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Increasing Demand for Smartphones will Drive the Optical Film Market Growth
HYDERABAD, TELANGANA, INDIA, October 14, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Optical Film Market size is forecast to reach US$33.6 billion by 2027 after growing at a CAGR of 7.2% during 2022-2027. Optical films are multi-layered films that are used for a wide range of functionalities such as anti-reflection, anti-glaring, visual privacy, wide viewing angle, and increasing energy efficiency. The polarizing film, polyvinyl alcohol film, reflective film, indium tin oxide, among others, are some of the major types of optical film that find their high uses in numerous applications such as televisions, smartphones, laptops, photovoltaics, advertising display boards, etc. Television is one of the largest application markets for optical films where they are utilized to increase display contrast and readability, provide a wide viewing angle in brighter environments, and various other functionalities. The demand for televisions is on the rise with increasing production, sales, and shipments, and this is expected to contribute to the growth of the market during the forecast period. For instance, as per the data by the OLED Association, TV shipments in the third quarter of 2020 hit a record 62.05 million units, increasing 12.9% year on year. Furthermore, optical films are extensively used in smartphones for protecting the display from scratches and enhancing the durability of the touchscreen. The demand for smartphones has been ramping up since the arrival of the pandemic with people started spending more time at home. This increasing growth in smartphones is projected to drive the growth of the market in the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Click here to browse the complete report summary: https://www.industryarc.com/Research/Optical-Film-Market-Research-510207
1. The polarizing film dominated the optical film market in 2021. This type of optical film provides high lamination and robust durability, making it one of the core elements in the display of several electronic products and services.
2. The television application is expected to drive the growth of the market during the forecast period. For instance, according to the stats by the OLED Association, shipments of TCL advanced LCD TV in the fourth quarter of 2020 surged by 146% year on year.
3. The Asia-Pacific region is projected to witness the highest demand for optical films owing to the increasing demand for electronic products in the region. For instance, as per the September 2021 data by India Brand Equity Foundation, smart TV shipments in India grew 65% year on year in the second quarter of 2021.
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1. The polarizing film dominated the optical film market in 2021 and is growing at a CAGR of 7.7% during the forecast period. This is one of the highly used optical films in almost all electronic products and services.
2. The Asia-Pacific region held the largest market share in the optical film market, up to 34%. The high demand for the optical film is attributed to the expanding electronics market in the region.
3. The demand for electronic products in the region is increasing with the growing need for advanced products among consumers and this is expected to catapult the demand for optical films in the forecast period. As per the May 2021 data by China.org.cn, Huawei became the second-largest manufacturer in the notebook segment in China in 2020 with a market share of 16.9%.
4. The television application segment dominated the optical film market in 2021 and is growing at a CAGR of 8.4% during the forecast period. Such growing demand for television is expected to further drive the market’s growth during the forecast period.
5. As per the data by OLED Association, shipments of advanced TVs increased by 32% in the fourth quarter of 2020 year-on-year. Such massive growth in the television application is projected to augment the higher uses of optical films, in turn driving the market’s growth.
The top 5 players in the Optical Film industry are -
Click on the following link to buy the Optical Film Market Report: https://www.industryarc.com/reports/request-quote?id=510207
IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.
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B. Protective Films Market https://www.industryarc.com/Research/Protective-Films-Market-Research-500236
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