EINPresswire/ -- Allied Market Research published a report, titled, "Light Enhancement Film Market by Type (Normal Prism, Multi-Functional Prism, Micro-Lens Film Prism, Reflective Polarizer Prism), by Application (Smartphones, Personal Computers, Tablets, Others): Global Opportunity Analysis and Industry Forecast, 2021- 2031" According to the report, the global Light enhancement film industry generated $178.1 million in 2021, and is estimated to reach $371.1 million by 2031, witnessing a CAGR of 7.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Wide applications of light enhancement films in various industries such as smartphones, personal computers, tablets and others, and the growing demand from electronics appliances drive the growth of the global light enhancement film market. However, high cost associated with light enhancement film hampers the global market growth. On the other hand, growing R&D activities associated with light enhancement film is likely to create potential opportunities for growth of the global market in the coming years.

The normal prism segment to dominate in terms of revenue during the forecast period

Based on type, the normal prism segment was the largest market in 2021, contributing to more than two-fifths of the global light enhancement film market, and is expected to maintain its leadership status during the forecast period. This is because normal prism is often used in telescopes, binoculars, submarine periscopes, and microscopes. On the other hand, the multi-functional prism segment is projected to witness the fastest CAGR of 8.0% from 2022 to 2031, as multi-functional prism is a high-level product that works in conjunction with prism sheets and diffusion films. It is used in bottom-lit LED backlights to create color on computer and TV screens in the direction of incident light.

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The smartphones segment to exhibit the fastest growth during the forecast period

Based on application, the smartphones segment is projected to witness the largest CAGR of 8.0% from 2022 to 2031. This is because light enhancement films are being increasingly adopted in smartphones to improve brightness in their displays and battery life. However, the others segment held the largest market share of more than one-third of the global light enhancement film market in 2021, and would maintain its dominance during the forecast period. The other applications of light enhancement films include LCD panel, TVs, notebooks, and, LED lighting systems. Display panel manufacturers are continually improving their products with the increase in production of consumer electronics.

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Asia-Pacific to maintain its leadership by 2031

Based on region, Asia-Pacific was the largest market in 2021, capturing nearly half of the global light enhancement film market, and is expected to dominate in terms of revenue in 2031. The market in the same region is expected to manifest the fastest CAGR of 8.0% during the forecast period, as light enhancement films are employed in a variety of industries in the region, including automotive, medical, home electric appliances, and light exposure. Moreover, the increasing use of the Internet of Things (IoT) in government institutes, academic institutes, offices, and others is increasing the demand for light enhancement films throughout Asia-Pacific.

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Leading Market Players

Riverdi Sp. z o.o.

Luminit, LLC.

Fusion Optix

Mitsubishi Chemical Corporation

Boyd

Rina Technology Co., Ltd.

Kessler Optics and Photonics Solutions

Yongtek

NITTO DENKO CORPORATION

3M

The report analyzes these key players of the global light enhancement film market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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