The global Optical Film market is estimated at USD 18.6 Billion in 2017 and is projected to reach USD 20.8 Billion by 2023, at a CAGR of 1.86% between 2017 and 2023. The high demand for Optical Film from the electrical & electronics industry, especially in APAC, and the continuous expansions and new product developments undertaken by the major companies are the key factors driving the global Optical Film market.
Optical Film is projected to be the most dominant type of Optical Film between 2017 and 2023. They are widely preferred for the display and lighting applications in the electrical & electronics industry. Optical Optical Film are increasingly used in LCDs for consumer electronics as these films have superior optical properties. In addition, due to their excellent impact resistance, these films are also preferred for other applications such as overlays and automotive.
Electrical & electronics is the largest end-use industry of Optical Film. This can be attributed to the growing number of consumer electronics which has resulted in an increased demand for Optical Film in it. Due to the superior properties of Optical Film, such as impact resistance, good thermal properties, optical clarity, and dimensional stability, these films are widely preferred in this end-use industry.
APAC is the global forerunner in the Optical Film market, in terms of value and volume, and this trend is expected to continue till 2023. Countries in this region such as China, India, Japan, South Korea, Taiwan, Thailand, and Malaysia are witnessing significant increase in the use of Optical Film in industries such as electrical & electronics and transportation. The growth of the APAC Optical Film market is also attributed to the increasing urbanization and the growing population which is increasing the need for consumer electronics and automotive in the region. This, in turn, is boosting the consumption of Optical Film in the consumer electronics and automotive applications in this region. China is the fastest-growing market and this trend is estimated to continue till 2023.