Light Enhancement Film Market Expected to Reach $371.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Light Enhancement Film Market," The light enhancement film market size was valued at $178.1 million in 2021, and is estimated to reach $371.1 million by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

Light enhancement films are thin surfaces with a distinct prismatic structure that can deliver up to 111% brightness enhancement. It is mostly utilized for aesthetic coatings, optical coatings, protective coatings, electrically functioning coatings, biosensors, and plasmonic devices in visible and ultraviolet wavelengths.

Light enhancement films are mostly utilized in OLED (Organic Light Emitting Diode) panels and TFT (Thin Film Transistor) LCD liquid crystal panels, while OLED, which provides effective and attractive lighting panels, is employed in smart TVs. LED displays are constructed of organic light-emitting materials and do not require any of the filtering or backlighting systems seen in LCD displays. Other advantages of OLED displays include their high brightness, low power consumption, and enhanced contrast.

The growth of the light enhancement film industry is majorly attributable to its wide applications in various industries such as a smartphones, personal computers, tablets and others. Also, growing demand from electronics appliances is driving the market growth during the forecast period. The ability of light enhancement to link with Internet of Things (IoT) devices and produce a range of ambient lighting using just smartphones or tablets has expanded its appeal and demand in commercial and residential environments. Smart lights can be dimmed with multiple color tones, programmed to turn on/off, and connected through Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee.

Additionally, smart lights may be voice-controlled through platform integration, such as Google Assistant, Amazon's Alexa, Apple's Siri, or Microsoft's Cortana. Demand for light enhancement film has grown due to the growing use of lighting bulbs and fixtures that can be adjusted by the user to establish different lighting moods. Furthermore, demand in commercial and industrial space is driven by the requirement to regulate lighting consumption since office spaces or warehouses are operational 24x7 and require consistent power supply throughout the day and night. DuPont Electronics & Imaging is to invest around $220 million in new production assets at its Ohio location in 2022. The new manufacturing asset will help the firm increase its output of Pyralux flexible circuit materials and Kapton polyimide film.

However, high cost associated with light enhancement film is projected to hinder the expansion of the market. On the contrary, growing R&D activities associated with light enhancement film is expected to offer ample opportunities for the light enhancement market growth.

On the basis of type, market is categorized into normal prism, multi-functional prism, micro-lens film prism, and reflective polarizer prism. On the basis of application, it is categorized into smartphones, personal computers, tablets, and others. Smartphones segment is the fastest growing segment with the highest CAGR. Smartphone manufacturers are focusing on improved display, brighter smartphone displays, and longer battery life. Manufacturers are adopting brightness-enhancing coatings and technology in smartphones to cut power consumption, enhance battery life, and allow phones to use smaller batteries. Region wise, the ight enhancement film market share is studied across North America, Europe, Asia-Pacific, and LAMEA. 

Major players operating in the global light enhancement film market includes 3M, Boyd, Fusion Optix, Kessler Optics and Photonics Solutions, Luminit, LLC., Mitsubishi Chemical Corporation, NITTO DENKO CORPORATION, Rina Technology Co.,Ltd., Riverdi Sp. z o.o., and Yongtek.

COVID-19 Analysis:

Various countries throughout the world enforced shutdown measures to halt the spread of COVID-19. This had a disastrous effect on offline distribution channels of the supply chain, and trade and development in the global TVs industry. The majority of lighting (OEMs) original equipment manufacturers and integrators experienced a scarcity of electrical components such as processors and LED drivers. This caused an imbalance, resulting in a demand-supply mismatch and a rise in light enhancement film product costs.

However, growing work-from-home facilities created an opportunity for the light enhancement market players where smartphones, laptops, tablets, and personal computers are used. Furthermore, PC shipments in India declined 3% in COVID-19 pandemic, producing a lot of pent-up demand that was magnified by the second COVID-19 wave in the first part of 2021. 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 where light enhancement film is used to increase the brightness of a display. Thus, the increasing demand for smartphones, personal computers, and notebooks has provided lucrative growth opportunities for light enhancement films during the COVID-19 pandemic.

Key Findings of The Study:

• By type, the normal prism segment was the highest revenue contributor to the market, growing with a CAGR of 7.4%.
• By application, the Others segment that includes LCD panel, TVs, Notebooks, and LED lighting systems have collectively accounted for the highest revenue in 2021, and expected to grow with a CAGR of 7.7% during the forecast period.
• By region, Asia-Pacific dominated the market in 2021