New York, USA, April 27, 2022 (GLOBE NEWSWIRE) -- A new report on the global optical films market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $40,600.60 million by 2030, rising at a CAGR of 8.00% from 2022 to 2030. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Optical Films Market Growth:
Growing demand for large format displays in areas like advertisements, hospitals, education, and others and increasing popularity of organic light-emitting diode (OLED) technologies in the display sector are the main factors fueling the growth of the global optical films market. Optical films possess properties like thin, light, flexible, and sturdy. Hence, the rising demand for displays with features like foldable and flexible in tablets, smartphones, and other electronic gadgets is projected to bring in lucrative growth opportunities for the optical films market in the forecast period. However, high costs involved in the manufacturing of optical films is projected to hamper the growth of the market.
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Impact of COVID-19 Pandemic on the Optical films Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global optical films market. In the pandemic period, the electronics manufacturing sector has ceased normal functioning owing to shortage of various raw materials. This has significantly dropped the demand for optical films during the crisis. Also, the disruption in supply chain of optical films due to strict lockdowns and the reduction of operational costs of the products by numerous companies to surge the profitability have negatively impacted the market growth.
The report segments the global optical films market into type, application, and region.
Polarizing Film Sub-Segment to Witness Dominant Growth
Among the type segment, the polarizing film sub-segment is expected to experience highest growth and garner $19,015.60 million during the forecast period. The growth of this sub-segment is mostly because of the growing demand for polarizing film in applications such as imaging, displays, microscopy, and many more.
Smartphones & Tablets Sub-Segment to Perceive Speedy Growth
Among the application segment, the smartphones & tablets sub-segment is projected to observe accelerated growth and hit $8,512.40 million during the estimated timeframe. This is mostly because of the growing demand for smartphones & tablets among people due to the rising trend for social media applications.
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Asia-Pacific Optical Films Market to Observe Leading Growth
The report analyses the global optical films market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to lead the market by garnering $16,646.20 million during the estimated timeframe. The growth of this region market is mainly because of the surging adoption of optical films by electronics manufacturers in countries, such as India and China, due to rising sale of electronics in this region.
Major Players in the Optical Films Market:
The report lists some of the leading players functioning in the global optical films industry including
- Hyosung Chemical
- LG Chem, Ltd.
- 3M
- Nitto Denko Corporation
- Sumitomo Chemical Co., Ltd.
- Zeon Corporation
- Kolon Industries Inc.
- Toray Industries Inc.
- Sanritz Co., Ltd.
- Samsung SDI.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in April 2019, Sumitomo Chemical Co., Ltd., a leading manufacturer of optical films, and Zymergen, an American biotechnology company, entered into a partnership to develop renewable specialty materials. Together, these companies aim to develop specialty materials that may comprise optical films for displays and hard coatings that will not scratch, flexible electronics circuits as well as adhesive materials.
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