According to a new report published by Allied Market Research, titled,"Optically Clear Adhesive Market, by Type of Resin and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global optically clear adhesive market was valued at $1,228.95 million in 2017, and is projected to reach $2,391.43 million by 2025, registering a CAGR of 8.6% from 2018 to 2025. The market in Asia-Pacific accounted for nearly half of the global share, due to the presence of dynamic consumer electronic economy, such as Taiwan, and largest electronics industry base, such as Japan.
The optical adhesive market has witnessed significant growth in the recent years, due to the introduction of advanced displays. These adhesives are used to bind optical components together or to an optical system. The optical adhesive segment accounted for smaller share in the overall adhesive market for which growth was drastic as a result of transformation in the electronics markets. Based on resin type, acrylic adhesives are largely preferred as compared to other adhesives, owing to their enhanced optical performance, transmittance to UV radiation, and strong adhesion to different substrates. Following acrylic adhesives, silicon adhesives are widely adopted, as they possess a wide range of materialistic properties such as high flexibility and enhanced temperature cyclic resistance.
Based on application, the outdoor digital signage segment garners major attention of market players, due to its cost-effective nature. Marketers and modern entrepreneurs who focus on the use of digital outdoor signage digital boards for outdoor promotional and marketing campaigns, which has considerably fueled the demand for optical adhesives.
Asia-Pacific emerged as the global leader in the global optically clear adhesive market, owing to several factors such as presence of the developing economies, such as China and India, emergence Taiwan as a dynamic consumer electronic economy, and surge in adoption of consumer electronic goods in the region. China contributes almost half of the regional shares by producing and consuming half of the smart phones, tablets, and automotive & LCD screens.
Key Findings of the Optically Clear Adhesive Market:
- On the basis of resin type, the acrylic segment accounted for 28.52% global market share, in terms of value.
- Based on application, the mobile phone segment dominated the global market with 25.5% global market share in 2017 in terms of value.
- The Asia-Pacific region emerged as global leader with 45% global market share in in 2017, whereas North America is anticipated to grow with highest CAGR of 11.3% during the forecast period.
The major key players operating in the global optically clear adhesives market include Henkel AG & Company, The 3M Company, Tesa SE, Dow Corning, Nitto Denko Corporation, Lintec Corporation, Saint-Gobain SA, Dymax Corporation, Hitachi Chemical, and Delo Industrial Adhesives LLC.