PUBLISHER: Grand View Research | PRODUCT CODE: 1133278
PUBLISHER: Grand View Research | PRODUCT CODE: 1133278
The global optical film market size is anticipated to reach USD 48.35 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 8.7% over the forecast period. Increasing demand for consumer electronics devices is expected to significantly drive the industry during the forecast period. Increasing demand for better visibility, optimum brightness, and lower power consumption for illuminating automotive instrument panels and displays is creating lucrative opportunities for optical film in automotive display applications. In addition, properties, such aslight control & enhancement, increased brightness, improved contrast, better sunlight durability, and others, are propelling the product demand in various applications.
These applications include automotive displays, televisions, desktops & laptops, smartphones, tablets, signage & advertising display boards. Moreover, the rising adoption of digital & advertising display boards in commercial verticals, increasing infrastructural development, especially in emerging countries,and technological advancement in display products are projected to create product demand in signage & advertising display boards. Asia Pacific is anticipated to progress at the fastest CAGR over the forecast period. China led the APAC regional market in 2021 owing to the rising demand for the product in applications including automotive display, televisions, desktops & laptops, smartphones, tablets, signage & advertising display boards.
In addition, a well-established manufacturing base for consumer electronics in Taiwan, China, and South Korea is anticipated to provide further impetus to the region's growth. However, the recent outbreak of COVID-19 in countries, such as India, China, and Japan,is impacting the product demand in signage & advertising display boards, smartphones, and otherapplications.Declining demand from end-use consumers, nationwide or partial city lowdown, and a slowdown in manufacturing activities as a result of the pandemic further hampered the region's growth in the short term.