Optical Film Market to Garner $40.4 Billion, Globally, By 2030 at 7.6% CAGR, Says Allied Market Research
High requirement of optical films in LCDs and LEDs among manufacturers drive the growth of the global optical films market.
PORTLAND, Ore., July 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Optical Film Market by By Type (Polarizer Film, Backlight Unit, Indium Tin Oxide), by By Application (Television (TV), Tablets and Smartphones, Desktop Monitors and Laptops, Control Display Panel, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global Optical Films industry generated $20.6 billion in 2021, and is anticipated to generate $40.4 billion by 2030, witnessing a CAGR of 7.6% from 2022 to 2030.
Prime determinants of growth
High requirement of optical films in LCDs and LEDs among manufacturers drive the growth of the global optical films market. Optical films have various applications such as in thin film transistors (TFTs), liquid crystal display (LCD) panels, and organic light emitting diode (OLED) panels. Furthermore, optical films are used in desktop monitors & laptops, smartphones & tablets, television, and other large displays. These huge number of applications present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global optical films market, as the lockdown hindered various industrial operations. Maximum companies halted their operations due to lack of labor.
- Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using optical film, thereby affecting the global optical film market growth.
The Polarizer segment to maintain its leadership status throughout the forecast period
Based on type, the polarizer segment held the highest market share in 2021, accounting for nearly half of the global optical films market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.8% from 2022 to 2030. The polarizer films helps in reducing the glare and reflection of the objects, and hence, they are widely used in number of applications across the globe. This, in turn, drives the segment. Two more segments analyzed in the report are backlight unit and indium tin oxide.
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The television (TV) segment to maintain its lead position during the forecast period
Based on application, the television (TV) segment accounted for the largest share in 2021, contributing to around one-third of the global optical films market, and is projected to maintain its lead position during the forecast period. This is due to technological advances in TV resolution and growing influence of digital media on smart TV advertising and marketing. However, the tablets and smartphones segment is expected to portray the largest CAGR of 8.3% from 2022 to 2030, due to rapid growth in the adoption technology among the developing nations.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global optical films market. Moreover, the same region is expected to witness the fastest CAGR of 8.1% from 2022 to 2030. This is attributed to rise in demand for advanced optical films in various electrical devices. Other regions analyzed in the report are North America, Europe, and LAMEA.
Leading Market Players: -
- LG Chem, Ltd.
- Samsung SDI
- 3M
- Sumitomo Chemical Co., Ltd.
- Zeon Corporation
- Kolon Industries Inc.
- Nitto Denko Corporation
- Toray Industries Inc.
- Sanritz Co., Ltd.
- Hyosung Chemical.
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