Plastic Lens Market Share, Size, Trends, Industry Analysis Report, By Type (Aspheric Lens, Spherical Lens, LED Lens, Sensor Lens, Diffractive Lens, Collimating Lens, Cylindrical Lens, and Others); By Application; By End Users; By Region; Segment Forecast, 2023 – 2032
- Published Date:Sep-2023
- Pages: 118
- Format: PDF
- Report ID: PM3747
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global plastic lens market was valued at USD 5,067.10 million in 2022 and is expected to grow at a CAGR of 6.4% during the forecast period.
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The rapidly growing popularity and proliferation of plastic lenses worldwide due to their range of beneficial properties, including better optical clarity, design flexibility, coating compatibility, thermal insulation, and impact resistance, among others, as well as they are cost-effective to manufacture compared to traditional glass lenses, are the leading factors propelling the global market growth. In addition, the introduction of new plastic lenses with enhanced capabilities and expansion in urban infrastructure and construction projects, particularly in developing regions, have fueled the demand for optical components in security systems, signage, and architectural lighting, thereby creating huge growth potential for the market.
For instance, in May 2023, Canon India introduced its new compact EOS R100, the company’s most compact, affordable, and lightweight EOS R system camera. It also unveiled its RF28mm f/2.8 STM lens, a first-ever “pan-cake” prime lens in its line-up of RF lenses, which is designed with the plastic-moulded aspherical lens.
Moreover, researchers and manufacturers worldwide are continuously increasing their focus on developing new plastic lens materials with enhanced optical properties like reduced chromatic aberration, increased scratch resistance, and improved light transmission, which are likely to open up new revenue opportunities shortly.
Deadly coronavirus worldwide forced countries to implement lockdown measures, social distancing measures, and travel restrictions, which reduced consumer spending on non-essential items and eyewear and negatively influenced the market growth globally.
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Industry Dynamics
Growth Drivers
Rising use of mobile phones
The rising use of mobile phones and televisions all over the world and growing prevalence among people spending more time on OTT platforms and various social media platforms, including Facebook, Twitter, and Instagram, resulting in an increased number of people suffering from vision-related issues which require different types of eyewear products including plastic lenses, which are the major factors driving the demand and growth of the market. For instance, according to the World Health Organization, around 2.2 million people worldwide suffer from near or distant vision impairment, which is expected to double by 2050.
Furthermore, growing advances in materials science, manufacturing processes, and optical technology worldwide that resulted in the development of high-quality plastic lenses and surging innovations in lens design, coatings, and manufacturing techniques with features like light-weight and durability are further likely to create lucrative growth opportunities for the global market.
Report Segmentation
The market is primarily segmented based on type, application, end user, and region.
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By Type |
By Application |
By End User |
By Region |
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By Type Analysis
Aspheric lens segment accounted for the largest market share in 2022
The aspheric lens segment accounted for the largest market share, significantly driven by a rapid increase in the usage of aspheric lenses in various types of optical instruments and ophthalmic applications and the growing prevalence of these lenses in security and surveillance cameras.
Besides this, aspheric lenses can correct various aberrations like spherical aberration and coma, which results in improved optical performance and makes them attractive for applications where high image quality and reduced distortion are required, thereby boosting the segment market growth.
The spherical lens segment is expected to grow substantially over the next years due to its rapidly growing demand for consumer electronics, including smartphones, tablets, laptops, and others, as it offers better performance and advancements in features and designs.
By Application
Imaging segment held the significant market share in 2022
The imaging segment held a significant market share in terms of revenue in 2022, which is largely accelerated by high-quality cameras and imaging devices in consumer electronics like digital cameras, smartphones, and action cameras, among others, along with the higher reliance on the automotive industry on cameras for as well as various advanced autonomous driving features along with parking assistance, lane departure warnings, and other advanced driver-assistance systems. With the growing introduction and sales of autonomous vehicles globally, the demand for plastic lenses for imaging applications also increases.
For instance, in July 2023, Volkswagen announced its plan to launch autonomous or self-driving vehicles, especially for good delivery services and ride-hailing in Austin, Texas, by 2026. The company also plans to test 10 ID Buzz electric vehicles equipped with Mobileye’s autonomous driving platform with advanced safety features this year.
By End-User Analysis
Medical equipment segment is expected to witness highest growth
The medical equipment segment is projected to grow at the highest growth rate during the anticipated period, owing to growing advancements in medical equipment technology, which led to increased demand for light-weight, high-quality, and durable plastic lenses to be significantly used in various medical devices like ophthalmic devices, diagnostic equipment, and endoscopes.
Besides this, with the emerging trend towards minimally invasive surgical procedures globally, the demand for specialized medical devices like endoscopes has surged drastically, which heavily rely on optical components, including plastic lenses, which, in turn, propelling the segment market at a rapid pace.
North America region dominated the global market in 2022
North America dominated the global market in 2022. The regional market growth can be largely attributable to the region’s greater demand for eyewear products, including contact lenses, prescription lenses, and sunglasses, along with the continuously growing prevalence of several types of eye disorders like myopia and presbyopia, as a result of the aging population and proliferation towards spending more time on digital devices, especially in countries like US and Canada.
The Asia Pacific region is anticipated to be the fastest-growing region with a healthy CAGR over the study period, owing to a surge in the consumption and production of consumer electronics and growing technological advancements that led to the development of high-quality plastic lenses offering improved performance compared to traditional lenses.
Competitive Insight
The plastic lens market is fragmented and is anticipated to witness competition due to several players' presence. Major key players in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Asahi Glass.
- Bluebell Industries Ltd.
- Calin Technology Co. Ltd.
- Canon Inc.
- Hinode
- HOYA Corporation
- Korea Optical Co. Ltd.
- Lensel Optics Pvt. Ltd.
- Luxottica Group S.p.A.
- Nikon Corporation
- Panasonic Holding Corporation
- Plastic Optics
- Rodenstock GmbH
- Tokai Optical Co. Ltd.
- Toyotec Co. Ltd.
- ZEISS International
Recent Developments
- In December 2022, LG Innotek introduced new plastic-glass lenses mainly designed for autonomous driving. The new camera lens for self-driving is installed into the camera module and comes with various advanced features, including driving monitoring systems and advanced driver support systems.
- In March 2022, Warby Parker, a leading global eyewear brand, announced they had entered a new partnership with Eastman. With this partnership, Warby Parker can easily utilize Eastman’s molecular recycling technologies to divert material from the landfill and reduce carbon emissions.
Plastic Lens Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 5,379.74 million |
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Revenue forecast in 2032 |
USD 9,378.47 million |
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CAGR |
6.4% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Type, By Application, By End User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation |
FAQ's
key companies in plastic lens market are Bluebell Industries, Nikon Corporation, Panasonic Holding Corporation.
The global plastic lens market is expected to grow at a CAGR of 6.4% during the forecast period.
The plastic lens market report covering key segments are type, application, end user, and region.
key driving factors in industrial plastic lens market are increasing technological advancement.
The global plastic lens market size is expected to reach USD 9,378.47 million by 2032.
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