The increase in demand for smartphones tablets and televisions are driving the market for optical film.
Optical Film Market Size – USD 20.78 Billion in 2018, Growth - CAGR of 7.1%, Trends – Penetration of electric vehicle.
The global Optical Film Market is forecast to reach USD 36.25 Billion by 2026, according to a new report by Reports and Data. The growing trend of digitization in emerging nations is driving the optical films market. Rising investments in large infrastructure projects such as smart cities and intelligent transportation systems are propelling the growth of optical films market.
The proliferation of the Internet of Things (IoT) by industries, academic institutes, government institutes, and offices are influencing the market for display devices, which in turn is driving the demand for optical films. Rising consumer demand for smart electronic wearables is also driving the optical films market.
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Top Companies: LG Chem, Ltd., Hyosung Chemical, 3M, Kolon Industries, Inc., Nitto Denko Corporation, Toray Industries Inc., Mitsubishi Chemical Corporation, SKC Inc., Samsung SDI, and Dexerials Corporation, among others.
Further key findings from the report suggest:
- The polarizing film held the largest market share of 43.4% in the year 2018. Polarizing film helps convert non-polarized light into linearly polarized light. Letter and graphics recognitions without the polarizers would be impossible. A polarizing film is one of the significant elements of LED technology that enables the display of images on LCD and OLED screens.
- Brightness Enhancement Film (BEF) is forecasted to grow with a CAGR of 7.0% during the forecast period. BEF is a prismatic film that manages the angular output the light from the backlight. BEF films can be used as a single sheet or as two sheets crossed at a right angle.
- Application of television is forecasted to grow with the highest CAGR of 9.6% during the forecast period. Optical films enhance the energy efficiency of television without sacrificing display performance.
- The Vikuiti DBEF D3 300 by the company 3M claims to improves the brightness of electronic devices by recycling polarized light and eradicate the need for a diffuser sheet, which in turns reduces the overall bill of materials.
- North America is forecasted to hold a market share of 28.1% in the year 2026. The region has a huge market for electronics and being a developed country; electronics has huge penetration in the maximum number of household. Moreover, an increase in the trend for gaming has increased the demand for electronic gadgets.
- Zeon Corporation expanded its manufacturing capacity of optical films in October 2018 in the Asia Pacific region. The company has set up a plant in Japan owing to the increasing demand from the country.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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Market Segmentation:
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global Optical Film market is segmented into:
Film Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Polarizing Film
- Backlight Unit Film (Blu)
- ITO Film
Function Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Display Surface Films
- Brightness enhancement films (BEF)
- Reflective polarizer films (DBEF)
- Backlight reflector films (ESR)
- Light control/privacy films (ACLF)
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Televisions
- Desktop Monitors Laptops
- Smartphones and Tablets
- Signage/Large Format Display
- Automotive Display
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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