by They work by recycling stray light in the screen to enhance the intensity and clarity of images. The demand for light enhancement films has been increasing with rising sales of consumer electronics and automotive displays globally. The films offer advantages like improved screen readability outdoors and under bright lighting conditions along with lower power consumption.
The Global Light Enhancement Film Market is estimated to be valued at US$ 221.8 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Light Enhancement Film market are 3M, Boyd, Nitto Denko Corporation, Kessler Optics and Photonics Solutions, Fusion Optix, Luminit LLC., Mitsubishi Chemical Corporation, Rina Technology Co.Ltd., Riverdi Sp. z o.o., and Yongtek.
The key opportunities in the market include growing demand for high-performance displays in consumer electronics and automotive infotainment systems. The demand for automotive displays is rising with increasing adoption of in-vehicle infotainment systems and connected cars.
Technological advancements include the development of Light Enhancement Film Market Demand with improved light guiding properties, durability, thermal stability, and compatibility with different display technologies like LCDs, OLEDs, and Mini/Micro LED displays.
Market drivers
The major market driver is the growing sales of smartphones, laptops, tablets, and automotive displays globally. As per estimates, around 1.5 billion smartphones were sold in 2021. Growing penetration of displays in automotive cabins is also propelling the demand. Additionally, increasing demand for high-performance and energy-efficient displays for applications like digital signage and gaming is expected to fuel market growth over the forecast period.
Current Challenges in Light Enhancement Film Market
The light enhancement film market has been witnessing decent growth over the past few years. However, there are a few challenges being faced by manufacturers in this industry. The rising cost of raw materials is a major concern for all players. The key raw materials used in manufacturing of light enhancement films such as PET, polycarbonate, etc. have witnessed a significant surge in prices globally over the past year due to rising inflation. This has negatively impacted the margins of manufacturers. Further, the high dependence on a few electronic product segments like TVs and laptops for growth makes the market highly volatile. Any slowdown in demand from these segments poses serious challenges. Attracting and retaining talent has also emerged as a bottleneck for expansion plans of manufacturers. Significant investment is required to develop expertise around new technological advancements in the field of optics which remains a hurdle.
SWOT Analysis
Strength: The light enhancement films provide improved visibility, enhanced contrast and wider viewing angles which makes them ideal for various consumer electronic products.
Weakness: High dependence on electronic product segments like TVs and laptops for growth.
Opportunity: Growing demand for larger sized screens and attractive displays from consumer for OTT viewing and gaming is opening new application areas.
Threats: Stiff competition from alternative technologies for brightness enhancement like Quantum Dots. Rising raw material costs is also a major threat.
Geographical Regions
The North American region accounts for around 35% of the Light Enhancement Film Market Size And Trends in terms of value owing to high consumption of consumer electronics in countries like US and Canada. China is the fastest growing regional market with annual growth rates exceeding 10% over the past 5 years on back of its position as the largest electronics manufacturing hub globally. The flourishing TV and laptop industries in China has significantly boosted the uptake of light enhancement films.
Asia Pacific excluding China is another major revenue generator for light enhancement film market. Countries such as India, Japan, South Korea are displaying high appetite for large screen TVs and laptops which bodes well for growth of this market. Rising disposable incomes are supporting premiumization trends and wider acceptability of niche technologies in the Asia Pacific region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
