Optical Adhesives Global Market Report 2024

The optical adhesives market size has grown strongly in recent years. It will grow from $2.02 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed during the historical period can be attributed to several factors, including an increased occurrence of optic atrophy, a rise in neurological disorders, heightened patient awareness and education, the expansion of healthcare infrastructure, and collaborative efforts in the field of neurological care.

The optical adhesives market size is expected to see strong growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be linked to various factors, such as the increasing aging population, the adoption of personalized medicine approaches, global initiatives targeting rare disease management, a heightened focus on neuroprotection, and the growing emphasis on patient support and advocacy. Notable trends expected in the forecast period encompass personalized treatment approaches, advancements in neuroprotection therapies, a focus on regenerative therapies, the integration of wearable technologies, collaborative efforts in genetic research, and the provision of teleophthalmology services.

The anticipated expansion of the aerospace industry is poised to drive the optical adhesives market's growth in the foreseeable future. The aerospace industry encompasses both public entities and private enterprises committed to the research, technology, and manufacturing of flight-related products. Optical adhesives find application in aerospace settings for bonding lenses, prisms, mirrors, and optical fibers. These adhesives are formulated to deliver attributes such as low strain, optical clarity, and low outgassing, meeting the specific requirements of military, aerospace, and fiber optics applications. As an illustration, in November 2022, the Aerospace Industries Association's 2022 Facts & Figures Data reported that the combined sales revenue for the US Aerospace & Defense sector reached $892 billion in 2021, reflecting a 2.1% growth from the previous year. Additionally, exports from the A&D industry surged by 11.2% between 2020 and 2021, totaling $100.4 billion. Consequently, the aerospace industry's expansion is a key driver for the optical adhesives market.

The rise in automotive manufacturing is expected to fuel the growth of the optical adhesives market. The automotive industry encompasses the entire process of designing, developing, producing, and maintaining motor vehicles, including cars, trucks, and motorcycles. Optical adhesives play a crucial role in the automotive sector by securely bonding optical components such as lenses and sensors within vehicle systems. This ensures precision alignment and protection against environmental factors, which is essential for the effective and reliable functioning of advanced driver assistance systems, lighting, and optical sensors. For example, in May 2023, the European Automobile Manufacturers Association (ACEA) reported a global production of 85.4 million automotive vehicles in 2022, reflecting a 5.7% increase compared to the previous year. Moreover, in September 2022, the International Energy Agency highlighted a notable growth in electric car sales, reaching 6.6 million in 2021 - an almost twofold increase from 2020, bringing the total number of electric vehicles on the road to 16.5 million. Consequently, the upsurge in automotive manufacturing is a key factor propelling the growth of the optical adhesives market.

The anticipated surge in raw material prices is poised to act as a constraint on the optical adhesives market's growth. The upward trajectory in raw material costs has the potential to escalate production expenses, thereby impacting the affordability and accessibility of UV adhesives and, consequently, impeding market expansion. The rise in costs is diminishing affordability and could pose challenges to widespread adoption. The heightened prices of crucial raw material components such as epoxy and acrylic are contributing to increased production costs, creating a hindrance to the market's growth. For instance, in June 2021, Qingdao Echemi Digital Technology Co. Ltd., a B2B digital commerce platform based in China, noted a significant increase of about 100 yen per kg in bisphenol A type and F type epoxy resin, reaching approximately 5822 CNY per ton. Consequently, the escalation in raw material prices is proving to be a limiting factor for the optical adhesives market's growth.

Prominent companies operating in the optical adhesives market are directing their efforts toward innovative products, particularly high-quality optical bonding epoxy adhesives, to offer advanced and high-performance solutions for the chip testing and packaging industry. These specialized adhesive materials are formulated to provide precision bonding and optical clarity in applications where adhesion of optical components, such as lenses, displays, touchscreens, and filters, is critical. As an illustration, in May 2023, DeepMaterial Co. Ltd., a China-based industrial adhesives company, introduced two novel products - underfill epoxy and one-component epoxy adhesive. These products are engineered to establish robust bonds, offer surface protection, and meet the rigorous requirements of semiconductor and electronics applications. Underfill epoxy, specifically, is designed to safeguard electronic components from damage caused by mechanical stress, creating a resilient bond and playing a crucial role in the manufacturing of electronic devices such as smartphones, laptops, and other portable devices. DeepMaterial Co. Ltd. provides a diverse range of adhesive products catering to various applications, including electronic adhesives, conductive silver glue, and epoxy underfill adhesive.

In September 2022, American Securities LLC, a private equity company based in the United States, successfully acquired Meridian Adhesives Group LLC for an undisclosed sum. This strategic acquisition by American Securities is intended to enhance Meridian Group's capabilities in addressing and surmounting challenges faced by its customers. The approach involves a dual focus on organic growth and strategic mergers and acquisitions, with a particular emphasis on fostering innovation. Meridian Adhesives Group LLC, US-based, is a specialized manufacturer of adhesives and sealants catering to markets such as electronics, infrastructure, and product assembly. The company is known for its expertise in adhesive technologies.

Major companies operating in the optical adhesives market report are Dow Inc., Saint-Gobain S.A., 3M Company, Henkel AG & Co. KGAA, Shin-Etsu Chemical Co., Ltd., SIKA AG, DIC Corporation, Nitto Denko Corporation, H.B. Fuller Company, Denka Company Limited, Momentive Performance Materials Inc., Lintec Corporation, Tesa SE, Thorlabs Inc., LORD Corporation, Nan Pao Resins Chemical Co. Ltd., Dexerials Corporation, DELO Industrie Klebstoffe GmbH & Co. KGaA , Dymax Corporation, Epotek Inc., Parson Adhesives India Private Limited, Showa Denko Corporation, Panacol-Elosol GmbH, Atom Adhesive LLC, Hernon Manufacturing Inc., Muromachi Chemicals Inc., Permabond Engineering Adhesives Ltd., Master Bond Inc., Norland Products Inc., Mactac LLC.

North America was the largest region in the optical adhesives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the optical adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Optical adhesives are specialized adhesives designed for use in optical systems, playing a crucial role in assembling optical components such as lenses and prisms. They are indispensable for bonding various display technologies such as LCDs, OLED displays, touchscreens, and are essential in medical imaging equipment.

The primary types of optical adhesives include acrylic, silicone, epoxy, cyanoacrylate, and others. Acrylic is a versatile material used in the production of various items, ranging from plastic and fabric to fiber and paint. These adhesives find applications in optical bonding and assembly, lens bonding cement, and fiber optics. They are widely utilized across industries such as electrical and electronics, automotive, aerospace, and more.

The optical adhesives market research report is one of a series of new reports that provides optical adhesives market statistics, including optical adhesives industry global market size, regional shares, competitors with optical adhesives market share, detailed optical adhesives market segments, market trends, and opportunities, and any further data you may need to thrive in the optical adhesives industry. This optical adhesives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The optical adhesives market consists of sales of UV-curing adhesives, thermal-curing adhesives, visible light-curing adhesives, index-matching adhesives, low outgassing adhesives, and optical grease. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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