Global Optical Films Market to Generate $40,600.6 Million and Exhibit a CAGR of 8.0% from 2022 to 2030 [200-Pages] | Issued by Research Dive
The global optical films market is expected to witness substantial growth in the forecast period, due to the rising demand and growing popularity of large format displays. The Asia-Pacific region is expected to witness dominant growth by 2030.
NEW YORK, June 27, 2022 /PRNewswire/ -- Research Dive in its latest published report estimates that the global optical films market will generate $40,600.6 million and exhibit a CAGR of 8.0% from 2022 to 2030.
Optical Films Market Dynamics
The demand for well-structured and brighter display panels is rising at a rapid pace across the globe. The continuous technological innovations in large format displays is increasing the demand for optical films. In addition, large format displays are emerging in the field of hospitals, education, advertisements, and others. All these factors are estimated to propel the growth of the global optical films market during the forecast period. Moreover, the growing popularity of flexible and foldable displays that are used in tablets, smartphones, tablets, and other electronic devices are expected to generate massive growth opportunities for the market by 2030. However, the high costs of raw materials and manufacturing of optical films are expected to hamper the market growth during the estimated timeframe.
Impact of COVID-19 Pandemic on the Optical Films Market
The COVID-19 pandemic has had a moderate impact on the global optical films market growth. The strict lockdown restrictions broke the supply chain of optical films has negatively impacted the growth of the global market. Besides, the termination of contracts and the shortage of subcontractors for controlling expenses impacted the growth of the optical films market. However, a number of companies decreased the operational cost of the products in order to increase the profitability, which positively impacted the market growth during the pandemic period.
Key Segment Findings of the Optical Films Market:
The research report segments the global optical films market into type, application, and region.
- Based on type, the polarizing film sub-segment is anticipated to garner a revenue of $19,015.6 million by 2030 and hold the dominant market share during the analysis period. This sub-segment growth is mainly because polarized films are mostly used in application of display, imaging, microscopy, and others.
- Based on application, the smartphones & tablets sub-segment of the global optical films market is estimated to generate a revenue of $8,512.4 million by 2030 and observe the fastest growth over the forecast period. This is majorly owing to the increasing number of people using smartphones globally along with the rising trends of social media.
- Based on region, the Asia-Pacific optical films market is expected to be most dominant and grow at a CAGR of 8.5% over the forecast period. This is mainly owing to the increasing sales of electronics in the countries like China and India, and the accelerating demand for advanced optical films in several electrical devices. In addition, the rising adoption of smartphones and laptops in countries such as Japan and India is driving the regional market growth.
Prominent Optical Films Market Players
The key players of the global optical films market include
- LG Chem, Ltd.
- 3M
- Samsung SDI
- Sumitomo Chemical Co., Ltd.
- Kolon Industries Inc.
- Zeon Corporation
- Nitto Denko Corporation
- Sanritz Co., Ltd.
- Toray Industries Inc.
- Hyosung Chemical
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in April 2019, Sumitomo Chemical, a leading Japanese chemical company, and Zymergen, a biotechnology company that specializes in big data, machine learning, and artificial intelligence, entered into a partnership to bring new specialty materials to the market. With this collaboration, the two companies will develop specialty materials including optical films for displays, flexible electronics circuits, hard coatings that won't scratch, and adhesive materials.
Grow your Business Globally, Access a PDF Sample of Optical Films Market
More about Optical Films Market:
- What are the Various Applications of Optical Films across Different Fields?
- A Short Guide for Optical Films: Definition, Types, and Applications
- What are Optical Films and Which are the Types used Now-a-Days?
- Global Optical Films Market Predicted to Flourish Due to Strategic Collaborations Like That Between Buhler Leybold Optics and imec
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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