Global Optically Clear Resin Market Highlights Over 2022 - 2031
The global optically clear resin market is estimated to garner a large amount of revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for consumer electronics, such as smartphones and LCD televisions, and growing technological advancements in the adhesive industry. In 2021, the total number of smartphone users in the world were about 6 billion. Also, from 2016-2021, the total number of smartphone users grew at an average rate of 12% annually. Along with these, optically clear film adhesives have excellent adherence to a variety of transparent substrates. As a result, they are extensively used for increasing the electrical and mechanical performance of screens, including their contrast and brightness, which in turn is also expected to drive market growth significantly in the upcoming years. Furthermore, rising usage of the resin in display screens in aircraft cockpits is projected to significantly expand the market in the near future.
The market is segmented by end user industry into electrical & electronics, energy, automotive, aerospace, and others, out of which, the electrical & electronics segment is anticipated to hold the largest share in the global optically clear resin market. This can be accounted to the high utilization of the resin in touch screen and display applications for mobile devices, televisions and laptops. Apart from this, optically clear resins are used as a core material for improving the optical performance of displays and sensors, which is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of resin type, the epoxy segment is assessed to observe robust growth during the forecast period owing to the high mechanical properties, ease of processing, and excellent adhesion to a variety of materials of this resin. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Optically Clear Resin Market Regional Synopsis
Regionally, the global optically clear resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to occupy the largest share over the forecast period on the back of the growing demand for electronic items, and rising sales of electric vehicles in the region. About 1.3 million battery electric vehicles were sold in the Asia Pacific in 2020, up from 1 million and 0.95 million units of BEVs in the years 2019 and 2018 respectively. In addition, strong presence of prominent market players is also expected to fuel the market growth in the region in the coming years. Moreover, the market in North America is projected to witness noteworthy growth during the forecast period ascribing to the increasing demand for high performance adhesives from the automotive sector, and rising R&D investments in the aerospace industry in the region.
The global optically clear resin market is further classified on the basis of region as follows:
Our in-depth analysis of the global optically clear resin market includes the following segments:
By Resin Type
By End User Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for consumer electronics across the globally, and growing technological advancements in the adhesive industry.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022-2031.
The major players in the market are 3M Company, Henkel AG & Co. KGaA, Tesa SE, Dow Silicones Corporation, Nitto Denko Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by resin type, end user industry, and by region.
The electrical & electronics segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Availability of alternatives for optically clear adhesives is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the increasing demand for high performance adhesives from the automotive sector in the region.
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