According to Fact.MR, a market research and competitive intelligence provider, the global optical elastic resin (SVR) market is projected to reach US$ 2.7 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.7% from 2023 to 2033.

Optical elastic resin, a specialized polymer, has the unique ability to adjust its refractive index in response to external stress. This property makes it ideal for use in optical waveguide applications, where mechanical strain can induce birefringence or polarization rotation as a light beam passes through. Consequently, optical FPDs (flat panel displays) have become the most common and efficient means of producing visual displays.

The market is driven by the increasing adoption of advanced technologies such as organic light-emitting diode (OLED) displays and high-resolution screens, which require higher precision in material formulation, fueling the demand for optical elastic resins.

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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 expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2023 to 2033.
• By the end of 2033, worldwide sales of optical elastic resins are projected to reach US$ 2.7 billion.
• In China, the market is expected to expand at a CAGR of 6.3% during the forecast period, while the United States is set to see growth at a slightly higher rate of 6.8% throughout the same period

The optical elastic resin market is being driven by rising demand for SVR (silicone-based optical elastic resins) in the automotive sector, where increasing sales of passenger and commercial vehicles are fueling market growth, according to a Fact.MR analyst.

Market Competition

The optical elastic resin market is highly competitive and consolidated, with mergers and acquisitions being a prominent feature. Many companies are focused on expanding their product portfolios and gaining a competitive edge in rapidly growing regional SVR markets. While the market faces significant competition from new entrants, the threat of product substitution remains low.

For instance, in January 2022, Momentive Performance Materials, Inc. announced the acquisition of the silicones division of KKC Corporation, a strategic move aimed at enhancing its SVR market position and strengthening its global advanced silicones capabilities.

The market is also characterized by rapid technological advancements and intense competition. Companies are heavily investing in research and development, focusing on product innovation, and implementing new manufacturing processes to reduce costs and improve efficiency, allowing them to stay competitive in this dynamic landscape.

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Market Buoyancy Analysis

The optical elastic resin market is highly competitive, with several key players striving to capture a larger market share. These companies are heavily invested in research and development to enhance product quality and broaden their range of applications.

Many firms are expanding their market presence through strategic partnerships, collaborations, and mergers and acquisitions. The increasing demand from industries such as automotive, electronics, healthcare, and optical lenses is creating growth opportunities for new entrants to establish themselves in the market.

For instance, in 2020, Sumitomo Chemical Company introduced "OPTERAN," a new high-refractive index optical resin with excellent optical properties, ideal for applications such as lenses and prisms. Similarly, in 2019, Dow launched "DOWSIL™ EI-2888," an optical-grade silicone elastomer specifically designed for LED lighting applications, including secondary optics, lenses, and diffusers.

This growing demand and ongoing product innovation are key factors driving competition and market expansion.

Key pioneers

• Dexerials
• 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:
• Smartphones
• PCs
• Automotive
• Others
• By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Read More: https://www.factmr.com/report/optical-elastic-resin-market

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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