Plastic Lens Market Report 2024

This Plastic Lens market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The plastic lens market size has grown strongly in recent years. It will grow from $4.92 billion in 2023 to $5.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth during the historic period can be attributed to advancements in polymer technology, a rising demand for lightweight materials in the consumer electronics and automotive sectors, and the expansion of affordable eyewear options.

The plastic lens market size is expected to see strong growth in the next few years. It will grow to $6.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth during the forecast period can be attributed to ongoing improvements in lens durability and scratch resistance, expanding uses in augmented reality (AR) and virtual reality (VR) devices, and a growing focus on sustainability, which drives manufacturers toward eco-friendly materials and production methods. Major trends expected during this period include a shift towards smart lenses with integrated sensors for health monitoring and augmented vision, an increase in customized lens solutions tailored to individual prescriptions and lifestyle preferences, advancements in 3D printing and digital manufacturing technologies, heightened regulations around lens safety and quality standards, and rising consumer awareness of the environmental impact of plastic waste, which is encouraging the development of recyclable and biodegradable lens materials.

The growing demand for consumer electronics is expected to drive the expansion of the plastic lens market. Consumer electronics encompass electronic devices and appliances designed for personal use, including those used for entertainment, communication, and convenience. This increased demand is fueled by technological advancements, rising disposable incomes, and a growing interest in smart, connected devices, which contribute to the development of innovative and multifunctional electronic products. Plastic lenses are utilized in consumer electronics primarily for their lightweight and impact-resistant properties, which enhance the performance and durability of devices such as smartphone cameras, digital cameras, and tablets by providing clear optical functions and contributing to the sleek design of these gadgets. For example, in May 2023, the Japan Electronics and Information Technology Industries Association reported that consumer electronics production reached ¥32.09 billion ($0.221 billion), up from ¥25.27 billion ($0.174 billion) in May 2022. Additionally, a March 2023 report by Cybercrew projected that the percentage of UK households using smartphones would rise from 91.43% in 2021 to 93.8% in 2026. Thus, the growing demand for consumer electronics is driving the plastic lens market forward.

Key players in the plastic lens market are focusing on developing innovative products, such as camera lenses for self-driving vehicles, to enhance the safety and performance of autonomous driving systems. These specialized lenses capture high-resolution images and video for autonomous systems. For instance, in December 2022, LG Innotek Co. Ltd., a South Korea-based electronic component manufacturer, introduced plastic-glass lenses for camera modules in self-driving cars. These lenses combine the lightweight and impact-resistant features of plastic with the superior optical clarity of glass, ensuring high-resolution image capture and durability under demanding conditions. The integration of these lenses into self-driving car camera systems improves the vehicle’s ability to detect and interpret its surroundings, enhancing safety and reliability.

In June 2023, Gooch & Housego PLC, a UK-based optical product manufacturer, acquired GS Plastic Optics for an undisclosed amount. This acquisition aims to enhance G&H’s optical component offerings and expand its manufacturing capabilities by incorporating GS Optics' expertise in plastic lens production, thus strengthening its position in the optical and imaging markets. GS Plastic Optics is a US-based producer of precision polymer optics, including plastic lenses.

Major companies operating in the plastic lens market are Johnson & Johnson Vision Care Inc., Panasonic Holding Corporation, Canon Inc., EssilorLuxottica S.A., Luxottica Group S.p.A., Bausch + Lomb Corporation, CooperVision Inc., Carl Zeiss AG, Largan Precision Co. Ltd., Vision Express (UK) Limited, Sekonix Co. Ltd., Rodenstock GmbH, Bluebell Industries Ltd., Rayner Intraocular Lenses Limited, Calin Technology Co. Ltd., Hinode Co. Ltd., Lensel Optics Pvt. Ltd., Tokai Optical Co. Ltd., Kantatsu Co. Ltd., Sunny Optical Technology (Group) Company Limited, Nikon Corporation, AAC Technologies Holdings Inc.

North America was the largest region in the plastic lens market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the plastic lens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A plastic lens is an optical lens made from synthetic polymer materials instead of traditional glass. These lenses are utilized in various applications, including eyeglasses, cameras, microscopes, and more. Plastic lenses are favored for their durability, lightweight nature, and cost-effectiveness, making them a popular choice for many optical uses.

The primary types of plastic lenses include aspheric lenses, spherical lenses, LED lenses, sensor lenses, diffractive lenses, collimating lenses, cylindrical lenses, and others. Aspheric lenses have a non-spherical surface profile designed to minimize optical aberrations and enhance image quality. These lenses are used in a range of applications, such as safety equipment, sensing, imaging, projection displays, flight simulators, detection, telecom optics, scanning, and barcode scanner optics. They find use in various end-user sectors, including medical equipment, scientific equipment, military equipment, and consumer electronics.

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

The plastic lens market consists of sales of camera lenses, eyeglass lenses, magnifying lenses, and contact lenses. 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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