Market Trends of Optical Film Industry
This section covers the major market trends shaping the Optical Film Market according to our research experts:
Increasing Demand from Television Application
- Optical films are used in television, owing to their properties, such as increased brightness, improved contrast, and enhanced durability. It is also energy-efficient and offers better sunlight readability.
- The demand for television has been growing in recent times, owing to the increase in the disposable incomes of the middle-class population, growing hotels, and other infrastructure places.
- According to ZVEI, the German Electrical and Electronic Manufacturers' Association, global electronics production is estimated to reach EUR 4.7 trillion in 2020.
- Asia is estimated to register the fastest growth of about 4% in 2020, while America and Europe are expected to register a growth of about 2% during the same period.
- China has the world's largest electronics production base. Electronic products, such as television, recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.
- Therefore, the demand for optical films is expected to grow considerably from the application during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to account for the largest market for optical film over the forecast period. Owing to the increasing capacity of expansions and large manufacturing capacities of electronic products, the Asia-Pacific region is expected to hold the highest market share in the electronics industry.
- China dominates the electronics production in the global market. The country's electronics production, which was steadily increasing through the years has recently suffered from deceleration owing to the ongoing trade war between China and the United States, forcing various electronics producers to shift their base from China to other countries in Asia-Pacific region.
- India has the world's third-largest TV market and is one of the largest growing markets for electronic products. According to India Brand Equity Foundation (IBEF), the LED market and television industry are expected to expand to reach a total of USD 35 billion and USD 16.8 billion, respectively, by the end of 2020.
- The Japanese electrical and electronics industry is one of the world's leading industries. The country is a world leader in the production of computers, cell phones, and various other gadgets. Consumer electronics account for a third of Japan's economic output. There has been a constant increase in the demand for Japanese consumer electronics due to their durability and quality.
- Electronics is one of the major industries in South Korea. It is among the top producers and exporters of electronic products in the world. Samsung Electronics and LG Electronics are the leading players in consumer electronics since they provide a wide range of products across various categories.
- Hence, with such trends, the demand for optical films in the Asia-Pacific region is expected to grow during the forecast period.
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