Optical Film Market size worth $40.4 billion by 2030, Top Key Players are TORAY, LG CHEM, HYOSUNG CHEMICAL, SUMITOMO CHEMICAL, ZEON, 3M

Allied Market Research Says, Global Optical film market is projected to exceed $40.4 billion by 2030, and to grow at a CAGR of 7.6% from 2022 to 2030. The report offers key drivers that propel the growth in the global hydrazine market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.

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Global Optical Films Market is driven by high demands of manufacturers for optical films in LCDs and LEDs. Optical films have various applications such as thin film transistors (TFTs), liquid crystal display (LCD) panels and organic light emitting diode (OLED) panels. Additionally, optical films are used in desktop monitors and laptops, smartphones and tablets, television and other large displays. These numerous applications present new opportunities in the years to come.

As per Allied Market Research, based on applications, television (TV) segment accounted for the largest share in 2021, contributing around one-third of the global optical films market, and is expected to maintain its leading position during the forecast period. This is due to technological advancements in TV resolution and the growing influence of digital media on smart TV advertising and marketing. However, the tablet and smartphone segment is expected to show the highest CAGR of 8.3% from 2022 to 2030, owing to the rapid growth in technology adoption in developing countries.

Based on type, the polarizer segment held the highest market share in 2021, accounting for almost half of the global optical films market, and is expected to maintain its leading status throughout the forecast period. Moreover, the same segment is expected to show the highest CAGR of 7.8% from 2022 to 2030. Polarizing films help in reducing glare and reflection from objects, and hence, they are widely used in a number applications around the world. This, in turn, drives the segment. Two other segments analyzed in the report are Backlight Unit and Indium Tin Oxide.

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Based on the region, Asia Pacific held the highest market share by 2021 revenue, accounting for nearly two-fifths of the global optical film market. Moreover, the same region is expected to witness the fastest CAGR of 8.1% from 2022 to 2030. This is attributed to the increase in demand for advanced optical films in various electrical appliances.. Other regions analyzed in the report are North America, Europeand LAMEA.

Covid-19 Scenario: -

1. The outbreak of the Covid-19 pandemic has negatively impacted the global optical films market as the lockdown has hampered various industrial operations. Maximum of companies has interrupted its activities due to the lack of manpower.

2. In addition, the import and export business has been significantly affected, which in turn has adversely affected the industries using optical films, thereby affecting the growth of the global optical films market.

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Major Market Players:-

1. LG Chem, Ltd.
2. Samsung SDI
3. 3M
4. Sumitomo Chemical Co., Ltd.
5. Zeon Corporation
6. Kolon Industries Inc.
7. Nitto Denko Company
8. Toray Industries Inc.
9. Sanritz Co., Ltd.
10. Hyosung Chemical.

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