Optical Films Market Growth Accelerates to 9.4% CAGR,

By GlobeNewswire – Press Releases

New York, June 11, 2024 (GLOBE NEWSWIRE) — Overview:

The Global Optical Films Market size reached USD 27.8 billion in 2023 and is further anticipated to reach USD 68.7 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 9.4% from 2024 to 2033.

Optical films, including multiple layers, serve numerous functions like reducing reflections and glare while controlling light. They provide energy efficiency, heat, and moisture resistance, along with excellent flexibility, ensuring durability.

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These films extend device battery life, diminish reflections, and enhance light transmission. Common types include BEF, DBEF, ACLF, and ESR, used in FCDs to improve display quality in TVs, smartphones, and other electronic devices.

The polarizing film sub-segment is expected to lead the global optical film market in 2024, maintaining its dominance with the fastest growth rate. Broadly used in LCD and OLED displays, it improves image quality by transforming non-polarized light into linearly polarized light, important for sectors like smartphones, television, and display boards.

Important Insights

  • The Optical Films Market is expected to grow by USD 68.7 billion by 2033 from 2025 with a CAGR of 9.4%.
  • Polarizing film is expected to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
  • The smartphone segment is expected to get the largest revenue share in 2024 in the Optical Films market.
  • The Asia Pacific region is set to lead the Global Optical Films Market with a 54.8% share in 2024, due to significant investments from international players drive growth.

Global Optical Films Market: Trends

  • 5G Device Demand: Rapid adoption of 5G technology drives the requirement for high-performance optical films in smartphones & other devices.
  • Sustainability Focus: A higher emphasis on eco-friendly solutions creates the development of sustainable optical film products and manufacturing practices.
  • Advanced Display Technologies: The rising interest in emerging display technologies like MicroLED and quantum dot displays drives the demand for specialized optical films.
  • Automotive Applications: Growth in the integration of display systems in vehicles creates opportunities for optical films to improve in-car displays and HUDs.

Optical Films Market: Competitive Landscape

In the competitive Global Optical Films Market, major players compete for leadership through strategic alliances, product innovation, & technological developments. They prioritize producing top-tier films and optimizing supply chains, investing majorly in R&D to develop superior offerings.

Close collaboration with manufacturers & customer-centric approaches is paramount, driving constant improvement and global expansion efforts. This strong competition drives companies to constantly improve their offerings and extend their market presence.

Some of the major players in the market include Toray Industries, Inc., 3M Company, Nitto Denko Corporation, Samsung SDI Co., Ltd., LG Chem Ltd., PRONAT Industries Ltd., Sumitomo Chemical Co., Ltd, and more.

Some of the prominent market players:

  • Toray Industries, Inc
  • 3M Company
  • Nitto Denko Corporation
  • Samsung SDI Co., Ltd.
  • LG Chem Ltd.
  • PRONAT Industries Ltd.
  • Sumitomo Chemical Co., Ltd.
  • Hyosung Chemical
  • Zeon Corporation
  • UFO Digital Solutions Pty Ltd.
  • Other Key Players

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Optical Films Market Scope 

Report HighlightsDetails
Market Size (2024)USD 30.5 Bn
Forecast Value (2033)USD 68.5 Bn
CAGR (2024-2033)9.4 %
Leading Region in terms of Revenue  ShareAsia Pacific
Percentage of Revenue Share by Leading Region54.8%
Historical Data2017 – 2022
Forecast Data2025 – 2033
Base Year2023
Estimate Year2024
Segments CoveredBy Type, By Application
Regional CoverageNorth America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

The Asia Pacific region is expected to dominate the Global Optical Films Market, set to command a major 54.8% share of global revenue by 2024. Recent years have seen high investment from key international players in the region’s production sector, mainly in nations like India, China, and Japan.

These countries, mostly in Northeast Asia, give importance to economic growth through raw material extraction, manufacturing, & service industries. The growth in the demand for consumer electronics drives this growth, helped by India’s national reform initiatives like Digital India and Make in India, alongside policies enabling 100% FDI in electronic hardware manufacturing.

Moreover, the region’s advantages, like affordable labor and proximity to raw material sources, make it an attractive investment destination. Indonesia, China, South Korea, Taiwan, & India are expected to sustain market expansion in the coming future.

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By Region

North America

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Segment Analysis:

Smartphones are expected to dominate the optical film market in 2024, mainly driven by Asia Pacific’s surge in consumer electronics demand. Factors like rapid urbanization, expanding middle-class demographics, changes in spending habits, and higher investments in electronic devices like computers, TVs, smartphones, and tablets contribute to the high need for optical films.

In addition, acceptance of LCD and LED technologies, mainly in the television sector, fuels demand. The desire for larger displays & the popularity of video walls further drive growth in the television segment.

Optical Films Market Segmentation

By Type

  • Backlight Unit
  • Polarizing Film
  • Indium Tin Oxide

 By Application

  • Smartphones
  • Desktops & Laptops
  • Television
  • Signage & Advertising Display Boards
  • Others

Global Optical Films Market: Driver

  • Asia Pacific Dominance: The Asia Pacific market is driven by heavy investments from international players that drive the market.
  • Demand for Consumer Electronics: Growth in consumer electronics demand fuels market growth, mainly in nations like India, China, and Japan.
  • Technological Advancements: Ongoing innovations drive the development of high-performance optical films, meeting changing industry demands.
  • Favorable Economic Policies: Government initiatives like Digital India and Make in India, alongside supportive FDI policies, stimulate growth in the electronic manufacturing sector.

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Global Optical Films Market: Restraints

  • Intense Competition: Strong competition among major players may create margin pressures and shorter product life cycles.
  • High Manufacturing Costs: Complex manufacturing processes & advanced materials contribute to high production costs, limiting market accessibility.
  • Technological Obsolescence: Rapid developments in display and lighting technologies may in existing optical film solutions obsolete.
  • Environmental Concerns: Sustainability considerations & regulatory pressures drive the requirements for eco-friendly solutions, adding complexity to manufacturing processes.

Global Optical Films Market: Opportunities

  • Emerging Display Technologies: Opportunities grow from the need for optical films customized to advanced display technologies like MicroLED and MiniLED.
  • Automotive Integration: Growth in adoption of in-vehicle display systems provides opportunities for high-performance optical films in the automotive sector.
  • Sustainable Solutions: A growing focus on sustainability opens avenues for eco-friendly optical film products & manufacturing processes.
  • 5G Connectivity: The need for high-performance films in 5G-enabled devices provides opportunities for innovation and market expansion.

Recent Developments in the Optical Films Market

  • March 2024: Nikon Corporation announced its complete acquisition of RED.com, LLC, making RED a subsidiary under a Membership Interest Purchase Agreement.
  • January 2024: FlexEnable introduced optical evaluation kits for AR and VR, featuring ambient dimming and tunable lens film modules, using their flexible LC technology.
  • September 2023: FUJIFILM North America Corporation, Optical Devices Division launched the FUJINON Duvo 1HZK24-300mm Portable PL Mount Zoom Lens, meeting two large-image sensor types.
  • August 2023: PG&O unveiled expanded capabilities, providing finished optics with an extended wavelength range from mid-UV to longwave infrared on accurate, polished substrates.
  • April 2023: IDEX Corporation introduced it has entered into a definitive agreement to acquire Iridian Spectral Technologies for cash consideration of USD 110 million subject to customary adjustments, which complements existing IDEX optical coating expertise.

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About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world.

We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

Source: GlobeNewswire – Press Releases


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