Optical Film Market | Key players: Key players operating in the process oil market include LG Chem, Ltd., Hyosung Chemical, Toray Industries Inc., Sumitomo Chemical Co., Ltd., 3M, Zeon Corporation, Kolon Industries Inc., Sanritz Co., Ltd., Nitto Denko Cor

According to recent market research "Optical Film Market by Film Type (Polarizing Film, Backlight Unit Film, ITO Film), Application (Television, Desktop Monitors & Laptops, Smartphones & Tablets, Signage/Large Format display, Automotive Display), Region-Global Forecast to 2024", The optical film market is expected to grow from USD 21.5 billion in 2019 to USD 30.2 billion by 2024, at a CAGR of 7.0% during the forecast period. The major factor driving the optical film market include increasing penetration in smartphones, television, and other display devices, globally. Optical film is suitable in LCD and LED owing to its properties such as high transparency, increased brightness, energy efficiency, and improved contrast.

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The use of optical film is increasing due to its light control & enhancement, increased brightness, improved contrast, better sunlight durability, energy efficiency, and enhanced durability. The optical film market size is estimated to be USD 21.5 billion in 2019 and is projected to reach USD 30.2 billion by 2024, at a CAGR of 7.0% between 2019 and 2024. This growth is attributed to the increasing demand for large display panels for televisions, smartphones & tablets, and desktop monitors & laptops, among other devices. Several companies have started producing larger display panels due to rising demand for large television displays. For instance, BOE put into production 10.5 Gen TFT-LCD production line in 2015 to meet the rising demand for large television displays. This has increased the demand for optical film in the television segment.

The ITO film segment is expected to be the fastest-growing resin type, between 2019 and 2024, due to its excellent properties such as optical transparency, electrical conductivity, and the ease of depositing in substrates. These properties make it widely used as a transparent conducting oxide. ITO film is used in both LED and OLED displays for various applications, leading to its rising demand from the display panel manufacturers.

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The optical film market is projected to reach USD 30.2 billion by 2024, registering a CAGR of 7.0% between 2019 and 2024. The use of optical film is growing due to the increase in the size of display panels in televisions and smartphones.

The major manufacturers profiled in this report are LG Chem, Ltd. (South Korea), Hyosung Chemical (South Korea), Toray Industries Inc. (Japan), Sumitomo Chemical Co., Ltd. (Japan), 3M (US), Zeon Corporation (Japan), Kolon Industries Inc. (South Korea), Sanritz Co., Ltd. (Japan), Nitto Denko Corporation (Japan), and Samsung SDI (Japan). These players have adopted various growth strategies, such as new product launches and expansions to expand their presence further, improve their distribution channels, and increase their penetration in the global optical film market.
The strategy of new product launch and expansion accounted for a share of 83% and 17%, respectively, of the overall strategies adopted between 2014 and 2018. The market players concentrated mainly on consolidation through new product launch and expansion to increase their market shares and enhance their sustainability. LG Chem, Ltd., Toray Industries Inc., Sumitomo Chemical Co., Ltd., Zeon Corporation, and Samsung SDI adopted the maximum number of growth strategies between 2014 and 2018 in the optical film market.

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Samsung SDI (Japan) accounted for the largest share of all the development activities undertaken in the global optical film market between 2014 and 2018. The company follows dynamic growth strategies with new product launches and expansions to strengthen its geographical presence and customer base. For instance, in May 2015, the company signed a Memorandum of Understanding with China’s Wuxi City for building a new polarizer plant due to the increasing demand for big screen TV from China in the polarizing film market. Samsung SDI has planned to set up a production line so that its products can be applied to the biggest market of eighth-generation LCD panels.

LG Chem, Ltd. (South Korea) is a leading provider of optical film. The company is primarily focused on expansions of its distribution network. For instance, in March 2015, the company announced the expansion of its Thin Film Transistor-Liquid Film Display (TFT-LCD) polarizer production in Nanjing, China. This expansion will increase the company’s annual capacity as well as the Chinese market share of polarizers up to 35%. Thus, LG Chem will be the leader in the polarizer market with its differential materials and technology.

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