivers

Growing Demand from the Consumer Electronics

Increasing adoption of optical glass (flint glass and crown glass) for consumer electronics, such as smartphones, tablets, laptops, and TVs are estimated to grow market size. According to the India Cellular & Electronics Association (ICEA), India had approximately 500 million smartphone users in 2019, and this number is growing steadily to reach over 800 million by 2022. In September 2020, Apple Inc. launched Apple Watch Series 6 (blood oxygen sensor) and Apple Watch SE, two iPad models, iPhone. Apple Watch brings significant developments in health and wellness features to iPhone, iPad, and Apple TV. Hence, growing smartphone users and expansion of consumer electronics is expected to grow the optical glass market size during this era.

Growing Demand from Medical Sector

Optical glass is a good thermal insulator, versatile, and enabling technologies for the development of future generations of medical devices, instruments, and techniques for diagnostic therapy, and surgical applications. According to Invest India, the medical device sector is likely to reach US$65 billion by 2024 and is also expected to export medical devices approximately US$10 billion by 2025. Furthermore, according to the international trade administration, in Mexico, pharmaceutical products sales reached US$ 11.1 billion in 2019 as compared to US$ 10.8 billion in 2018, and the pharmaceutical market was US$ 2.5 billion in 2019. Hence, all such factors are expected to grow the optical glass market.

Optical glass Market Challenges

Poor Thermal Conductivity of Optical Glass

Due to poor thermal conductivity, the softening temperature is low and the deformation is easy, hence the optical property is affected by low thermal conductivity. Optical glass offers superior transparency of heat; hence, it should balance with its relatively low energy saving. Apart from this, due to low thermal conductivity, it requires high energy consumption during the manufacturing process which is hampering the optical glass market growth.

Optical Glass Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the optical glass market. Major players in the Optical glass market are Schott Glaswerke AG, Ohara Corporation, HOYA CORPORATION, CDGM glass company, Edmund Optics, Nikon Corporation, Crytran Ltd, CORNING, OAG Werk Optik, Precision Optical Inc., Hubei New Huaguang, and among others.

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1. Optical Glass Market - Market Overview
    1.1 Definitions and Scope 
2. Optical Glass Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by Geography
3. Optical Glass Market – Comparative analysis 
    3.1 Company Benchmarking- Major Companies
    3.2 Market Share Analysis- Major Companies
    3.3 Product Benchmarking- Major Companies
    3.4 Top 5 Financials Analysis
    3.5 Patent Analysis- Major Companies
    3.6 Pricing Analysis (ASPs will be provided)
4. Optical Glass Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.3Product portfolio
        4.1.4Venture Capital and Funding Scenario
5. Optical Glass Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Optical Glass Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Optical Glass Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Optical Glass Market – By Type (Market Size -$Billion)
    8.1 Flint Glass
    8.2 Crown Glass
9. Optical Glass Market- By Application (Market Size-$Billion)
    9.1 Medical Devices
    9.2 Consumer Goods
        9.2.1 Smart Phones
        9.2.2 Laptops
        9.2.3 Computers
        9.2.4 TVs
        9.2.5 LEDs
        9.2.6 Others
    9.3 Astronomy
    9.4 Industrial Equipment
    9.5 Electronics & Semiconductors
    9.6 Others
10. Optical Glass Market - By Geography (Market Size -$Million/Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zeeland
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        10.5.2 Africa
   South Africa
   Rest of Africa
11. Optical Glass Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. Optical Glass Market – Market Share Analysis Premium
    12.1 Market Share at Global Level - Major companies
    12.2 Market Share by Key Region - Major companies
    12.3 Market Share by Key Country - Major companies
    12.4 Market Share by Key Application - Major companies
    12.5 Market Share by Key Product Type/Product category - Major companies
13. Optical Glass Market – Key Company List by Country Premium Premium
14. Optical Glass Market   Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

List of Tables

1 US Optical Glass Market Size 2018
2 Canada Optical Glass Market Share 2018
3 Brazil Optical Glass Market Outlook 2019 - 2023
4 Mexico Optical Glass Market Research 2018
5 Germany Optical Glass Market Trends 2019 - 2023 
6 France Optical Glass Market Growth 2019 - 2023 
7 UK Optical Glass Market Demand 2019 - 2023 
8 Italy Optical Glass Market Segmentation 2018
9 Russia Optical Glass Market Analysis 2019 - 2023
10 China Optical Glass Market Revenue 2019 - 2023
11 Japan Optical Glass Market Volume 2019 - 2023
12 South Korea Optical Glass Market Potential 2019 - 2023
13 India Optical Glass Market Leaders 2018
14 Saudi Arabia Optical Glass Market Forecast 2019 - 2023 
15 Kuwait Optical Glass Market Value 2018

List of Figures

For complete list of 60+ tables and 60+ figures follow the Link