Bulk & Specialty Chemicals

A brief insight of metallic stearate market in terms of the competitive landscape: increasing number of M&As to characterize the industry expansion

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The global metallic stearate market has been the recipient of several mergers and acquisitions lately, owing to the remarkable upsurge in the requirement of various metallic stearates. Companies partaking in this vertical, it has been observed, have now been looking forward to enhancing their regional reach by investing in capacity expansions as well. The overall growth of the metallic stearate industry however, can be aptly attributed to the rising product demand across the cosmetics, plastics & coatings, and food industries. In line with the surging product demand, companies have been adopting newer growth tactics to sustain in the competitive business space and consolidate their stance in the industry.

U.S. Calcium Stearate Market Size, By Application, 2017 & 2024, (Kilo Tons)
U.S. Calcium Stearate Market Size, By Application, 2017 & 2024, (Kilo Tons)

The increasing health hazards pertaining to the prevalence of a sedentary lifestyle have been resulting in the occurrence of numerous chronic diseases. Driven by the same, in tandem with the ever-changing diet consumption patterns and lifestyles, a rising trend of health consciousness has been observed among the masses. Consumers have found myriad ways to enhance their diet, one of which is consuming dietary supplements in the form of liquids, powders, capsules, and varieties of tablets. In this regard, many healthcare producers and food manufacturers have been formulating a new range of essential supplements. However, the increasing concerns about the shelf life and reducing nutrition value of the products a period of time have led to the requirement of metallic stearates. In fact, various forms of sucrose, glidant agents, starch derivatives, and lubricants comprising magnesium stearate and stearic acid have been used to hold nutrients and maintain uniformity in dietary supplements, which would gradually propel metallic stearate market share over the ensuing years.

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The competitive spectrum of metallic stearate market is indeed diverse, complete with a plethora of companies striving to augment the commercialization scope of this vertical. Enumerated below is a gist of the instances that have impacted metallic stearate industry in recent times:

  • In 2017, leading specialty chemical manufacturing company, Peter Greven disclosed its plan to extend its reach across U.S. with the acquisition of Norac Additives LLC. This acquisition will help the German oleochemical producer to strengthen its position in North America metallic stearate market pertaining to the value addition to its plastic additives and metallic soaps manufacturing portfolio. Reportedly, with the ever-increasing economic development and surge in the investment in healthcare infrastructure across U.S., this German company will gain commendable benefits ahead in metallic stearate market.
  • In another instance, a leading player in the metallic stearate market, Valtris Specialty Chemicals has acquired Akcros Holdings Limited in 2016. Akcros is one of the well-known suppliers of chemical additives for processing and production of paints, coatings, and polymers mainly across North America and Europe. This strategic acquisition has opened multiple new avenues for the company with the addition of different product ranges and a highly versatile customer base. In fact, this specialty chemical manufacturer, with this acquisition, is touted to strengthen its market position in North America as well as Europe metallic stearate industry. Moreover, Akcros is also well-known for its excellent R&D capabilities and product offerings that will also prove to be fruitful for Valtris to improve its future prospects.
  • In 2015, Univar USA Inc. purchased 100 percent stakes of Chemical Associates Inc., which prominently manufactures and distributes metallic stearates, calcium stearate, stearic acid, and many other chemical products. Through this acquisition, Univar had been touted to bring additional value to the firm’s pivotal markets such as food, personal care, sanitation, lubricants, adhesives, coatings, and cleaning.

The on-going strategic involvement of companies in the enhancement of the existing product portfolio and the extension of their regional reach is slated to generate profitable business opportunities over the years ahead. The rise in the manufacturing capabilities of the companies over the last few years will also remarkably fulfil the increasing product demand. For the record, the overall metallic stearate market size is anticipated to cross a respectable revenue collection of USD 7 billion by the end of 2024.

Author Name :Sunil Hebbalkar

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Nitrile Butadiene Rubber (NBR) Latex Market to accrue considerable proceeds via innovative product launches over 2018-2025, global industry landscape to be characterized by capacity expansion bids

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Essentially driven by rising demand for synthetic rubber gloves in the medical and industrial sectors, the nitrile butadiene rubber (NBR) latex market has gradually emerged as one of the most enterprising verticals of polymers and advanced materials industry in the recent past. Prominent regulatory authorities such as OSHA have made it mandatory for industrial and manufacturing firms to provide high-quality safety equipment to employees working in hazardous conditions. Moreover, the synthetic rubber gloves are being increasingly recognized as a vital component in the overall medical devices and equipment across the healthcare sector which has invariably fueled the NBR latex industry trends.

Malaysia nitrile butadiene rubber latex market size, by end-user, 2014 – 2025 (USD Million)
Malaysia nitrile butadiene rubber latex market size, by end-user, 2014 - 2025 (USD Million)

 

In order to enhance the overall manufacturing process and support faster product cycle rates, numerous major NBR latex market giants have increasingly focused on expanding production capacities at their existing facilities. For instance, the UK headquartered chemicals firm Synthomer PLC has recently announced to expand the manufacturing capacity of its Pasir Gudang plant. In this context, it would be prudent to mention that the demand for nitrile latex products from the healthcare and food sector has continued to increase rapidly in the recent past which has compelled the prominent NBR latex market player to undertake capacity expansion plans. Reportedly, the expansion would establish the Pasir Gudang plant as the largest nitrile polymerization reactor in the world with an annual capacity of nearly 100 kilo wet tons upon completion.

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Elaborating further on the significance of the expansion plan, Synthomer would pour in an additional RM270 million at its innovation centers and NBR production facilities in Kluang and Pasir Gudang. Needless to mention, the installation of a new manufacturing line and additional investment bids would significantly strengthen the position of Synthomer PLC in the competitive landscape of the global NBR latex industry in the times to come. Moreover, such instances of massive capacity expansion efforts would undoubtedly assist companies to develop improved products aimed at meeting the evolving needs of customers from diverse business verticals, cite analysts.

One of the major factors to have significantly powered the NBR latex industry share augmentation is the ever-increasing demand for gloves from the medical sectors. In this regard, it is quite imperative to take note of the fact that glove manufacturers around the world have focused on producing high-performance and light-weight gloves while enhancing their process efficiencies at the same time. As glove manufacturing is the primary application of NBR latex industry, the latest advancements in NBR technology have proven to be rather beneficial for prominent glove producers in the recent times.

Citing an instance to highlight the technological enhancements being made, the Health and Protection unit of Synthomer launched a new grade of nitrile rubber in 2015 which helps in manufacturing ultrathin gloves that integrate maximum sensitivity with lower usage of raw materials. Apparently, the introduction of the new grade of nitrile rubber, named as Synthomer 6338, demonstrates the significance of consistent revamp of operational capability and innovative techniques being adopted by NBR latex market players.

Although the overall growth prospects of NBR latex market appear highly promising, it would be rather prudent to factor in the obstacles that might hamper product penetration in the years to come. As synthetic rubber is predominantly manufactured from petrochemical products, the constant fluctuations in crude oil prices might have an adverse impact on the budgetary provisions of companies operating in the NBR latex industry.

With a strict regulatory overview in place coupled with growing demand for synthetic rubber gloves in major industrial verticals such as mining, iron, steel, automotive, chemical, and metalworking, the NBR latex market share is forecast to expand at a decent pace in the years ahead. In fact, as per a research report collated by Global Market Insights, Inc., the commercialization portfolio of NBR latex industry is slated to surpass USD 2.4 billion by 2025.

Author Name :Saif Ali Bepari

Superabsorbent polymers market to procure appreciable returns via extensive demand for adult incontinence products, globally escalating geriatric populace to spur the industry expansion over 2018-2025

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The growth potential for superabsorbent polymers market is lately underlined by a spate of highly lucrative investments. For instance in 2017, the leading South Korean chemical firm LG Chem Ltd. announced that it will be investing approximately USD 278 million in the expansion of petrochemical facilities in Yeosu, South Jeolla Province in Thailand. With the investment, LG plans to increase the annual production capacity of superabsorbent polymer by 100,000 tons taking the annual production to a total of 500,000 tons. Considering that the company estimates the global super absorbent polymer demand to surpass 6.75 million tons in 2020, it is safe to presume that LG has undertaken the move to capitalize on the expanding superabsorbent polymers market which is expected to register a CAGR of 5.7% over 2018-2025.

U.S. Superabsorbent Polymer Market Size, by Application, 2014 – 2025 (USD Billion)
U.S. Superabsorbent Polymer Market Size, by Application, 2014 – 2025 (USD Billion)

Superabsorbent polymers are popularly used in diapers, feminine hygiene products, adult incontinence products and other similar products because of their superior liquid retention properties due to which SAPs have come to replace traditional absorbent products like paper wadding, cloth, cotton and cellulose fiber. The deployment of superabsorbent polymers has indeed revolutionized the diaper industry as superabsorbent polymers absorb and retain about 30 times their weight in urine. With the incessant rise in birth rate, baby diapers accounted for nearly 70% of the total super absorbent polymers market share in 2017 as super absorbent polymer containing diapers are more efficient in holding liquid and keeping the baby effectively dry.

Apart from feminine sanitary napkins and baby diapers, super absorbent polymers market finds a wide growth avenue through its use in adult incontinence products. As the world population ages, it has been observed that sales are climbing up for absorbent hygiene products and in a drive to make them more comfortable and discreet, adult incontinence products have come to deploy super absorbent polymers for the purpose. According to the U.S. Census Bureau in 2012, there were 562 million people aged 65 and older globally, and the figure increased to nearly 10% by 2015. U.S. retail sales for adult incontinence products reached almost $2 billion in 2016 and surged by a further 9 percent in 2017 and 8 percent in 2018. The population of baby boomers is expected to surpass 1.6 billion by 2050 which will predictably add to the demand of adult incontinence products and contribute toward the overall super absorbent polymers market expansion.

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The adoption of innovative approaches in the super absorbent polymers industry has also been contributing to its growth. For instance, a new kind of wound dressing is being used in the U.S. Army which is expected to have a potential of saving hundreds and even thousands of lives in the battlefield. It is estimated that around 80% to 90% of potentially survivable deaths among U.S. soldiers on the battlefield occur due to excessive and uncontrolled bleeding. In many cases injured soldiers die before there is a chance to take them to the hospital for properly addressing the wound to check the bleeding.

Therefore the U.S. Army has came with a new kind of wound dressing that would be able to arrest the bleeding in the field and save lives in the process. The new dressing is made of polystyrene and rubber and boasts of an amazing absorbency rate, being able to absorb up to 800% of the material’s weight in liquid. It is approximately 5.7 times more absorbent than gauze-based hemostatic dressing currently used in bandaging up wounds. Super absorbent polymers play a vital role in this special dressing as acrylic acid is used in separately soaking out the water in blood making it easier to clot and promptly stopping excessive blood loss.

Lately super absorbent polymers market has faced a major hurdle due to the lack of biodegradability of super absorbent polymers which has made the product a debatable one among environmentalists who have urged the decreased use of diapers and feminine sanitary napkins. But as a counter step, manufacturing giants have been undertaking initiatives to bring forth alternative products to the market. Procter & Gamble for instance, has undertaken an initiative to separate end-of-life diapers into cellulose, plastic and super-absorbent polymers with a new facility in Netherlands that will recycle 10,000 tons of diapers every year. The rising implementation of such initiatives are expected to massively bolster the expansion of superabsorbent polymers market in the years ahead.

Author Name :Paroma Bhattacharya

Water softener market to amass significant returns via commercial applications, extensive product demand across Europe to propel the global industry dynamics over 2018-2024

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The surging use of softeners to remove minerals from water for household and industrial applications has been propelling water softener market. The inclusion of minerals like magnesium and calcium in water leads to many health hazards such as diarrhea, stomach ache, and several cardiovascular diseases. In this regard, the increasing awareness among the regional regulatory bodies and healthcare organizations about the importance of eliminating hard water has been fueling the requirement of water softeners on a large scale. In line with the surging need to remove hardness of water for industrial and household applications, most of the regional governments have deployed softeners in drinking water treatment plants. The growing importance for hard water mitigation across the food processing, household, healthcare, hospitality, and other industrial sectors will push water softener market share over the years ahead.

As per a report by the Geological Survey, nearly 85% of the tap water in the U.S. is hard water, on the grounds of which most of the Americans use salt to maintain water softness in washing machines, water heaters, and bathtubs & showers. Moreover, the government also has been putting in efforts to increase the quality of water for drinking as well as domestic use by developing new water treatment plants. For instance, recently, Walkersville township has received a loan approval of USD 8.4 million from the Maryland Department of the Environment to build a water treatment plant. Since the last few years, Walkersville’s regulators have been striving to develop water treatment plant to treat sewage and contaminated water. Such efforts put in by the federal government to provide clean water to the masses is certain to propel U.S. water softener market share over the years ahead.

China Water Softener Market Size, By Product, 2017 & 2024, (Units)

China Water Softener Market Size, By Product, 2017 & 2024, (Units)

European countries also have been investing in new water treatment facilities and innovative technology developments from the last few years. The presence of already established water softener market players across this region has been proving to be highly lucrative for the regional industry. Taking into account the surging demand for water softeners, companies have been conducting research and development activities to further unearth extensive applications of these softeners.

The deployment of strict regulatory norms by the EU to reduce the usage of contaminated water for food processing, drinking, residential, and commercial use has also encouraged biggies to carry out research and development activities. In order to comply with the regulatory norms, the industry contributors in chemical, pharmaceutical, and refinery sectors are also fueling the demand for water softeners for their newly constructed water treatment plants. Driven by a supportive regulatory scenario, Europe water softener market will grow at an annual growth rate of more than 6% over 2018-2024.

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The development of highly advanced water treatment machines has tremendously transformed the approach of end-users toward the product adoption. The capability of water treatment machines to process the contaminated and high mineral water in a short time with remarkable effectiveness is one of the factors owing to which the popularity of the products among the hospitals, hospitality service providers, and other commercial end-users has increased considerably. Validating the aforementioned fact, one of the popular London based restaurants has installed Winterhalter’s innovative dishwasher package to deal with the high volume of washing in the hotel. The deployment of this highly advanced washing technology is certain to have helped the restaurant obtain better outcomes in minimum time. The increasing installation of such innovative technologies across the food processing and hospitality applications will stimulate industry trends pertaining to the extensive use of water softeners and reverse osmosis in such hybrid water treatment machines.

The launch of new technologically advanced water treatment systems is certain to propel water softener market size over the years ahead. The increasing concerns among the regulators about the effectiveness of the treated water will further fuel the product demand. Currently, water softeners are becoming more popular across the regions where the mineral content in the water is in excess. Powered by the increasing popularity of softeners for mitigating the hardness of water, overall water softener market will surpass a revenue collection of USD 10 billion by the end of 2024.

Author Name :Ojaswita Kutepatil

Electronic ceramics market to witness appreciable returns from the aerospace & telecommunication sectors over 2018-2025

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Electronic ceramics market, a highly compelling vertical of the overall advanced material cosmos, has been characterized with plethora of technology advancement trends in the recent years. Given the pivotal role that electroceramics play in various applications including sensors, lighting, and antenna components, this market is poised to garner exceptional proceeds with the rapid growth in the automotive & transportation, aerospace, healthcare, and consumer electronics sectors. As per estimates, in India alone, the total investment in electronics manufacturing hit USD 20 billion in 2017, while new investments are projected to reach an extraordinary valuation of over USD 400 billion by 2020. Powered by rapid industrialization trends and with the growing usage of advanced electronic components in aircrafts and automotive, the electronic ceramics market has depicted a commendable upsurge, having pegged USD 10 billion in 2017.

 

North America Electronic Ceramics Market Size, By End-user, 2014 – 2025 (USD Billion)
North America Electronic Ceramics Market Size, By End-user, 2014 – 2025 (USD Billion)

Electroceramic materials find immense demand from the aerospace sector, owing to their properties such as light weight, insulation, and temperature stabilization. The use of electroceramic materials in this vertical dates as far back as the 1990s, where the design team of Concorde, the world’s only supersonic airliner at the time, used a machinable glass ceramic in the engine control and management systems. Since then aerospace, underpinned by the advanced ceramics, has remained an attractive growth avenue for the overall electronic ceramics industry players. In line with the ever-rising passengers and cargo, the demands that are placed by the aerospace industry are only set to increase. According to the estimates provided by Boeing in 2016, the rapid increase in airline travel will require nearly 40 thousand new airplanes in the coming 20 years. As such, the use of electronic ceramics will become pivotal, and the technology will thrive to take the center stage, in turn impelling the global electronic ceramic industry share.

Pertaining to the greater requirement of advanced materials in most of the verticals, numerous companies have been investing in the electronic ceramics market on a considerably humongous scale, in order to offer innovative experience to customers. Kyocera, for instance, has recently developed a tiny ceramic UHF RFID tag for the aerospace industry that can to attached to metal tools for identification & tracking of different aircraft components.

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The commercial landscape of the global electronic ceramics market also thrives on the current trends of robust expansion of the telecommunication infrastructure which is focusing on the deployment of a high quality broadcasting network. With the arrival of 5G networks, the demand for electroceramic products is thus witnessing an exponential growth, as they can be easily laser trimmed to be used in mobile phones, antenna chips, and other consumer appliances.

Speaking along similar lines, estimates claim that around 2.5 billion of unique subscribers were recorded alone in the Asia Pacific belt, which accounted for two third of the regional population. Given the massive growth in the telecommunication sector, rise in cellular phone consumer base, and growing presence of other sectors such as consumer electronics and healthcare, the APAC electronic ceramics industry is expected to tread along a lucrative growth graph, having garnered 35% of the global revenue share in 2017.

Having recognized the robust growth potential, it goes without saying that the electronic ceramics market will open up a slew of investment opportunities in the ensuing years on global scale. Beyond the core industry participants, lot of tech-giants are also tapping into the massive potential of the electronic ceramics industry. Apple for instance, had created all the buzz with its all-new ceramic Apple Watch, while speculations are also rife that the Silicon Valley behemoth will be launching its iPhones incorporated with ceramic materials.

With electroceramic materials further depicting huge potential in additive manufacturing technologies, the commercialization matrix of this business sphere is bound to experience a massive turnaround. A presumption validating the same is of Global Market Insights, Inc., that claims the global electronic ceramics market to exceed a valuation of USD 15 billion by 2025.

Author Name :Ojaswita Kutepatil

Unveiling isoprene rubber latex market trends in terms of the application landscape: medical gloves to witness considerable demand over 2018-2025

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Positively inclining on the application landscape that majorly encompasses the healthcare & industrial sectors, the global isoprene rubber latex market has been carving a lucrative growth graph since the last few years. In the healthcare industry, rubber latex is widely used in the production of medical gloves, condoms, adhesives, medical balloons & catheters and other applications such as tube connector, medical stoppers, footwear, etc. It has been reported that medical gloves application is among one of the most chief segments that is profitably driving isoprene rubber latex industry share.

China Isoprene Rubber Latex (IRL) Market Size, By End-user, 2014 – 2025 (USD Million)
China Isoprene Rubber Latex (IRL) Market Size, By End-user, 2014 – 2025 (USD Million)

Medical gloves application| Isoprene rubber latex market trends

Accounting for an overall industry valuation of USD 5 billion in 2017, estimates claim that global medical glove market will resister a y-o-y growth of 6% over 2018-2025. The robust product growth can be credited to the rising prevalence of chronic and acute diseases, which by extension has propelled the demand for personal and protective equipment in the medical space.

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On the regional front, the U.S. has emerged as a significant investment ground by showcasing highest demand for medical gloves. While considering the other aspects, the Asia Pacific belt has shown better growth prospects in terms of manufacturing and commercialization potential of medical gloves. Counting on these recent trends, it is pretty overt that the demand for medical gloves and balloons will play a critical role in the expansion of the global isoprene rubber latex market.

Condoms application | Isoprene rubber latex market trends

Another key application segment that has impelled isoprene rubber latex industry share is the soring worldwide production of condoms. The remarkable latex condoms product demand, given the increasing allergic reactions from natural rubber condoms, have prominently fueled isoprene rubber latex market share from condom application segment. It has been reported that more than 60% of condoms are now manufactured from latex, owing to their features of elasticity, strength, elongation, and softness.

According to statistics provided on condom usage, reports claim that over 4.5 billion condoms are sold every year in the United States and the numbers are even more significant on the global scale. This robust product demand can be accredited to rising awareness toward condom usage as a contraceptive against birth control, sexually transmitted diseases, HIV, and other infections. In addition, the U.S. Centers for Disease Control and Prevention’s statistics claims that over 20 million new cases of STD’s are diagnosed every year in the United States and have significantly influenced condom demand.

According to reliable reports, the global condom industry is estimated to reach a net worth of USD 11 billion by 2025, with a CAGR of 7% over 2018-2025. And this rise in the condom market will directly impact the global isoprene rubber latex industry share in the ensuing years. Accumulating a profitable market chunk and forming a significant growth avenue, the IRL market from the condoms application segment is expected to record a y-o-y growth of 6% over 2018-2025.

Speaking along similar lines, Asia Pacific, driven by rising population base & high prevalence of STDs is poised to exhibit a significant demand for condoms. Estimates claim that the global population hit 7.6 billion in 2018, of which China recorded major share of over 1.4 billion followed by India with 1.3 billion. This has considerably triggered the regional governments to control the rising population by promoting family planning and the use of contraceptives. Largely thriving on these trends and the high production rate of condoms, Asia Pacific accounted for the largest regional market for isoprene rubber latex amassing USD 160 million in 2017.

Beyond the vast scope in the medical application, isoprene rubber latex market is expected to diversify its growth avenues from the industrial sector, where it is used in the manufacturing of rubber sheets, adhesives, membranes, bands, and drapes. The product is also used in CSA (cold seal adhesives) which is used for bonding foil, plastics, paper, etc., in the medical, food, and industrial packaging applications. Boasting a vast application portfolio, it goes without saying that the global isoprene rubber latex industry has endorsed itself as one of the most remunerative businesses of the overall polymers & advanced materials, and is forecast to cross USD 340 million in terms of remuneration by 2025.

Author Name :Ojaswita Kutepatil

Cosmetic contact lens market to emerge as a highly lucrative hub for investors over 2018-2024, escalating demand for magnificently colored contact lenses to impel the industry growth

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Having gathered some considerable remuneration potential over the recent years, cosmetic contact lens market has registered itself as one of the most prominent and lucrative investment spots of the overall advanced materials industry. Historically, contact lenses were regarded as a way toward better quality of life without the need for glasses, and despite being registred as a medical device, it’s use has seen immense demand from the cosmetic industry. Changing preference to enhance eye colors and overall facial look, especially among the television actors, movie stars, models as well as sports athletes have significantly impacted the growth prospectes of cosmetic contact lens market.

North America Cosmetic Contact Lens Market, By Product, 2017 & 2024 (USD Million)
North America Cosmetic Contact Lens Market, By Product, 2017 & 2024 (USD Million)

According to a report by the Centers for Disease Control & Prevention, an estimated of 45 million people in the United States wear contact lens, and two-thirds of these wearers are females who are relatively young. Colored contact lens in this regard, are by far one of the leading modalities used for daily purpose, and several companies are expected to invest in this field in the years ahead.

Alcon, for instance, an acclaimed cosmetic contact lens market player has recently introduced the AIR OPTIX® COLORS Contact Lenses Gemstone Collection, further strengthening its presence in the cosmetic contact lens market. Reportedly, its Gemstone Collection of contact lenses, including colors Amethyst, Turquoise, and True Sapphire is effectively offering consumers new color palette while also providing them with more ways to experiment and play with their eye color to enhance their look.

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Not only for the cosmetic reasons, the colored contact lenes have also gained significant traction for patients suffering from ocular trauma. These lens helps provide more natural appreance to an otherwise damaged iris. The prosthetic colored contact lenses, are available in toric and spheric models and can provide significant benefits for patients in addition to vision correction. Major brands in the industry are offering multiple choice of colors comprising green, shades of blue hues, violet, hazel, grey, and amethyst to attract the niche market. Estimates claim that with further technological advancements in textures and tiny colored dots & line products, the colored cosmetic contact lens market is projected to register a y-o-y growth of 7% over 2018-2024.

Colored contact lenses have undoubtedly emerged as the hottest trend in cosmetics, however, the fedral agencies do not consider it as cosmetic. Popularly in the United States & Canada, lenses cannot be sold over the counter without a prescription, as these are warned for excessive risk for eye infections. However, over-the-counter use of decorative lense as a cosmetic aid in beauty parlors, costume stores, party shops, and online channels is increasing at an impeccable pace. According to the CDC, between 40% to 90% of contact lens wearers do not follow the care instructions for their contact lenses and are therefore linked to outbreaks of serious eye infections.

In order to cope with the growing risks and help in alleviating the problem, several industry players are undertaking basic research efforts to develop more safer lens materials. On other hand, regional governments are further tightening laws on the over the counter supply of cosmetic contact lens. For instance, in 2015, Health Canada regulated the sale of cosmetic or decorative contact lenses in the region. According to Health Canada, the risk for severe corneal infection in lens wearers is nearly 12.5 times higher for cosmetic lenses than for the corrective contacts. Under the regulatory changes, these lenses will be treated as medical devices which in turn will bring the increasing risk factors under greater control as they will have to meet the same quality, safety, & labeling standards.

Elaborating further on the future scope, the global consumers of cosmetic contact lens market are expected to benefit from ongoing advances in contact lens materials and designs. To illustrate, Samsung in 2016 patented smart contact lenses featuring a built-in camera. With the announcement, the tech giant also joined Google in the arena, which now owns two patents for smart contact lenses. Such advancements in materials and technology are expected to further drastically reduce the high price trends and bring better convenience to the consumers.

Analyzing these trends, it is quite overt that the overall contact lens industry is on a quite progressive track, and cosmetic contact lens market is all poised to emerge as a lucrative investment hub. With technological breakthroughs opening new application verticals, cosmetic contact lens market is expected to further tread along a profitable roadmap in the ensuing years. A report by Global Market Insights, Inc., forecasts cosmetic contact lens market to surpass USD 1.3 billion by 2024.

Author NameOjaswita Kutepatil