The use of optical film is increasing due to its light control & enhancement, increased brightness, improved contrast, better sunlight durability, energy efficiency, and enhanced durability. The optical film market size is estimated to be USD 21.5 billion in 2019 and is projected to reach USD 30.2 billion by 2024, at a CAGR of 7.0% between 2019 and 2024. This growth is attributed to the increasing demand for large display panels for televisions, smartphones & tablets, and desktop monitors & laptops, among other devices. Several companies have started producing larger display panels due to rising demand for large television displays. For instance, BOE put into production 10.5 Gen TFT-LCD production line in 2015 to meet the rising demand for large television displays. This has increased the demand for optical film in the television segment.
Browse 62 market data Tables and 44 Figures spread through 113 Pages and in-depth TOC on “Optical Film Market“
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The ITO film segment is expected to be the fastest-growing resin type, between 2019 and 2024, due to its excellent properties such as optical transparency, electrical conductivity, and the ease of depositing in substrates. These properties make it widely used as a transparent conducting oxide. ITO film is used in both LED and OLED displays for various applications, leading to its rising demand from the display panel manufacturers.
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The increasing use of optical film for smartphones, tablets, and other similarconsumer electronic devices is a major driver in the optical film market. Another major driver is the ever-increasing average screen size and resolution of LCD television. The continued increase in the average panel size is supporting the growth in demand in terms of area of panels. However, the exclusivity and IP protection of emerging and advanced display materials has shunted the growth of the market. Top players have realized the immense potential APAC holds for the optical film market. These top players have implemented various strategic initiatives in the market. For instance, Zeon Corporation increased the production capacity for ZeonorFilm optical film. The company is going to expand its manufacturing plant in Takaoka City, Japan. Due to the increasing demand for optical films, the company expanded its production capabilities, which has helped the company to grow its optical film business.