The Latin America, Middle East and Africa Optical Film Market would witness market growth of 10.0% CAGR during the forecast period (2022-2028).
Optical films are also commonly used in smartphones to protect the display from scratches and improve the touchscreen's longevity. Since the outbreak of the pandemic, demand for smartphones has increased as individuals have begun to spend more time at home. The market is expected to grow at a faster rate in the coming years due to the increasing use of smartphones.
Optical films are used in TFTs (thin film transistors), LCD (liquid crystal display) panels, and OLED (organic light-emitting diode) panels, to name a few. Desktop monitors and laptops, cellphones and tablets, televisions, and other large displays all use optical films. One of the key causes pushing the usage of optical films is manufacturers' rising need for them in LCDs and LEDs. Many factors influence the international market growth, including major drivers, restraints, prospective opportunities, and the role of various important rivals. The wide variety of applications of optical film is expected to accelerate market growth in the upcoming years.
The UAE leads the Gulf Cooperation Council (GCC) with a record $3.9 billion in eCommerce sales in 2020, accounting for 10% of overall retail sales. This was mostly due to a digital transformation led by the Covid-19 lockdowns. E-commerce is expected to produce $8 billion in sales by 2025, according to the Dubai Chamber of Commerce and Industry, because the UAE market has nearly 100% internet and mobile phone connectivity.
The UAE is a competitive market for the Information Communication Technology (ICT) industry since it is a major hub for international trade and business in the MENA region. The Abu Dhabi Economic Vision 2030 and the UAE Vision 2021 government programs set out to construct a strong knowledge economy and build an accessible, efficient, effective, and internationally integrated business environment in order to reduce reliance on oil revenue and increase the private sector. The UAE government is taking a number of efforts to help the knowledge economy grow.
Despite a tremendous increase in data traffic, the mobile industry in the Middle East and North Africa (MENA) has largely succeeded in keeping the region's economic and social activities operating during the pandemic. Manufacturers are widely introducing various new and advanced smartphones and other smart devices at very affordable rates, which is driving the demand for transparent conductive films across this region.
The Brazil market dominated the LAMEA Optical Film Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $820.6 million by 2028. The Argentina market is poised to grow at a CAGR of 10.5% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 9.7% during (2022 - 2028).
Based on Application, the market is segmented into Television, Tablets & Smartphones, Desktop Monitors & Laptops, Control Display Panel, and Others. Based on Type, the market is segmented into Polarizer Film, Backlight Unit, and Indium Tin Oxide. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Optical Film Market is Predict to reach $32.2 Billion by 2028, at a CAGR of 7.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toray Industries, Inc., 3M Company, Nitto Denko Corporation, LG Chem Ltd. (LG Corporation), Sumitomo Chemical Co., Ltd., Samsung SDI Co., Ltd. (Samsung Electronics Group), Hyosung Chemical, Zeon Corporation, UFO Digital Solutions Pty Ltd., and PRONAT Industries Ltd.
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