Optical Film Market Expected to Reach $40.4 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Optical Film Market," The optical film market was valued at $20.6 billion in 2021, and is estimated to reach $40.4 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.

Optical film are used to intensify the transmission, polarization, and reflection of optical devices. The main application of optical film is in medical field, automotive sectors, household electric appliances, and others.

The optical film market is segmented on the basis of type and application. By type, the market is classified into polarizing film, ITO film, and backlight unit film. By application, it is classified into application, television, smartphones & tablets, desktop monitors & laptops, large format display, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include LG Chem, Ltd., Samsung SDI, 3M, Sumitomo Chemical Co., Ltd., Zeon Corporation, Kolon Industries Inc., Nitto Denko Corporation, Toray Industries Inc., Sanritz Co., Ltd., and Hyosung Chemical.

The report focuses on the global optical film market and the major products & applications, where optical film are deployed. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for optical film in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

IMPACT OF COVID-19 ON THE GLOBAL OPTICAL FILM MARKET

• Sales of optical film have been observed to be directly proportional to the demand for laptops and smartphones throughout the pandemic as most of the people are working from home and engaged in virtual training. However, advanced chemicals sectors were highly impacted by lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in 2020 owing to less workforce and disrupted supply chain.
• COVID-19 impacted almost all industries by hindering various industrial operations. Maximum companies halted their operations due to lack of labors. However, there is a sluggish decline in the global optical film market due to impact of COVID-19.  
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using optical film, thereby affecting the global optical film market.  

According to the United Nations Industrial Development Organization (UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors migrated to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in revenue decline in optical film industry.

Key Findings of the Study

• The report provides an in-depth analysis of the global optical film market size and optical film market share along with the current and future trends of the market.
• On the basis of type, the polarizing film segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
• On the basis of application, the television segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
• On the basis of region, Asia-Pacific registered the highest market share and is projected to maintain the position during the forecast period.