Optical Films Market Size To Touch USD 55.26 Billion By 2032

Published Date : 17 Aug 2023

The global optical films market size was evaluated at USD 26.58 billion in 2022 and is expected to touch around USD 55.26 billion by 2032, growing at a noteworthy CAGR of 7.59% from 2023 to 2032.

Optical Films Market Size and Growth Rate From 2023 To 2032

Optical films are multilayer film layers used for various purposes, including light control and enhancement, anti-reflection, and anti-glare. Optical films provide resistance to low power consumption, heat, moisture, and bending. They assist in reducing the device's battery usage, allowing for more prolonged use. These films support improving light transmissivity and reducing reflection.

Report Highlights:

  • By Type, The global market for liquid crystal display film has been divided into backlight film, polarising film, and other film types. Backlight film is an essential component that provides the LCD's backlight source. Polarising film-type segment controlled the global market and generated more than 47.50% of the total revenue in 2022.
  • By application, The global optical film industry has been segmented based on applications into televisions, automotive displays, desktop and laptop computers, smartphones, tablets, and signs and advertising display boards. In 2022, the smartphone application market held the top spot in the sector and generated more than 35.50% of total revenue.
  • By geography, Asia Pacific led the market and generated more than 53.000% of worldwide revenue in 2022. The expanding consumer electronics sector is driving the region's demand for products. Indonesia, China, India, South Korea, and Taiwan will continue to drive regional market expansion.

Regional Snapshot:

In 2022, Asia Pacific led the market and generated more than 53.5% of worldwide revenue. Numerous end-users, including Sony Corp., LG Electronics, Samsung Electronics, Panasonic Corp., and others, are said to contribute to this significant proportion. Leading MNCs have been making large investments in the manufacturing sector in Asia Pacific over the past couple of years. Businesses from Northeast Asian nations, including India, China, and Japan, primarily work to stimulate economic growth in those nations' crucial manufacturing, services, and raw resource extraction sectors.

As a result, the region's demand for products is being driven by the expanding consumer electronics sector. The Indian government has, over the years, adopted several national reform initiatives, including Digital India, Make in India, and 100% FDI in producing electronic gear, which has fuelled the expansion of the electronic manufacturing sector. Investors are also becoming more interested in the area due to the accessibility of inexpensive labor and the proximity to raw materials suppliers. Throughout the projection period, China, South Korea, India, Indonesia, and Taiwan are anticipated to continue to drive regional market expansion.

Optical Films Market Report Scope:

Report Coverage Details
Market Revenue in 2023 USD 28.6 Billion
Projected Forecast Revenue in 2032 USD 55.26 Billion
Growth Rate from 2023 to 2032 CAGR of 7.59%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 To 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market Dynamics:

Market Driver:

The growing use of displays with large format

The rising demand for big format displays necessitates the continual application of technical breakthroughs, which is the primary factor driving the significant expansion of the worldwide optical film market. Functional meals are becoming more popular due to the increasing use of OLED (organic light-emitting diode) technologies in displays.

The development of big format displays in healthcare, education, advertising, and others is likely to fuel the global market for optical films. Furthermore, one of the factors that will propel the worldwide optical film market is the expansion of online shopping for electric goods due to holiday discounts on various goods. For instance, the South Korean-based electronics manufacturer Samsung stated that it had introduced several smart TVs on Flipkart and Amazon with different promotions and discounts. It is also expected that these kinds of activities from industry players will fuel market expansion.

Market Restraint:

High optical film investment costs

Because it uses top-notch technology, the optical film business has substantial setup costs. Additionally, the price of raw materials for producing optical films is relatively high. Therefore, high prices may have a detrimental effect on the market's expansion during the forecast period.

Market Opportunity:

Enormous need for foldable and flexible displays

Because optical films are thin, light, flexible, and long-lasting, they are increasingly being employed in tablets, smartphones, and other electronic devices, which is driving the rapid growth of the global optical film market. Additionally, due to the rising demand for optically coated glasses, optical films are primarily employed in electronic devices, positively impacting the market growth.

Additionally, businesses are choosing a variety of tactics, including product launches and innovation in the market for optical films. For instance, the electronic manufacturer LG Innotek stated in April 2021 that Nexlide-E, intended to generate even brilliant light in car lighting modules, had been introduced. Additionally, the Nexlide-E is made up of three components: an optical resin, an optical film, and an LED package. This business has created a new 0.2mm-thick optical film. In the following years, essential companies may benefit from lucrative market opportunities due to this kind of product development and innovation.

Recent Developments:

  • WeeTect started offering an anti-glare solution in March 2018 to address screen and window glare issues.
  • BenQ Materials took part in "Smart Display and Touch Panel, 2017" in august 2017.
  • To create specialty materials, including scratch-resistant coatings, flexible electronics circuits, and optical films for displays, prominent Japanese chemical manufacturer Sumitomo Chemical and Biotechnology Company Zymergen teamed up in April 2019.
  • At its Takoaka City manufacturing site, Zeon Corporation increased production of the optical film line Zenorfilm in October 2018.
  • The production capacity of Sumitomo's film-based touchscreen panels was increased by three times in March 2017 due to an increase in demand from the market.

Major Key Players:

  • 3M
  • Toray International, Inc.
  • Mitsubishi Chemical Corp.
  • Nitto Denko Corp.
  • KOLON Industries, Inc.
  • Teijin Ltd.
  • Hyosung Chemical
  • LG Chem
  • Sumitomo Chemical Co., Ltd.
  • Toyobo Co., Ltd.

Market Segmentation:

By Film Type 

  • Backlight Film
  • Polarizing Film
  • Others

By Application 

  • Televisions
  • Signage & Advertising Display Boards
  • Automotive Display
  • Smartphones
  • Desktop & Laptops
  • Tablets

Buy this Research Report@ https://www.precedenceresearch.com/checkout/2488

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333