Global Molded Optics Market to See Strong Growth Through 2024, Reports Melvin Bright
NEWPORT NEWS, Va., April 16, 2018 /PRNewswire/ -- The global molded optics market continues to show strong growth owing to the rapid technological advancements and ever widening scope of applications. The global optical component market has shown a yearly growth of 10-12% in the past 5 years. Strong growth in consumption of optical components in recent years can be primarily attributed to the growing demand from communications markets, internet usage and digitalization of information infrastructure.
Owing to the rapid technological developments in material science, engineering design and tooling in the previous decade, plastic has now become common in relatively larger scope of high-end optical applications, including fiber optics, biomedical devices, biometric scanning, and the displays and devices used in defense and homeland security. Molded optics have been extensively employed in disposable toys, diffraction-grating glasses and low-end film cameras due to their ease of high-volume and low-cost manufacturing. Laboratory instruments, LED illumination applications, LCD backlights, and small, portable, lightweight devices in a wide spectrum of markets will continue to witness the use of molded optics as a key enabling technology.
The U.S. represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 33.4% over the next six years. Steady economic growth, growing construction and automotive sectors, and developing healthcare infrastructure, particularly in China and India are driving the market growth in the region.
Above findings are part of a comprehensive analysis of global molded optics market published by Melvin Bright which provides insights into key market segments such as polymer optics, optical ceramics, acrylic resins, polystyrene resins, polycarbonates, cyclic olefins, polyetherimide, allyl diglycol carbonate, diallyl phthalate, allyl chloroacrylate, poly(methyl methacrylate), alicyclic acrylate, and styrene acrylonitrile, among others. It also covers key product and application markets such as LED optics, UV optics, infrared optics, freeform optics, imaging optics, reflectors, lightguides, displays, eye protection, emergency lighting, consumer electronics, barcode scanners, collimators, prisms, lens, HMD/HUD, and sensors, among others. The complete study can be availed at –
https://melvinbright.com/report/details/global-molded-optics-market-analysis-global
Melvin Bright is an independent provider of reliable and unbiased strategic market research for a multitude of technologies, products and services markets around the world. Our research reports and solutions offer high level of granularity in numerous global markets which help business leaders to identify and prioritize high growth opportunities in these markets. For more information, please visit www.melvinbright.com.
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SOURCE Melvin Bright
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