The Global Lens Monomer Market was valued at USD 1,322.5 Million in 2019 and is projected to reach USD 1,746.2 Million by 2027, expanding at a CAGR of 4.2% during the forecast period. Lens monomer are raw materials used for manufacturing lenses, spectacle lenses, and sunglasses. Group of monomers are known as polymers. These polymers are of various types, with different properties and are used in ophthalmic applications. Different types of monomers such as hydrophilic, neutral hydrophobic, high/low refractive index, ionic, and UV absorbing active monomers are used in lenses. These monomers have different properties, functionalities, refractive indices (RI), and features.
Manufacturers use these optical monomers for preparing safe and comfortable lenses with high clarity for clear vision. These lenses enable the use of adding external layers of coating to these lenses such as anti-glare coatings, fog resistance, UV rays protection, and anti-blue coatings. These coatings reduce the transmission of rays or light to a minimal level, thus preventing any harm to the wearer’s eyes. These lenses are easily available in optical stores, eye wear stores, malls, and ophthalmology hospitals.
Market Dynamics
The market is driven by factors such as high prevalence of vision problems, rising prevalence of myopia (nearsightedness), increasing risk of computer vision syndrome (CVS), rising consciousness about fashion and availability of a wide range of photochromic lens-based spectacles or sunglasses, growing geriatric population, and robust R&D activities by manufacturers to expand their product portfolio offering. Conversely, use of incorrect lenses without medical consultation are affecting the eye sight of people and high cost of glasses, lenses, and sunglasses used as fashionable accessory are key factors restraining growth of the market. Entering untapped markets in emerging economies and major players are adopting strategies to strengthen their position and expand product portfolio are boosting the market.
Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted over 51.2% share of the market in 2020. The market in the region is projected to expand at a CAGR of 4.9% during the forecast period due to increasing awareness of eye disorders, growing per capita spending, and market saturation in developed economies are encouraging the market players to expand their presence in emerging economies. The market in North America is projected to expand at a CAGR of 3.6% due growing prevalence of myopia in the region.
Competitive Landscape
- Key players in the market include Mitsubishi Gas Chemical, MITSUI CHEMICALS AMERICA, INC., and PPG Industry Inc. These companies are considered manufacturers of Lens Monomer based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- These players are adopting strategies such as acquisition and geographical expansion where the potential opportunity for the lens monomer can add to the company’s revenue. For instance, on In March 4, 2020, MITSUBISHI GAS CHEMICAL COMPANY, INC. and Taoka Chemical Co., Ltd. entered into a joint venture. Taoka Chemical Co., Ltd. sells raw material such as monomers for the optical resin polymer, Upizeta EP. This joint venture helped MITSUBISHI GAS CHEMICAL COMPANY INC. increase its products portfolio in lens monomer segment.
- In 2020, PPG Completes acquisition of Alpha Coating Technologies. This action of the company helps them to increase product portfolio in powder coatings for heat sensitive substrates and light industrial applications.
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