Optical Film Market Size To Grow At A CAGR Of 7.50% In The Forecast Period Of 2023-2028
The ‘Global Optical Film Market Share, Size, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global optical film market, assessing the market on the basis of its segments like film types, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Optical Film Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 24.19 billion
• Forecast CAGR (2023-2028): 7.50%
• Forecast Market Size (2028): USD 37.34 billion
The growing demand for advanced consumer electronics such as televisions, desktop monitors, and laptops, is driving the demand for optical films. The increasing awareness about digital products, rising disposable income, and rapid urbanisation are also fuelling the global optical film market. Rising adoption and necessity of smartphones, coupled with favourable investments by private players and various governments are further fuelling the demand for optical films.
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Optical films exhibit properties such as moisture-resistance, heat-resistance, strength, flexibility, and durability. These unique properties make them applicable in the advertising sector for manufacturing display panels. Additionally, they can bear bending and curving, which makes them ideal for signage and large format displays. Hence, the thriving advertising sector across the emerging economies is anticipated to accelerate the optical film market growth in the forecast period.
The increasing application of optical film in automotive displays, which is attributable to the rapid digitalisation and penetration of advanced software such as GPS, is escalating the market growth. In this regard, the rising demand for electric passenger and commercial vehicles across various nations is bolstering the global optical film market. Furthermore, advancements in the transportation sector is likely to be another crucial market driving factor.
Optical Film Industry Definition and Major Segments
Optical film is a type of film with thin coatings placed in multiple layers that supports features such as polarisation, reflection, refraction, and transmission, among others. These films also protect surfaces and screens from the external environment owing to their anti-corrosion, moisture resistance, and anti-degrading properties.
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Based on film type, the market is segmented into:
• Polarizing Film
• Backlight Unit Film
• ITO Film
By application, the market is divided into:
• Television
• Desktop Monitors and Laptops
• Control Display Panel
• Smartphones and Tablets
• Signage/Large Format Display
• Automotive Display
• Others
On the basis of region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Optical Film Market Trends
The key trends in the global optical film market include the technological advancements in the electronics and information technology sector. These advancements are leading to a heightened demand for smart wearables such as smart watches, fitness trackers, body-mounted sensors, and augmented reality headsets, among others. Hence, these advancements trends are accelerating the demand for optical films.
The rapid digitalisation across commercial construction sector is another crucial trend in the optical film market. This can be attributed to the growing incorporation of smart innovative displays and digital sign boards across hospitals, restaurants, hotels, schools, colleges, and shopping complexes, among others. Further, the growing trend of e-learning is further fuelling the demand for optical films.
The burgeoning e-commerce sector is a trend which is boosting the sales of smart consumer electronics. Over the forecast period, the anticipated increase in innovations and product developments by major market players are expected to shape the dynamics of the market for optical films in the coming years. The growing presence of young populations across social media platforms is anticipated to bolster the awareness pertaining to the launch of downstream products that utilise optical films.
In regional terms, Asia Pacific accounts for a significant share in the market for optical films, which is being driven by the strong foothold of digital gadget manufacturers across emerging nations such as China, and India, among others.
Key Market Players
The major players in the global optical film market report are:
- Toray International, Inc.
- Hyosung Chemical Corporation
- Sumitomo Chemical Co., Ltd
- 3M
- Zeon Corporation
- PRONAT Industries Ltd.
- Nitto Denko Corporation
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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