Optical Elastic Resin (SVR) Market

Optical Elastic Resin Market Outlook (2023 to 2033)

The global optical elastic resin (SVR) market is valued at US$ 1.4 billion in 2023 and is forecasted to reach US$ 2.7 billion by 2033, expanding at a CAGR of 6.7% over the next ten years.

Optical elastic resin, also known as a silicone-based optical elastomer or simply SVR, is a type of transparent polymer material that has a unique combination of properties such as high transparency, high elasticity, and low refractive index. It is used in a variety of applications where these properties are desirable, such as in optical devices, such as lenses, prisms, and light guides, where it can be used to improve the performance of the device.

Engineering plastics, which include polycarbonate resins, are those that are specifically created for improved strength, resistance to temperature, and other mechanical qualities. The high transparency allows for the efficient transmission of light, while its high elasticity allows for the material to be molded into various shapes and maintain its shape even under stress.

Additionally, its low refractive index makes it useful in reducing reflections and improving optical efficiency. UV curing techniques for epoxy acrylates are quite popular. When subjected to UV light, they quickly experience crosslinking caused by radicals. They are widely utilized in integrated circuit boards, wood, concrete, and plastic coatings, as well as lithographic inks and varnishes.

Optical elastic resins are typically made from a combination of silicone polymers and organic solvents and can be customized to have a range of physical and optical properties to suit specific applications. The growing middle class and rising disposable income have increased the number of car owners in developing countries, which is further predicted to temper the expansion of the entire industry.

• In 2021, Japanese company JSR Corporation launched a new series of optical elastomers called SE series, which are designed for use in a wide range of applications such as optical waveguides, optical connectors, and microfluidic devices.

Report Attributes	Details
Market Size in 2022	US$ 1.31 Billion
Estimated Market Value (2023)	US$ 1.4 Billion
Forecasted Market Value (2033)	US$ 2.7 Billion
Global Market Growth Rate (2023 to 2033)	6.7% CAGR
United States Market Growth Rate (2023 to 2023)	6.8% CAGR
China Market Growth Rate (2023 to 2033)	6.3% CAGR
United Kingdom Market Growth Rate (2023 to 2033)	5.3% CAGR
South Korea Market Growth Rate (2023 to 2033)	3.8% CAGR
Key Companies Profiled	Dexerials; Zeon Corporation; Mitsui Corporation; Nusil Technology LLC; ThreeBond Int.; Kyoritsu Chemical; Elkem Silicones; Wacker Chemie AG; JSR Corporations; DowDuPont Inc.

What are the Primary Drivers Behind the Growth of the Optical Elastic Resin Market?

"Rising Demand for Optical Elastic Resins in Electronics Sector"

Primary drivers of the market growth rate are the rising disposable income brought on by expanding economies and the significant adoption of silicones in electrical and electronic applications, particularly in developing countries.

They are commonly used to manufacture camera lenses in smartphones, tablets, and other electronic devices. It offers high transparency, low birefringence, and low scatter, which makes them ideal for producing high-quality lenses.

Optical elastic resins can be used to create optical waveguides in electronic devices, which allow light to be transmitted through the device without being lost. This technology is used in various applications, such as in augmented reality and virtual reality devices. Therefore, it has become an essential component in the manufacturing of smartphones and other electronic devices which upsurges the sales of optical elastic resins. As technology continues to advance, it is likely to see even more innovative applications in the electronics industry.

"Automotive Industry's Surge in Demand for Elastomers"

The worldwide optical elastic resin industry is driven by the rising demand for high-temperature elastomers in the automotive industry. The increase in sales of passenger cars and commercial vehicles is what is driving the market in the automotive industry. The growth in living standards, increase in per capita income, and shift in consumer tastes have all contributed to an increase in the number of cars around the world in recent years. Moreover, UV epoxy resins can be used with pigments and glitters to complete layers of crafts, seal small collage surfaces, and create cast figures.

Well-known firms are making significant investments in research and development (R&D) to expand their optical elastic resin product line. The market is developing as a result of this, along with rising urbanization and industrialization, a booming vehicle industry, and rising demand from the cosmetics and electronics industries.

What are the Major Roadblocks in the Market for Optical Elastic Resins?

“High-cost Barrier of Optical Elastic Resins and Its Implications in Various Applications”

The high cost of optical elastic resins is a major restraint to their widespread adoption in some applications. Compared to other materials, optical elastic resins production can be more expensive, to process, and acquire, which can make them less attractive to some manufacturers or consumers.

The high cost of SVRs is partly due to the complex process involved in their production. For example, SVRs require a high degree of purity to achieve their optical properties, and this can increase the cost of raw materials and manufacturing. Additionally, the high processing cost can be attributed to their low viscosity, which requires specialized equipment and expertise to process.

Country-wise Insights

What Innovative Ways Can SVR Manufacturers in the United States to Cater to the Growing Demand from the Automotive Industry?

“Automotive Industry's Hunger for High-Performance Silicone on the Rise"

The market in the United States is anticipated to rise at a CAGR of 6.8% during the forecast period. The market is anticipated to be dominated by North America throughout the entire forecast period. The expansion might be ascribed to the region's rising R&D activity and rising automotive manufacturing, particularly in North America. The United States is the prime county in this field, and it will have a big impact on the industry in the coming years.

The optical elastic resin market size is anticipated to increase significantly in the United States during the projected period as automotive industries continue to expand throughout the area. The use of SVRs in the United States is prevalent in the automotive industry, where they are utilized in the production of high-quality headlights and taillights. High-performance silicone is the best material to use for creating components for the automotive sector because of its excellent strength, durability, and resistance.

The United States' optical elastic resin market has been growing steadily due to increasing demand for high-performance materials in various industries such as aerospace, automotive, and electronics. The country is home to several major optical elastic resin manufacturers, including Dow Chemical Company, Wacker Chemie AG, and Momentive Performance Materials Inc. These companies are investing in research and development to improve the quality and expand their range of applications.

What Factors Have Contributed to the Steady Growth of Japan's Optical Elastic Resin Market?

“Rising Demand from Diverse Industries and Continued Investment and R&D by Major Players”

The market in Japan is set to increase at a steady CAGR of 5.2% during the projected period. Japan's optical elastic resin market has seen steady growth in recent years due to the high demand for SVRs in various industries such as automotive, electronics, healthcare, and optical lenses.

Japan is home to several major manufacturers, including Denka Company Limited, Shin-Etsu Chemical Co. Ltd., and Mitsui Chemicals, Inc. These companies are investing in research and development to improve the quality and expand their range of applications.

The Japanese government has also recognized the potential of SVRs and is taking steps to support their development and adoption in different sectors.

• For instance, the Ministry of Economy, Trade and Industry (METI) has established a research project to advance the use of SVRs in the medical field, particularly in the production of prosthetic limbs and implants. The government is also promoting the use of SVRs in the automotive sector to improve safety and reduce the weight of vehicles.

Category-wise Insights

Why is SVR Widely Used in Smartphone Displays?

“SVR Enhances Touch Sensitivity & Brightness of Smartphone Displays”

The SVR market for smartphones is expected to increase at a noteworthy CAGR of 7.2% during the projected time frame. To improve touch sensitivity, smartphones use optical elastic resins. This is accomplished by installing optical elastic modulators on the smartphone's display screen, which makes them a crucial part of the touchscreen. Additionally, by reducing light leakage on an LCD screen, it is used to increase the brightness of an LCD.

Photoelastic resin demand is rising for use in smartphones, particularly in the production of camera lenses. SVRs are used in the lens module assembly as an adhesive to fix the lens barrel to the holder, and also as a filler material for adjusting the focus of the camera lens.

The use of SVRs in smartphone camera modules enables the production of smaller and more lightweight camera modules with improved optical performance. Additionally, they can withstand high temperatures and humidity, making them suitable for use in harsh operating conditions. Overall, it plays a critical role in enhancing the camera performance of smartphones.

What Makes Large-size FDPs the Go-to Choice for Modern Visual Experiences?

"Optical Elastic Resins in Demand for Large-Sized FPDs Used in High-Resolution Displays for TVs, Monitors”

The SVR market for large-sized FDPs is projected to rise at a healthy CAGR of 7.2% from 2023 to 2033.

Screen sizes of 15 inches and more are used to display large-sized FPDs. They are primarily utilized in displays for computer monitors, televisions, car cockpits, etc. Whereas, screen sizes between 11 and 14 inches are displayed on small to medium size FPDs, including those found in laptop screens, electronic book readers, calculators, photo frame devices, etc. They are employed in a variety of devices, including computers, TVs (TVs with built-in tuners), automobile navigation systems, etc. Additionally, they come in a variety of size ranges, such as 11 inches to 14 inches, and are widely employed in numerous end-user sectors, including automotive, television, and laptop.

Large-sized FDPs call for a display with a high resolution, ultra-high definition, and a huge screen. In terms of usage and production, there is a significant need for them. Additionally, they are regarded as the market's main application for optical elastic resins.

Competitive Landscape

This industry is highly competitive with several major players competing for a higher optical elastic resin market share. These companies are engaged in research and development to improve the quality and expand their range of applications.

The market is characterized by intense competition, rapid technological advancements, and a focus on product differentiation. To maintain a competitive edge, companies are investing heavily in research and development, focusing on product innovation, and developing new manufacturing processes to reduce costs and improve efficiency.

Several companies are focusing on expanding their market reach through strategic partnerships, collaborations, and mergers and acquisitions. The market is also characterized by increasing demand from end-use industries such as automotive, electronics, healthcare, and optical lenses, creating opportunities for new entrants to establish a foothold in the market.

• In 2020, Sumitomo Chemical Company introduced a new high-refractive index optical resin called "OPTERAN," which has excellent optical properties and is suitable for use in various optical applications, including lenses and prisms.
• In 2019, Dow introduced a new optical grade silicone elastomer called "DOWSIL™ EI-2888," which is specifically designed for use in LED lighting applications, such as secondary optics, lenses, and diffusers.

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