New York, USA, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global optical films market. According to the report, the global market is anticipated to surpass $40,600.60 million by 2030, rising at a CAGR of 8.00% in the estimated period, 2022–2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the optical films market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Optical Films Market
The outbreak of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the global optical films market. The electronics manufacturing sector experienced massive disturbance and severe downfall during the pandemic period owing to the implementation of strict lockdowns and a dearth of several raw materials. This considerably plummeted the demand for optical films during the disaster period. Besides, the decrease of operational costs of the products by many companies to boost profitability negatively impacted the market amidst the pandemic.
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Factors Boosting the Market Growth
Growing adoption of large format displays in various sectors including hospitals, advertisements, education, and others, and the rising demand for organic light-emitting diode (OLED) technologies in the display sector are the key factors propelling the growth of the global optical films market. Moreover, the rising demand for foldable and flexible displays in smartphones, tablets, and other electronic devices is anticipated to unlock rewarding growth opportunities for the market in the forecast period. However, high investments involved in the production of optical films is estimated to obstruct the growth of the market.
The report segments the global optical films market into type, application, and region.
Polarizing Film Sub-Segment to Experience Leading Growth
Among the type segment, the polarizing film sub-segment is projected to undergo maximum growth and hit $19,015.60 million during the forecast period. The growth of this sub-segment is mainly owing to the increasing use of polarizing films in applications like displays, imaging, microscopy, and many others.
Smartphones & Tablets Sub-Segment to Undergo Swift Growth
Among the application segment, the smartphones & tablets sub-segment is anticipated to perceive enhanced growth and garner $8,512.40 million during the estimated timeframe. This is mainly owing to the mounting adoption of smartphones & tablets by people due to the rising popularity of social media platforms.
Asia-Pacific Region to Perceive Foremost 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 the regional market is mainly because of the rising use of optical films by electronics manufacturers in nations, such as India and China, owing to the growing demand for electronic gadgets in this region.
Major Players of the Market
The report lists some of the leading players functioning in the global optical films industry including
- LG Chem, Ltd.
- 3M
- Sumitomo Chemical Co., Ltd.
- Nitto Denko Corporation
- Zeon Corporation
- Kolon Industries Inc.
- Toray Industries Inc.
- Sanritz Co., Ltd.
- Samsung SDI
- Hyosung Chemical
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 2022, LG Innotek, a designer, manufacturer, and seller of electronic materials, components, and devices, launched ‘Nexlide-E,’ an automotive lighting module that gives out bright as well as uniform light. A 0.2mm thick optical film is used to develop this customized lighting module.
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More about Optical Films Market:
- A Short Guide for Optical Films: Definition, Types, and Applications
- What are Optical Films and Which are the Types used Now-a-Days?
- What are the Various Applications of Optical Films across Different Fields?
- Global Optical Films Market Predicted to Flourish Due to Strategic Collaborations Like That Between Buhler Leybold Optics and imec
