Newark, NJ, March 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global optical films market is expected to grow from USD 20.51 billion in 2018 to USD 36.11 billion by 2026 at a CAGR of 7.32% during the forecast period from 2019-2026. Increasing demand for optical films in the consumer electronics is one of the key factor driving the demand for the optical films across the globe.
Optical films are defined as thin multi-layered films, which are used in various display applications such as to improve light transmission, reduce reflection, for anti-glaring and many more are referred to as optical films. Optical films play a key role in the manufacturing of flat control displays in laptops, smartphones, desktop monitors, TV's, automotive display, and in other display types. They are used in various display applications such as anti-glaring (AG), anti-reflection (AR), light control & enhancement, display privacy etc.
Global optical films market is expected to witness rapid growth over the forecast period, owing to rising need for larger screen sized televisions and mobile phones and high adoption of smart electronic wearable devices. But replacement of LCD screens by active matrix organic light emitting diode (AMOLED) screens may hinder the growth of the market. However, rise in sale of smartphones in developing countries is expected to propel the market growth is expected to pose lucrative opportunities in the upcoming years.
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Key players operating in the global optical films market are Nitto Optical Co., Ltd., Sumitomo Chemical Co. Ltd., LG Chemical Ltd., Samsung SDI (Formerly Cheil Industries), BenQ Materials Corp., Sanritz Co.,Ltd., Zeon Corporation, 3M Company, American Polarizers, Inc., Toray Industries, Inc., Toyobo Co. Ltd., China Lucky Film Group Corporation, Teijin Limited, Mitsubishi Polyester Film GmbH,., Kolon Industries, Inc., Dexerials Corporation, Suntechopt Corporation, JXTG Nippon Oil & Energy Corporation, and Hyosung Corporation among others. To enhance their market position in the global optical films market, the key players are now focusing on adopting the strategies such as product innovation, recent developments, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in April 2019, Sumitomo Chemical and Zymergen announced the partnership to bring new specialty materials to the market. This collaboration between the two companies will enable the development of new materials including optical films to meet consumer trends in high-tech industries.
- In March 2018, Samsung SDI Co. Ltd. announced that it has signed a new contract to build up a polarizer film plant in China, for increasing its share in the crucial Chinese market. The company has invested around USD 169 million to build a plant with the annual capacity of 30~40 million square meter.
The polarizer and sub films segment held the largest market share of 53.23% in 2018
The product type segment is classified as polarizer & sub films and backlight optical films. The polarizer and sub films segment held the largest market share of 53.23% 2018. A polarizer is made up of layers of different types of sub-films. Among these sub-films, the demand for acryl film, polyethylene terephthalate (PET) film and cyclo-olefin-polymer (COP) film, as it protects against moisture and temperature extremes and is rapidly growing alongside the increasing size of LCD TVs and the expanding the business model of open-cell technology.
The brightness enhancement films (BEF) segment is anticipated to grow at highest CAGR of 8.01% over the forecast period
Function segment is divided into segments such as display surface films, brightness enhancement films (BEF), reflective polarizer films (DBEF), backlight reflector films (ESR), and light control/privacy films (ACLF). The brightness enhancement films (BEF) segment is anticipated to grow at highest CAGR of 8.01% over the forecast period. Brightness enhancement films (BEF) is defined as a transparent prism film that enables high brightness when placed in the backlight of a consumer electronic device. It is a family of optical films used in liquid crystal displays (LCDs) to increase on-axis brightness of the backlight and improve the appearance of the display. It can be used as a single sheet or as two sheets crossed at a right angle.
The smartphones segment is dominating the optical film's market with the highest share of 34.12% in 2018
Application segment includes TV, laptops, tablets, smartphones, billboards, smart electronic wearable, control panel displays, and signage & advertising display boards. The smartphones segment is dominating the optical film's market with the highest share of 34.12% in 2018. This is mainly due to increasing demand for the bezel-less organic light-emitting diode (OLED) display and larger screen smartphones.
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Regional Segment Analysis of the Optical Films Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia- Pacific region dominated the global optical films market in 2018 where as the North America rapidly growing region in the market. Asia Pacific is dominating the market with the highest share of 43.20% in 2018. This is mainly attributed to the availability of a large number of local manufacturers in the region along with the availability of cost-effective raw material and comparatively low-cost labor in countries in the region. North America is witnessing a high demand growth owing to increasing technological advancement and consumer preferring better and enhanced technological products.
About the report:
The global optical films market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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