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Plastic Lens Market

Plastic Lens Market

Increasing Prevalence of Vision Related Problems Among People to Spur Plastic Lens Market Growth

Plastic Lens Market
FACT1252MR

Plastic Lens Market: Overview

The market for plastic lenses witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.

Leading corporations including Plastic Optics, Lensel Optics Pvt. Ltd., Toyotec Co., Ltd., Korea Optical Co., Ltd., Bluebell Industries Ltd., Luxottica Group S.p.A., Tokai Optical Co., Ltd., Hinode Co., Ltd., Rodenstock GmbH and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for plastic lenses with largest market share.

For instance, Rodenstock is known to be the first ever lens manufacturer focusing on the precise measurements of each eye and manufacturing biometric intelligent glasses thereafter. The company takes the biometrics of the whole eye including the length of the eye and thousands of data points. Based on the data generated, Rodenstock, calculates a biometric eye model and works further on the lens. Asia Pacific region is expected to show a significant growth as it holds a large population and prominent markets for the sales of plastic lenses in eye safety equipment. Countries like India and China are projected to be lucrative through 2030. All the other key regions like North America and Europe are driving the market growth and opening various opportunities for manufacturers as the majority of the old aged population in the regions suffer eye related problems.

Market Introduction

Glass lenses have been used for various applications so far. However, they are brittle and are likely to deteriorate easily, which has led to the development and growth of plastic lenses. Plastic lenses have several advantages over glass lenses in terms of good UV resistance, greater durability, as well as safety for use in sports activities or any physical activity that is likely to cause the breakage of the lens. Plastic lenses can be coated with various coatings depending upon end-user requirements. The low weight of plastic lenses compared to glass lenses is among factors that has increased their comfort and user-friendliness. Coatings, such as anti-reflective coatings that are difficult to apply on glass lenses, can be easily applied on plastic lenses. In addition, plastic lenses can provide better protection from flying sparks from fireworks, campfires, welding, and grinding work. Hence, plastic lenses are used in eye-safety equipment of military personnel, police and fire fighters as they offer shatter resistance. These lenses can be tinted with a specific range of colours, which boosts their cost, however, it makes them more attractive. These lenses are available in various shapes and sizes in the market and are used in various equipment such as microscopes and projectors.

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Market Dynamics

The increasing usage of the Internet has rapidly boosted the usage of mobile phones and televisions. As a result, several people are suffering from vision-related problems, which is boosting the plastic lens market. These lenses possess various functional properties, such as no distortion, shatter resistance, and high resistance to breakage, owing to which their popularity as well as demand has increased significantly. The shatter-resistance property of plastic lenses has boosted their demand in the safety equipment sector. The good service life of plastic lenses will also be among key reasons for their high demand in the global market. The usage of plastic lenses in medical equipment, such as magnifiers or for vision correction, is also expected to open up vast market opportunities for their sales. The availability of plastic lenses in attractive colours is also expected to propel their demand.

However, the comparatively good clarity and anti-scratch property offered by glass lenses at a low cost as compared to plastic lenses is likely to restrain the growth of the plastic lens market. In addition, when plastic lenses are subject to high or low temperatures, their shape is likely to change, which is also likely to negatively affect the market. The availability of contact lenses is also expected to slow down the growth of the plastic lens market.

Regional Outlook

China and India together hold the world’s largest population, hence, they are expected to be the prominent markets for the sales of plastic lenses in eye safety equipment, medical equipment as well as military equipment. North America is expected to be another big market for the growth of plastic lenses as nearly one-third of the population aged below 40 years suffers from problems related to the vision, according to National Eye Institute of America. The European region, with its large number of police and military personnel as well as a large population, is also expected to present the plastic lens market with lucrative growth opportunities. Middle East and Africa, with its growing population, is also expected to boost the plastic lens market. The market in Japan is also likely to grow in the near future as the country is a prominent manufacturer of consumer electronics. The South East Asia and Pacific region is expected to register significant growth owing to its large population.

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List of Market Participants

Some of the key participants in the plastic lens market are listed below:

  • Plastic Optics
  • Lensel Optics Pvt. Ltd.
  • Toyotec Co., Ltd.
  • Korea Optical Co., Ltd.
  • Bluebell Industries Ltd.
  • Luxottica Group S.p.A.
  • Tokai Optical Co., Ltd.
  • Hinode Co., Ltd.
  • Rodenstock GmbH

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

The report covers exhaust analysis on:

  • Market Segments
  • Market Dynamics
  • Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Technology
  • Value Chain

Regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico. Brazil)
  • Western Europe (Germany, Italy, France, U.K, Spain)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (India, ASEAN, Australia & New Zealand)
  • China
  • Japan
  • Middle East and Africa (GCC Countries, S. Africa, Northern Africa, Turkey)

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.

The report covers exhaust analysis on:

  • Market Segments
  • Market Dynamics
  • Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Technology
  • Value Chain

An Adaptive Approach to Modern-day Research Needs

Regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Argentina, Chile, Peru)
  • Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
  • CIS and Russia
  • Asia-Pacific (China, India, ASEAN, South Korea)
  • Japan
  • Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Fact.MR

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Market Segmentation

The plastic lens market is segmented on the following basis:

By Type:

  • Aspheric Lens
  • Spherical Lens
  • LED Lens
  • Sensor Lens
  • Diffractive Lens
  • Collimating Lens
  • Cylindrical Lens and Others

By Application:

  • Safety Equipment
  • Sensing
  • Imaging
    • Projection Display
    • Flight Simulators
  • Detecting
    • Telecom Optics
  • Scanning
    • Barcode Scanner Optics

By End Users:

  • Medical Equipment
  • Scientific Equipment
  • Military Equipment
  • Consumer Electronics

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

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