I. Industrial chain
The upstream of the optical components industry chain is the supply of optical raw materials, optical accessories and equipment; The middle part is the manufacturing process of optical components, which can be divided into different categories according to function and principle, mainly including lenses, prisms, filters, mirrors, beam splitters, polarization devices, etc. The downstream is the application field of optical components, including smart phones, vehicle optics, photographic projection, security monitoring and AR/VR represented by the new consumer electronics, smart home, medical, communications, industrial testing and manufacturing, aerospace and so on.
2. Upstream analysis
1. Optical materials market size
In recent years, China's optical materials (optical crystals, optical glass, optical plastics, etc.) production and sales and market size tend to be stable. The "2024-2029 China Optical materials Market Survey and industry Prospect Forecast special Research Report" released by the China Business Industry Research Institute shows that the production and sales volume of China's optical materials in 2023 decreased slightly, and the overall market size was 3 billion yuan. China Business Industry Research Institute analysts predict that the size of China's optical materials market will remain at about 3 billion yuan in 2024.
2. Market share of optical materials
Among optical materials, the largest market size is optical glass, accounting for about 70%; Optical crystals mainly include nonlinear optical crystals, laser crystals, birefringent crystals, magneto-optic crystals, acousto-optic and electro-optic crystals, scintillation crystals, etc. The domestic market size is relatively stable, accounting for 28%; Commonly used optical plastics mainly include PMMA, PS, NAS, SAN, PC, TPX, Zeonex, Artonp, etc. Domestic optical plastic raw materials mainly rely on imports, the market is relatively small, about 2%.
3. Optical material key enterprises
China is currently the world's largest producer and seller of optical materials, The main production enterprises are Chengdu Guangming Optoelectronics Co., LTD., Hubei Xinhuaguang Information Materials Co., LTD., Changchun Opu Optoelectronics Technology Co., LTD., Hubei Gobijia Optoelectronics Technology Co., LTD., Fujian Fujing Technology Co., LTD., and some holding companies and research institutes affiliated with colleges and universities such as Shandong University, Chinese Academy of Sciences, weapons, aerospace and electrical engineering.
3. Midstream analysis
1. Precision optics market size
In recent years, the global precision optics has developed rapidly, and has been widely used in industrial measurement, high-end equipment, aerospace, military scientific research and other fields. According to the Research Report on Market Prospects and Development Trends of China's Optical Components Industry in 2024-2029 released by the China Business Industry Research Institute, the global industrial-grade precision optics market rose from 11.06 billion yuan in 2019 to 15.94 billion yuan in 2022, with a compound annual growth rate of 12.96%. As the forefront of current scientific and technological development, semiconductors and life sciences will continue to attract a large amount of investment in the next few years, and the demand for industrial-grade precision optical products is expected to expand. China Business Industry Research Institute analysts predict that the global industrial-grade precision optics market will reach 21.43 billion yuan in 2024.
2. Optical components market size
Under the influence of the macro environment and the overall weakness of the consumer side, the market competition in China's optical components industry has intensified, and the industry scale has continued to decline. The "2024-2029 China Optical Components industry Market Prospect forecast and Development Trend Research Report" released by the China Business Industry Research Institute shows that the market size of domestic optical lenses, lenses and modules and other components in 2023 is about 145 billion yuan. China Business Industry Research Institute analysts predict that the size of China's optical components market will recover to about 150 billion yuan in 2024.
3. Polarizer market supply and demand
Our country is a big country of production and marketing of polarizers, and the market demand is huge. According to the "2024-2029 China Polarizer Industry Market Development Monitoring and Investment Strategy Advisory Report" released by the China Business Industry Research Institute, the supply of polarizers in 2022 in China is 450 million square meters, an increase of 70.2%; Polarizer demand was 430 million square meters, an increase of 19.4%. China Business Industry Research Institute analysts predict that in 2024 China's polarizer supply and demand will increase to 760 million square meters, 650 million square meters.
4. Number of optical components enterprises
The number of optical components enterprises in China is increasing year by year, and the "Research Report on Market Prospects and Development Trends of China's optical components Industry in 2024-2029" released by the China Business Industry Research Institute shows that the number of optical components enterprises in China currently exists/is more than 101,900. From the perspective of registration over the years, the number of registered optical components enterprises in China increased from 0.4 thousand in 2019 to 23,500 in 2023, with an annual compound growth rate of 55.69%.
5. Key enterprises in optical components industry
In the first half of 2024, 24 listed companies in the optical component industry achieved a total revenue of 28.540 billion yuan, an increase of 622.40% year-on-year; The total net profit was 889 million yuan, an increase of 1822.11%. Among them, the top ten companies in terms of revenue are Oufei Light, Lianchuang Electronics, Crystal Optoelectronics, Excise Technology, Sudavig, Phoenix Optics, Guanshi Technology, Guangzhi Technology, Wufang Optoelectronics, Fujing Technology.
4. Downstream analysis
1. Market share of downstream applications
The downstream application areas of optical components mainly include mobile phones, vehicle, photographic projection, security and AR/VR represented by new consumer electronics, smart home, medical, communications, industrial testing and manufacturing, astronomy, national defense, aerospace and so on. In terms of the proportion of downstream applications, the largest application market for optical components in China in 2023 is smartphones, accounting for 65%; The second largest application market is automotive optics, accounting for 9% of the market; Photographic projection and security monitoring accounted for 7% and 5% respectively; The rest accounted for 14%.
2. Smartphones
At present, the trend of recovery of China's smartphone market is obvious. According to the "2024-2029 China Smartphone Industry Analysis and Development Trend Forecast Research Report" released by the China Business Industry Research Institute, China's smartphone shipments in 2023 reached 276 million units, an increase of 4.8%, and from January to August 2024, China's smartphone shipments reached 182 million units, an increase of 14.1%.
3. The automotive industry
According to the statistics of the China Association of Automobile Manufacturers, in 2023, China's automobile production and sales totaled 30.16 million and 30.9 million, an increase of 11.6% and 12% respectively, and the production and sales reached a record high. Among them, under the dual role of policy and market, the sales and penetration rate of electric vehicles have increased rapidly. According to the "2024-2029 Research Report on Venture Capital Trends in China's electric vehicle Industry" released by the China Business Industry Research Institute, from 2019 to 2023, China's electric vehicle sales increased from 1.5 million to 10.4 million, with a compound annual growth rate of 62.5%. Analysts at China Business Industry Research Institute predict that electric vehicle sales in China will reach 13.3 million units in 2024.
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