India: Spectacle Glass Lenses Market 2024

Spectacle Glass Lenses Market Size in India

The Indian spectacle glass lenses market soared to $X in 2022, increasing by 30% against the previous year. The market value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Spectacle glass lenses consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Spectacle Glass Lenses Production in India

In value terms, spectacle glass lenses production surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a noticeable setback. The pace of growth appeared the most rapid in 2020 with an increase of 586% against the previous year. Spectacle glass lenses production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Spectacle Glass Lenses Exports

Exports from India

In 2022, exports of spectacle lenses of glass or other materials from India skyrocketed to X units, increasing by 17% on the year before. The total export volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 17%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, spectacle glass lenses exports rose notably to $X in 2022. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 11% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

France (X units) was the main destination for spectacle glass lenses exports from India, with a 41% share of total exports. Moreover, spectacle glass lenses exports to France exceeded the volume sent to the second major destination, Germany (X units), twofold. The UK (X units) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France amounted to +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-6.1% per year) and the UK (+6.4% per year).

In value terms, France ($X), Germany ($X) and the UK ($X) constituted the largest markets for spectacle glass lenses exported from India worldwide, together comprising 67% of total exports. The United Arab Emirates, Canada, the United States, Poland, Russia, China and Nepal lagged somewhat behind, together comprising a further 24%.

Canada, with a CAGR of +38.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average spectacle glass lenses export price amounted to $X per unit, waning by -5.3% against the previous year. Overall, the export price saw a mild slump. The pace of growth appeared the most rapid in 2017 when the average export price increased by 9.9% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to Nepal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+12.7%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacle Glass Lenses Imports

Imports into India

In 2022, overseas purchases of spectacle lenses of glass or other materials increased by 28% to X units, rising for the second year in a row after two years of decline. In general, imports posted prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 66% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, spectacle glass lenses imports surged to $X in 2022. Overall, imports showed prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 31%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of spectacle glass lenses to India, accounting for a 89% share of total imports. Moreover, spectacle glass lenses imports from China exceeded the figures recorded by the second-largest supplier, the Philippines (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+15.3% per year) and Thailand (+3.0% per year).

In value terms, China ($X) constituted the largest supplier of spectacle lenses of glass or other materials to India, comprising 51% of total imports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+9.1% per year) and the Philippines (+16.8% per year).

Import Prices by Country

The average spectacle glass lenses import price stood at $X per unit in 2022, approximately mirroring the previous year. Over the period under review, the import price recorded a mild descent. The pace of growth was the most pronounced in 2016 an increase of 24% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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