COVID-19 Impact on Plastic Optical Fiber Market
- The COVID-19 pandemic has impacted a large number of countries across the globe. Various measures introduced to deal with the pandemic such as lockdowns, decrease in trade activities, and closure of various factories and workplaces in several countries could save lives; however, these measures carry wide-ranging economic effects, which can induce an economic contagion.
- Shortage of supply of raw materials from various manufacturers of plastic optical fibers around the globe has resulted in a severe demand-supply gap. Manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdowns amid COVID-19.
- Shutdown in various countries across the globe has prohibited import of various components including additives and raw materials required for improving performance. This is likely to hamper various application industries.
Plastic Optical Fiber Market: Segments
- The plastic optical fiber market can be segmented based on material, mode, application, and region
- Based on material, the plastic optical fiber market can be divided into polymer polymethylmethacrylate (PMMA), perfluorinated polymers, and others
- Based on mode, the plastic optical fiber market can be bifurcated into single mode and multimode
- In terms of application, the global plastic optical fiber market can be classified into electronic appliances, motor vehicles, medical, and others.
Asia Pacific to Dominate Plastic Optical Fiber Market
- In terms of geography, the global plastic optical fiber market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa
- Asia Pacific is expected to dominate the market in the near future due to increase in penetration of optical fiber technologies in developing economies owing to numerous upcoming projects, such as smart cities. China, India, and Japan lead the plastic optical fiber market in Asia Pacific.
- R&D investments in development of plastic optical fiber and installation of new production capacities by key players are also fuelling the market in Asia Pacific
- North America is the emerging region of the global plastic optical fiber market. Increase in population, changing lifestyle, and improvement in disposable income are factors boosting the plastic optical fiber market in the region. The market in North America is expected to witness the highest growth rate during the forecast period.
- The plastic optical fiber market in Europe, particularly in countries such as the U.K., Germany, and France, has been expanding significantly due to rapid industrialization. Norway and the Netherlands are also expected to contribute significantly to plastic optical fiber market in the region. Growth of the market in Europe can be ascribed to favorable government policies.
- Demand for plastic optical fiber is expected to increase in Latin America and Middle East & Africa in the near future, led by growth in standard of living of the people in these regions
Key Manufacturers Operating in Global Plastic Optical Fiber Market
Key manufacturers operating in the global plastic optical fiber market include:
- Mitsubishi Chemical Corporation
- Toray Industries Inc.
- AGC Inc.
- Asahi Kasei Corporation
- Baumer Ltd.
- Fluid Coating Technology, Inc.
- Chromis Fiberoptics, Inc.
- TE Connectivity
- Fiberoptic Systems, Inc.
- South Coast Fiber Optics
Global Plastic Optical Fiber Market: Research Scope
Global Plastic Optical Fiber Market, by Material
- Polymer Polymethylmethacrylate (PMMA)
- Perfluorinated Polymers
Global Plastic Optical Fiber Market, by Mode
Global Plastic Optical Fiber Market, by Application
- Electronic Appliances
- Motor Vehicles
Global Plastic Optical Fiber Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Plastic Optical Fiber: Introduction
- Plastic optical fiber, polymer optical fiber or POF, is an optical fiber that is made out of plastic. Plastic fibers can be safely installed in a home without risk to children. Nowadays, a higher-performance plastic fiber is used based on perfluorinated polymers.
- Growth in implementation of 5G network, rise in adoption of fiber-to-home (FTTH) connectivity, and emergence of Internet of Things (IoT) are fueling the market. Furthermore, technological advancements in the fiber optic cable technology and rise in investments in optical fiber cable (OFC) network infrastructure are expected to provide lucrative opportunities to the market.
- Demand for optical fiber is high in fiber optic communications, where it allows transmission over longer distances and at higher bandwidths than wire cable. Adoption of fiber optic cables to send signals with less amount of loss has increased. This is also propelling the market.
- Increase in demand for plastic optical fiber owning to the numerous advantages, including great data-transmitting capabilities and high attenuation and dispersion, is driving the market. Additionally, expansion of end-use industries, surge in investments, rise in urbanization and digitization, and high usage of smart devices offer lucrative opportunities to market players.
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