Global Optical Film Market Report and Forecast 2024-2032

Global Optical Film Market Outlook

The global optical film market size attained a value of nearly USD 26.00 billion in 2023. The market is further expected to grow at a CAGR of 7.5% during the forecast period of 2024-2032, likely to attain a value of about USD 49.87 billion by 2032.

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Key Trends in the Market

Optical film is known as a multi-layered coated film that is employed for light enhancement, and anti-reflection, among other purposes. Further, such films are resistant to moisture, and heat and have high durability against bending and curving. Advertising panels, hoarding screens, and optical display applications all make use of optical films. It helps in allowing longer usage by the reduction of battery consumption of the device.

• The growing technological advancements among portable and smart consumer devices, like smartphones and smart televisions, among others, are likely to fuel the optical film market demand across the globe over the coming years.

• The growing government projects in various regions, such as adoption of electric vehicles for transportation and e-learning in educational institutes and schools, are expected to propel the market growth in the upcoming years.

• The surging demand for smart electronic wearables among consumers, along with rapid urbanisation, is further expected to enhance the demand for optical films during the forecast period.

Optical Film Market Analysis

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Based on film type, the market can be segmented into polarizing film, backlight unit film, and ITO film. On the basis of application, the market is categorised into television, desktop monitors and laptops, control display panel, smartphones and tablets, signage/large format display, and automotive display, among others. The regional markets for the optical film market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global optical film market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• Toray International, Inc.

• Hyosung Chemical Corporation

• Sumitomo Chemical Co., Ltd

• 3M

• Zeon Corporation

• PRONAT Industries Ltd.

• Nitto Denko Corporation

• Others

Market Share by Application

The smartphones and tablets segment is expected to hold a significant share of the optical film market on account of the rising demand for consumer electronics, especially in the Asia Pacific region. Rapid urbanisation, increasing disposable income, and changing spending priorities are some of the key aspects expected to bolster segment growth in the market of optical films. The adoption of smartphones is increasing among consumers of all age groups, especially young people. 

Meanwhile, the television segment is expected to propel the market growth of optical film over the coming years on account of the surging demand for larger display sizes.

Market Share by Region

The Asia Pacific region is expected to witness growth owing to the strong presence of key market players like Toray International, Inc., Hyosung Chemical Corporation, and Sumitomo Chemical Co., Ltd, among others in the region. The increasing investment by various manufacturers from prominent multinational companies from emerging economies, like India, Japan, and China, is likely to fuel the market growth of the optical film. The growing applications in industrial, consumer electronics, optical electronics, and automotive industries are expected to enhance the market growth of the optical film. 

India is expected to witness robust growth due to the rising consumer electronics industry, along with increasing demand for mobile phones and larger-screen televisions in the country. Going further, the growing government implementation of different policies and strategies, like Digital India and Make in India, coupled with 100% FDI in electronic hardware manufacturing, is expected to boost the electronic manufacturing industry.

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Competitive Landscape

Toray International, Inc. is a worldwide marketing and merchandise force that was established in 1986. It produces new value through materials, processing, and distribution. The company offers a wide range of services and items, ranging from raw materials to finished consumer goods, and it draws on the expertise and experience that have been developed over the years through its global trading operation and its offices both in Japan and abroad.

3M is a United States-based company that was founded in 1902. It is a distributor and manufacturer of industrial solutions and products. The company’s portfolio of products comprises advanced materials, home care, display materials and systems, home improvement, personal safety, stationery and office, closure and masking systems, and roofing granules, among others.

Sumitomo Chemical Co., Ltd. was established in 1913 and is one of the leading chemical companies. It provides a huge variety of chemical products in the disciplines of energy and functional materials, health and crop science products, petrochemicals, pharmaceuticals, and IT-related chemicals and materials. Its product portfolio comprises organic and inorganic industrial chemicals, polymer alloys, alumina products, optical materials, dyestuffs, thermoplastic elastomers, agricultural insecticides, petrochemical products, and polymer additives. 

Other market players include Hyosung Chemical Corporation, Zeon Corporation, PRONAT Industries Ltd., and Nitto Denko Corporation, among others.

Key Highlights of the Report