Glass Lens Market Trends, Drivers, Growth Opportunities, Regional Growth & Forecast by 2024

As per the latest report by IMARC Group, titled “Glass Lens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global glass lens market size reached US$ 53.61 Billion in 2018. Lenses are pieces of glass with curved sides, which are used for concentrating or dispersing rays of light. They are widely used in the manufacturing of spectacles to rectify vision impairments and to protect the eyes from environmental pollutants such as wind, debris, and UV rays. In addition to this, they help to adjust the amount of light that enters the eye and are available in numerous forms, depending on the consumer requirements and the degree of the defect in the eye. Consumers have the option of customizing the spectacles by adding different kinds of coatings on the lens, such as scratch-resistant, anti-reflective, blue-light reduction and UV protection.

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Global Glass Lens Market Trends:

Rapid urbanization, in confluence with technological advancements, has increased the exposure of the younger population to smartphones, tablets, laptops and personal computers. This has led to the prevalence of eyesight disorders such as myopia, hyperopia and astigmatism. In line with this, the increasing incidences of Computer Vision Syndrome (CVS), or digital eye strain, especially among the working population, is strengthening the growth of the market. Moreover, the rising geriatric population, coupled with the increasing life expectancy, is impelling the demand for spectacles. Furthermore, the burgeoning e-commerce industry is offering lucrative opportunities to the manufacturers for distributing their products through online channels. Looking forward, the market value is projected to reach US$ 64.10 Billion by 2024, expanding at a CAGR of around 3% during 2019-2024.

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Insights on Market Segmentation:

Market Breakup by Product Type:

1. Single Vision Lenses

2. Progressive Lenses

3. Bifocal and Trifocal Lenses

4. Photochromic Lenses

5. Polarized Lenses

6. Others

Based on the product type, the market has been classified into single vision, progressive, bifocal and trifocal, photochromic, polarized, and other lenses. At present, progressive lenses represent the most preferred product type worldwide.

Market Breakup by Coating:

1. Anti-Reflective

2. Blue Light Reduction

3. Scratch-Resistant

4. UV Protection

On the basis of the coating, the market has been segregated into anti-reflective, blue light reduction, scratch-resistant and UV protection.

Market Breakup by Distribution Channel:

1. Offline

2. Online

Based on the distribution channel, the market has been bifurcated into offline and online. Presently, offline channels account for the majority of the total market share.

Market Breakup by Region:

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Region-wise, North America represents the largest market around the world. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.

Competitive Landscape:

The competitive landscape of the market has been examined with some of the key players being Essilor International S.A., Hoya Corporation, Eastman Kodak Company, Carl Zeiss Inc., Fielmann AG, Nikon Corporation, Seiko Holdings Corporation, Luxottica Group S.p.A., Shanghai Conant Optics Company and Jiangsu HongChen Optical Company.

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