the global optical elastic resin (SVR) market is expected to reach US$ 2.7 billion by the end of 2033, expanding at a CAGR of 6.7% from 2023 to 2033. A particular kind of polymer called optical elastic resin has the capacity to alter its refractive index in response to external stress. It can be employed in optical waveguide applications, where the mechanical load will cause strain and result in a light beam passing through it to effectively exhibit birefringence or polarization rotation. As such, optical FPDs are the most widely used and effective method of producing 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.
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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. North America is expected to be a key regional market with high demand for flexible displays. Additionally, an increase in global investments by key market players is expected to drive market growth over the forecast period.
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 driven by rising demand for SVR in the automotive industry. Increase in the sales of passenger cars and commercial vehicles is driving market expansion in the automotive industry, says a Fact.MR analyst.
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
What differences can the Optical elastic resin (SVR) market report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the Optical elastic resin (SVR) market and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the Optical elastic resin (SVR) market
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key Optical elastic resin (SVR) markets
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
- Challenges overcoming which may offer industry players competitive edge
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.