Newark, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 8.64 billion in 2022 global photosensitive glass market will reach USD 16.89 billion by 2032. As the medical sector continues to evolve, there is a growing need for advanced medical imaging and diagnostic equipment. Photosensitive glass can find applications in manufacturing high-performance optics for these devices. Additionally, increasing funding and research activities in educational institutions focused on optics, photonics, and related fields can drive the demand for photosensitive glass for experimental and scientific purposes. Also, the increasing awareness of environmental sustainability drives the demand for eco-friendly materials. Photosensitive glass, known for its environmental benefits compared to some alternatives, aligns well with this trend. Besides, the ability to create customized patterns, designs, and textures on photosensitive glass makes it attractive for architectural and interior design applications. Growing interest in personalized spaces and aesthetics presents opportunities in this sector.
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Key Insight of the global Photosensitive Glass market
Asia Pacific is expected to witness the highest market growth over the forecast period.
Asia Pacific is home to the world's largest electronics and telecommunications manufacturers. The region's rapid urbanization and increasing consumer demand for smartphones, smart devices, and high-speed internet drive the need for photosensitive glass in producing optical components for these industries. The region is experiencing significant expansion in optical fiber networks, particularly in countries like China and India. Photosensitive glass is essential for manufacturing optical components used in these networks, including fiber optic cables, amplifiers, and transceivers. Furthermore, Asia Pacific's growing healthcare sector requires advanced medical imaging and diagnostic equipment. Photosensitive glass is used in manufacturing high-performance optics for medical devices, contributing to market growth. Besides, the region is a global manufacturing hub for various electronics, automotive, and healthcare industries. The demand for photosensitive glass in manufacturing precision optical components for these industries is rising.
In 2022, the transparent glass segment dominated the market with the largest share of 72.85% and revenue of 6.29 billion.
The type segment includes transparent glass and opacified glass. In 2022, the transparent glass segment dominated the market with the largest share of 72.85% and revenue of 6.29 billion.
In 2022, the decorative segment dominated the market with the highest share of 33.19% and market revenue of 2.87 billion.
The application segment is classified into construction, ornaments, decorative, electronic, automotive and others. In 2022, the decorative segment dominated the market with the highest share of 33.19% and market revenue of 2.87 billion.
In 2022, the offline segment held the largest market share at 71.59% and a market revenue of 6.19 billion.
The sales channel segment is divided into online and offline. In 2022, the offline segment held the largest market share at 71.59% and a market revenue of 6.19 billion.
Advancement in market
In January 2022, 3D Glass Solutions Inc., a prominent leader in glass-based 3D passive RF devices, successfully concluded its extended Series B1 funding round, securing an additional USD 4 million in capital. This funding round introduces a new investor, Menlo Microsystems Company, and sees the continued support of existing investors, Corning Incorporated and Sun Mountain Capital. With this fresh injection of funds, 3D Glass Solutions is poised to strengthen its production capabilities and accelerate the development of its products.
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Market Dynamics
Driver: Increased use in 3D printing and aerospace and defense applications.
Photosensitive glass is being increasingly utilized in 3D printing and additive manufacturing processes. Its unique properties, such as high resolution and fine detail replication, make it a preferred material for creating intricate 3D-printed objects. Also, the aerospace and defense industries are adopting photosensitive glass for its use in optical systems, laser components, and sensors. The need for high-performance materials in these sectors is driving the market forward.
Restraint: Technical expertise requirement and environmental concerns.
While photosensitive glass is considered more environmentally friendly than some alternatives, there are still environmental concerns associated with glass production, including energy consumption and emissions. Stringent environmental regulations can add to the cost and complexity of production. Additionally, working with photosensitive glass often requires specialized technical expertise in optics and photonics. This factor can pose a barrier to entry for some potential users who need more knowledge and skills to incorporate photosensitive glass into their products or processes.
Opportunity: Rising consumer electronics and additive manufacturing industry.
The 3D printing industry is growing, and photosensitive glass is finding applications due to its high-resolution capabilities. As 3D printing becomes more widespread, so does the demand for specialized materials like photosensitive glass. Besides, consumer electronics, such as smartphones and wearable devices, increasingly incorporate optical components. As the consumer electronics industry is growing rapidly, there is a rising opportunity for photosensitive glass to be used in these devices.
Challenge: Competitive landscape.
The photosensitive glass market faces competition from alternative materials, such as traditional optical glasses and polymers. These materials may offer similar optical properties at a lower cost, making it challenging for photosensitive glass to gain market share in some applications. Furthermore, the field of optical materials is constantly evolving, with new materials and technologies emerging regularly. Staying up-to-date with the latest advances can take time and effort for photosensitive glass manufacturers. As a result, it can challenge the market's growth.
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Some of the major players operating in the global Photosensitive Glass market are:
• OptiGrate Corp.
• Hoya Corporation
• Gaffer Glass
• Schott Corporation
• Invenios
• Lastek
• Corning Incorporated
• Owens-Illinois, Inc.
• Verallia
• IPG Photonics Corporation
• 3D Glass Solutions, Inc.
• Sumita Optical Glass, Inc.
• Ondax Inc.
• Vitayon Fine Chemical Technology Co., Ltd.
Key Segments cover in the market:
By Type
• Transparent Glass
• Opacified Glass
By Application
• Construction
• Ornaments
• Decorative
• Electronic
• Automotive
• Others
By Sales Channel
• Online
• Offline
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion) and volume (square meters). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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