Light Enhancement Film Market to Garner $371.1 Million, Globally, By 2031 at 7.7% CAGR, Says Allied Market Research
/PRNewswire/ -- Allied Market Research published a report, titled, "Light Enhancement Film Market by Type (Normal Prism, Multi-Functional Prism, Micro-Lens...
Wide applications of light enhancement films in various industries such as smartphones, personal computers, tablets and others, and the growing demand for electronics appliances drive the global light enhancement film market growth.
PORTLAND, Ore., Jan. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Light Enhancement Film Market by Type (Normal Prism, Multi-Functional Prism, Micro-Lens Film Prism, Reflective Polarizer Prism), by Application (Smartphones, Personal Computers, Tablets, Others): Global Opportunity Analysis and Industry Forecast, 2021- 2031" According to the report, the global Light enhancement film industry generated $178.1 million in 2021, and is estimated to reach $371.1 million by 2031, witnessing a CAGR of 7.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Wide applications of light enhancement films in various industries such as smartphones, personal computers, tablets and others, and the growing demand from electronics appliances drive the growth of the global light enhancement film market. However, high cost associated with light enhancement film hampers the global market growth. On the other hand, growing R&D activities associated with light enhancement film is likely to create potential opportunities for growth of the global market in the coming years.
The enforcement of various shutdown measures during the of COVID-19 pandemic had a disastrous effect on offline distribution channels of the supply chain, and trade and development in the global TV industry. A majority of lighting original equipment manufacturers (OEMs) and integrators witnessed a shortage of electrical components such as processors and LED drivers, resulting in demand-supply issue and escalated costs of light enhancement film products.
During the pandemic, notebook shipments increased by 40% to 3.3 million units, while desktop shipments increased by 70% year on year to exceed 700,000 units for the first time in eight quarters. Thus, the increasing demand for smartphones, personal computers, and notebooks provided lucrative growth opportunities for the light enhancement films market during the pandemic.
The growing adoption of work-from-home policy created an opportunity for the light enhancement market players where smartphones, laptops, tablets, and personal computers are used.
The normal prism segment to dominate in terms of revenue during the forecast period
Based on type, the normal prism segment was the largest market in 2021, contributing to more than two-fifths of the global light enhancement film market, and is expected to maintain its leadership status during the forecast period. This is because normal prism is often used in telescopes, binoculars, submarine periscopes, and microscopes. On the other hand, the multi-functional prism segment is projected to witness the fastest CAGR of 8.0% from 2022 to 2031, as multi-functional prism is a high-level product that works in conjunction with prism sheets and diffusion films. It is used in bottom-lit LED backlights to create color on computer and TV screens in the direction of incident light.
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The smartphones segment to exhibit the fastest growth during the forecast period
Based on application, the smartphones segment is projected to witness the largest CAGR of 8.0% from 2022 to 2031. This is because light enhancement films are being increasingly adopted in smartphones to improve brightness in their displays and battery life. However, the others segment held the largest market share of more than one-third of the global light enhancement film market in 2021, and would maintain its dominance during the forecast period. The other applications of light enhancement films include LCD panel, TVs, notebooks, and, LED lighting systems. Display panel manufacturers are continually improving their products with the increase in production of consumer electronics.
Asia-Pacific to maintain its leadership by 2031
Based on region, Asia-Pacific was the largest market in 2021, capturing nearly half of the global light enhancement film market, and is expected to dominate in terms of revenue in 2031. The market in the same region is expected to manifest the fastest CAGR of 8.0% during the forecast period, as light enhancement films are employed in a variety of industries in the region, including automotive, medical, home electric appliances, and light exposure. Moreover, the increasing use of the Internet of Things (IoT) in government institutes, academic institutes, offices, and others is increasing the demand for light enhancement films throughout Asia-Pacific.
Leading Market Players
Riverdi Sp. z o.o.
Mitsubishi Chemical Corporation
Rina Technology Co., Ltd.
Kessler Optics and Photonics Solutions
NITTO DENKO CORPORATION
SOURCE Allied Market Research