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Optical glass Market Drivers Growing Demand from the Consumer Electronics

HYDERABAD, TELANGANA, INDIA, October 14, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Optical Glass Market size is forecast to reach $2.1 billion by 2026, after growing at a CAGR of 3.5% during 2021-2026 due to increasing consumption from the medical sector, consumer electronics, semiconductors, and other industries. Optical glass is an excellent thermal insulator that helps to reduce surface reflection and improves display contrast. It increased power consumption without extra brightness and minimizes induced eye fatigue. Additionally, flint glass and crown glass are widely used in telescopes and medical devices. According to the India Brand Equity Foundation (IBEF), India’s medical device market is expected to increase at a CAGR of 35.4% to reach Rs. 352,450 crore (US$ 50 billion) in 2025 from Rs. 77,539 crore (US$ 11 billion) in 2020. Hence, an increasing market of medical devices is estimated to increasing the consumption of optical glasses. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Click here to browse the complete report summary: https://www.industryarc.com/Research/Optical-Glass-Market-Research-501591

1. Asia-Pacific dominates the optical glass market owing to increasing demand from applications such as medical devices, surgical tools, consumer electronics, and semiconductors.

2. Increasing adoption of flint glass and crown glass for consumer electronics such as smartphones, tablets, laptops, and LED systems, is likely to aid in the market growth of the optical glass market.

3. Increasing demand for optical eyeglasses going forward in Asian countries will create opportunity for the optical glass market.

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1. Flint glass held the largest share in the optical glass market in 2020. Flint glass is the ideal optical glass for perfect visibility. It is widely used in electronic and medical devices due to various properties such as light transmission and double glazing.

2. Asia Pacific dominated the optical glass market with 32% in 2020 due to increasing demand for semiconductors, eyeglasses, and medical devices in developing countries such as India and China.

3. According to the National Bureau of Statistics China, the medical device market reached USD 78.81 billion in 2018, an increase of 22% from 2017. Hence, such factors are projected to grow optical glass market size.

4. Medical devices have been the primary market for the optical glass market in 2020 and growing at a CAGR of 3.7% in 2021-2026. Optical glass is used to protect medical diagnostic imaging windows against radiation and provides a clear view.

5. According to the American Society for Aesthetic Plastic Surgery (ASAPS), in the United States, patients spent US$ 761 million on breast lift surgery, US$ 358 million on eyelid surgery, and US$ 1.1 billion on silicone breast implant surgery in 2018. Additionally, according to India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market is expected to reach US$ 65 billion by 2024 and ~US$ 120-130 billion by 2030.

The top 5 players in the Optical glass industry are -

Click on the following link to buy the Optical glass Market Report: https://www.industryarc.com/reports/request-quote?id=501591

IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

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Contact Us: Mr. Venkat Reddy IndustryARC Email: venkat@industryarc.com, sales@industryarc.com USA: (+1) 970-236-3677, (+1) 815-656-4596 IND: (+91) 40-485-49062

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