Global Optical Films Market to Grow Exponentially by 2024 Owing to New Product Launches and Business Expansion

Optical films are multi-layered coated films that are used for light enhancement, anti-reflection, anti-glaring, display privacy, etc. These films have high durability against bending and curving and are resistant to heat & moisture. In addition, optical films are also used in hoarding screens, advertisement panels, and optical display applications.

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Market Landscape

The global optical films market is anticipated to surpass $30.1 billion and rise at a CAGR of 7.1% from 2019 to 2024. The increasing demand for tablets, smartphone, and televisions with large display panels is the major factor predicted to boost the global market growth in the forecast period. Besides, the growing usage of optical films in LED and LCD is another factor to propel the market growth.

A number of manufacturers existing in the consumer electronics industry today are manufacturing LCD television of different sizes and configurations that requires different optical films, such as reflector film, polarizers’ film, diffuser films, etc. Thus, the polarizing film segment is estimated to dominate the global industry, as it is being widely used in both LCD as well as OLED displays.

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Furthermore, the global optical films market is interrelated with the consumer electronics industry. The positive relationship between the two markets forecasts the dynamics and future trends of the optical films market. The growing trend of digitization in developing markets is boosting the growth of the optical films market. Moreover, the increasing investments in large infrastructure projects such as intelligent transportation systems, smart cities are likely to create lucrative opportunities for the global market growth during the forecast period.

Key Developments in the Global Market

Some of the key players functioning in the global industry include Samsung SDI, Sumitomo Chemical Co., Ltd., Sanritz Co., Ltd., Zeon Corporation, and Toray Industries Inc. The key industry players are implementing various business tactics & growth strategies such as mergers, acquisitions, partnerships, product launches, and geographical expansion to increase the competitive edge in the overall market. This is subsequently helping the optical films market to grow at a rapid pace.

For instance, in May 2018, BenQ Materials participated in the Display Week 2018 and showcased full-line functional film solutions for various applications, including foldable & rollable AMOLED applications, high-durability display for automobile applications, and smart optical films for interior decorating & automobile applications. The company offers advanced precision & touch-related optical film products to meet the demand of highly custom services and 8K high quality display.

In March 2018, a global leader in manufacturing optical coatings, WeeTect introduced new anti-glare solution namely, ‘WeeTect Anti Glare Film (WAGF)’. It is a nano polyester film with permanent anti-reflective coating that eliminates possible reflections by dispersing harsh light wavelengths causing glare on optical surfaces. The company along with its OEM partners have instigated this solution as anti-glare film for tablet screens, monitors, goggles, lenses, windows, etc.

In October 2018, Zeon Corporation decided to expand the production capacity of its optical film, ZeonorFilm at its manufacturing plant in Takaoka City. ZeonorFilm is the first-ever optical film that is manufactured by metal extrusion process. The aim of the company behind the expansion of production capacity was to meet the rising demand and increase their revenue.

In January 2018, SKC announced the launch of the world’s first car window optical films ‘Neosky’ that block yellow lights, which is the major culprit of glare. This optical film lets the user clearly see the outside of the vehicle irrespective of outdoor conditions such as day & night, fine dust or severe rain, and even when the sunlight is strongest.

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