By the end of 2033, the market for optical elastic resin (SVR) is anticipated to have grown at a compound annual growth rate (CAGR) of 6.7%. Optically elastic resin is a specific type of polymer that may change its refractive index in reaction to external force. It can be used in optical waveguide applications where the mechanical strain caused by the load will result in birefringence or polarisation rotation in a light beam travelling through it. As a result, optical FPDs are the most popular and efficient way to create visual displays.
Growing adoption of new technologies such as organic light-emitting diode displays and high-resolution screens that demand higher levels of precision in material formulation are the main factors propelling the growth of this market.These technologies also increase the demand for specialty resins and the requirement for better display quality on smartphones, laptops, tablets, gaming consoles, etc.The optical elastic resin market is expected to exhibit significant growth due to increasing demand for flexible displays from smartphone manufacturers, as well as from other applications in the automotive industry.
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Key Takeaways from Market Study
- The global optical elastic resin market is valued at US$ 1.4 billion in 2023.
- Demand for optical elastic resins is projected to increase at a CAGR of 6.7% during the forecast period (2023 to 2033).
- Worldwide sales of optical elastic resins are anticipated to reach US$ 2.7 billion by the end of 2033.
- The market in China is forecasted to expand at a CAGR of 6.3% during the forecast period.
- The market in the United States is set to increase at a CAGR of 6.8% throughout the projected period.
The optical elastic resin market is highly competitive and extremely consolidated. The market is characterized by mergers and acquisitions. Several market players are putting a lot of effort into expanding their product lines and gaining a competitive edge in quickly expanding regional SVR markets. The market is highly threatened by new entrants; however, there is little threat from product replacements.
- Momentive Performance Materials, Inc. declared in January 2022 that the purchase of the silicones division of KKC Corporation was done to enhance its SVR market position for worldwide advanced silicones capabilities.
- The market is characterized by intense competition, rapid technological advancements, and a focus on product differentiation. To maintain a competitive edge, companies are investing heavily in research and development, focusing on product innovation, and developing new manufacturing processes to reduce costs and improve efficiency.
Market Buoyancy Analysis
This industry is highly competitive with several major players competing for a higher optical elastic resin market share. These companies are engaged in research and development to improve the quality and expand their range of applications.
Several companies are focusing on expanding their market reach through strategic partnerships, collaborations, and mergers and acquisitions. The market is also characterized by increasing demand from end-use industries such as automotive, electronics, healthcare, and optical lenses, creating opportunities for new entrants to establish a foothold in the market.
- In 2020, Sumitomo Chemical Company introduced a new high-refractive index optical resin called “OPTERAN,” which has excellent optical properties and is suitable for use in various optical applications, including lenses and prisms.
- In 2019, Dow introduced a new optical grade silicone elastomer called “DOWSIL™ EI-2888,” which is specifically designed for use in LED lighting applications, such as secondary optics, lenses, and diffusers.
- Zeon Corporation
- Mitsui Corporation
- Nusil Technology LLC
- ThreeBond Int.
- Kyoritsu Chemical
- Elkem Silicones
- Wacker Chemie AG
- JSR Corporations
- DowDuPont Inc.
Key Segments of Optical Elastic Resin Industry Research
- By Type:
- For Large Size FPDs
- For Small-to-medium Size FPDs
- By Application:
- By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Key Factors Influencing Market Growth
Several factors are driving the growth of the optical elastic resin market:
- Demand for High-Quality Optics: As consumer expectations for optical performance continue to rise, the demand for materials like SVR that can deliver exceptional clarity, low distortion, and durability is increasing across various industries.
- Advancements in Optical Technology: Ongoing advancements in optical technology are driving the need for materials that can support new and innovative optical designs. SVR plays a vital role in enabling these advancements, as it offers the optical clarity required for cutting-edge optics.
- Lightweight and Thin Optics: SVR’s unique combination of optical performance and flexibility is well-suited for producing lightweight and thin optical components, which are in high demand in applications like eyeglasses, cameras, and mobile devices.
- Biocompatibility: In the medical field, SVR’s biocompatibility and optical quality make it an attractive choice for various medical instruments and devices, supporting the growth of the market in healthcare applications.
- Sustainable Materials: The growing emphasis on sustainability in manufacturing is encouraging the development of eco-friendly SVR formulations. This aligns with consumer preferences for environmentally responsible products.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global optical elastic resin (SVR) market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights on the market based on type (for large size FPDs, for small-to-medium size FPDs) and application (smartphones, PCs, automotive, others), across five major regions of the world.
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