New York, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Optically Clear Resin Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Optically Clear Resin Market Size:
The global optically clear resin market is estimated to grow at a CAGR of ~8% over the forecast period. Transparent adhesives called optically clear adhesives are used to affix components with clear visuals. When joining numerous layers of items together, optically clear adhesives manufactured from acrylic-based resins are incredibly effective and robust. The growth of the market can be attributed to the rising demand for consumer electronics, including smartphones and laptops. As per the estimation, in 2022, there will be around 6.65 billion smartphone users worldwide. This means, that more than 83% of the world's population will be smartphone owners. In addition to this, optically clear film adhesives have outstanding adhesion to a range of transparent surfaces. They are therefore widely utilised to improve the mechanical and electrical performance of screens, including their contrast and brightness, and are widely popular for the television screens, LCDs, and LEDs, which is also anticipated to significantly fuel market growth in the ensuing years. It was found that in 2020, there were over 17.9 million television sets sold in India, more than 12 million of which were smart TVs and LED was the most common type of display.
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Global Optically Clear Resin Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Epoxy segment to dominate the revenue graph
- Electrical & electronics sub-segment remains prominent in the end-user segment
Rising Usage of Resin in Automobile and Aircraft and Growing Chemical Industries to Boost Market Growth
Optically clear resin is increasingly used in automobiles and in cockpit display panels because it has chemical features including mechanical strength, metal adhesion, and heat resistance. These characteristics make it easier to shield the bodywork of cars from corrosion and other harm, sometimes increasing the lifetime of a vehicle. Increasing sales of aircraft and automobiles are projected to significantly expand the market in the near future. For instance, in 2021, around 66.5 million cars were sold globally, up from 64 million in 2020.
Apart from this, the growing chemical industries across the world on account of the 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, which in turn is estimated to accelerate the growth of optically clear resin market during the forecast period. According to reports, India produces chemicals at a rate of 3.4%, making it the sixth-largest chemical producer in the world. Over the past ten years, the Indian chemicals market has risen at a 3% annual rate.
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Global Optically Clear Resin Market: Regional Overview
The global optically clear resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Electric Vehicle Sales to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to hold the largest market share over the forecast period owing to the growing demand for electronic items and increasing sale of electric vehicles in developing nations including India, Japan, and China. For instance, with more than 3.2 million electric vehicles sold in 2021, China led the Asia Pacific region in electric vehicle sales. Additionally, the region's market is anticipated to flourish in the approaching years on account of the significant presence of key industry players.
Growing Aerospace Industry to Drive Growth in the North America Region
On the other hand, the market in North America is projected to witness noteworthy growth over the forecast period owing to the rising aerospace industry in the region, backed by increasing R&D spending in the aerospace sector. It was found that among all industrial businesses, the U.S. aerospace industry continues to produce the greatest trade balance of USD 77.6 billion in 2019 and the second-highest volume of exports of USD 148 billion. Further, the rising demand for high-performance adhesives from the automotive industry and the growing automotive sales in the region are predicted to boost the market growth.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Optically Clear Resin Market, Segmentation by End User Industry
-
- Electrical & Electronics
- Energy
- Automotive
- Aerospace
- Others
Out of these, the electrical & electronics segment is estimated to hold the largest market share over the forecast period owing to the high utilization of the resin in touch screen and display applications for mobile devices, televisions, and laptops. Further, the increasing sales of these digital devices across the globe is estimated to boost the segment’s growth. It was noticed that more than 275 million laptops were anticipated to be shipped in 2021, together with almost 159 million tablet computers. In addition, optically clear resins are employed as a fundamental component for enhancing the optical performance of displays and sensors, which is anticipated to support the segment's expansion in the future.
Global Optically Clear Resin Market, Segmentation by Resin Type
-
- Acrylic
- Polyvinyl Acetate
- Polyurethane
- Silicone
- Epoxy
- Others
Among these, the epoxy segment is anticipated to observe robust growth over the forecast period owing to its high mechanical qualities, simplicity in production, and excellent adherence to a variety of materials. Moreover, the increasing usage of epoxy in the various industrial sectors, mainly in automobiles, and hence, the growing automobile industry and rising automobile sales across the globe are predicted to boost the segment growth during the forecast period. According to records in 2020, the automotive industry in the USA sold more than 3.4 million vehicles.
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Few of the well-known market leaders in the global optically clear resin market that are profiled by Research Nester are 3M Company, Henkel AG & Co. KGaA, Tesa SE, Dow Silicones Corporation, Nitto Denko Corporation, Lintec Corporation, Compagnie de Saint-Gobain S.A., Dymax Corporation, Taica Corporation, Daxin Materials Corporation, and others.
Recent Developments in the Global Optically Clear Resin Market
- In September 2021, the industrial adhesives and tapes division of 3M announced to modernize its bonding process centers in Shanghai, Germany, Neuss, and St. Paul, USA.
- In April 2019, the commercial release of LOCTITE STYCAST OS 8300, a dispensable epoxy glue for attaching fiber and glass in optical fiber applications, was announced by Henkel.
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