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Hard Coating Film Market Overview
The Hard Coating Film market size is forecast to reach US$782.7 million by 2027, after growing at a CAGR of 5.2% during the forecast period 2022-2027. The hard coating in polycarbonate film and polyester film provides chemical and abrasion resistance, as well as anti-glare, anti-graffiti and anti-microbial properties. The use of hard coating films is increasing over soft coating films because they have various critical qualities such as high scratch resistant, high transparency and more; these benefits result in greater hardness of products. The electrical and electronics industries are propelling the hard coating film market forward. Furthermore, the rising global automotive manufacturing is driving up demand for displays, screen panels and other components. The surging demand for these products is expected to boost demand for hard coating film, which will accelerate market growth in the upcoming years. However, in 2020, the Covid-19 pandemic caused ripples in the hard coating market growth. In 2021, the ease of Covid-19-related regulations resulted in the surge in the production of products, including electronics, automotive and more. This, in turn, accelerated the market growth.
Report Coverage
The report: "Hard Coating Film Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Hard Coating Film industry.
Key Takeaways
- Asia-Pacific region dominated the Hard Coating Film industry, owing to the surging liquid crystal displays industry in the region. For instance, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2020, the total LCD production in Japan was ¥1,028,255 million (US$9,636.81 million) and in 2021 it was ¥ 1,074,371 million (US$9,785.37 million), an increase of 4.5%.
- The growing use of hard coating polyester film to protect product surfaces from scratches and direct contact with the outside environment is driving the market growth.
- Moreover, the surging application of the hard coating film in the display is also fueling the hard coating market growth.
- However, the environmental concerns regarding the utilization of polyester film, polycarbonate film and more in hard coating films are expected to restrict the market growth during the projected forecast period of 2022-2027.
Figure: Asia-Pacific Hard Coating Film Market Revenue, 2021-2027 (US$ Million)
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Hard Coating Film Market Segment Analysis – By Application
The display segment held the largest portion of the Hard Coating Film market share in 2021 and is forecasted to grow at a CAGR of 5.4% during the forecast period 2022-2027.The hard coating film is used in displays because the endurance and optical properties of polyester (PET) and polycarbonate (PC) films provide a superior basis for high precision roll-to-roll (R2R) display coating film application. Thus, using hard coating film in display ensures a long shelf life. Moreover, the hard coating film has superior properties such as anti microbial coating, anti glare and more; the properties like these ensure the higher aesthetic appeal of the display. Thus, due to these beneficial properties of the hard coating film, the adoption of the hard coating film in displays is surging, which is leading to market growth.
Hard Coating Film Market Segment Analysis – By End-Use Industry
The electrical and electronics segment held the largest portion of the Hard Coating Film market share in 2021 and is forecasted to grow at a CAGR of 5.8% during the forecast period 2022-2027.The hard coating film is utilized in various electronics products such as smartphones, computers, liquid crystal displays and more to protect the display, touchscreen and other essential components from scratches, deteriorating impact of the external environment and more. The surging technological advancements, expanding facilities related to electronics and more are key determinants for the growth of the electrical and electronics industry. For instance, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2019, the total production by the global electronics industry was US$2,926.8 billion and in 2020 it was US3,033.7 billion, an increase of about 4%. Hence, the surging electronics production is fueling the demand for displays, touch panels and more. The demand surge for such electronic applications will fuel the demand for hard coating films, which will propel hard coating film market size in the coming few years.
Hard Coating Film Market Segment Analysis –By Geography
Asia-Pacific region is the dominating region as it held the largest portion of the Hard Coating Film market share in 2021 up to 42%. The sectoral growth of Asia-Pacific economies is been fueled by the growth of the various industries such as electrical & electronics, building & construction, automotive and more. Factors such as government policies aiding the electronics industry, emerging economies, technological advancement and more factors are vital for the growth of the electrical and electronics industries growth in the Asia-Pacific. For instance, in April 2020, the Indian government implemented Production Linked Incentive Scheme (PLI) for the electronic and electrical industry to increase the electronics industry production. Moreover, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2020 the total electronics production in Japan was ¥9,964,769 million (US$93,389.82 million) and in 2021 it was ¥10,954,346 million (US$99,772.18 million), an increase of 9.9%. Therefore, the growth of the electrical and electronics industry in Asia-Pacific is accelerating the hard coating film market size. This, in turn, is spurring the market growth.
Hard Coating Film Market Drivers
Growing Automotive Industry
In the automotive industry, Hard Coating Film is employed in the interior of the vehicles, such as vehicle electronics, display, driver information and more to ensure high clarity and protect the vehicle electronics from damage. The global automotive industry is growing due to the factors such as increasing disposable income, the rapid pace of industrialization and more. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the worldwide automotive production was 77,711,725 units and in 2021, it was 80,154,988 units, an increase of approximately 3%. Also, in 2020, the worldwide passenger cars were 55,908,989 units and in 2021, it was 57,054,295 units, an increase of 2%. Thus, the growing automotive industry is boosting the demand for hard coating film, which, in turn, is driving the market growth.
Surging Adoption of Hard Coating Polyester Films
Hard Coating Polyester Film is used to protect the surface of devices that can be damaged by scratching and direct contact with the outside environment. Hard coating polyester film is scratch and abrasion-resistant. Thus, end customers prefer hard coating polyester film due to its strong chemical resistance and ease of cleaning. Moreover, the printability of film on coating, which aids in product promotion, is projected to drive demand for hard coating polyester film. Hard coating polyester film is self-repairing and pleasant to use or touch. Hence, due to these features of hard coating polyester films are often utilized in the display, automotive interior devices and other devices. Therefore, owing to these features of hard coating polyester film enhance the durability of the products. This is leading to the surging demand for hard coating films, which is aiding the market growth.
Hard Coating Film Market Challenges
Negative Environment Impact of Hard Coating Films
The materials such as polyester film, polycarbonate film, cyclo olefin polymer, and more have advantages of higher durability, owing to this the shelf life of Hard Coating Film enhances. Nonetheless, on the other hand, plastic landfills are growing as a result of the mass production of plastic-based hard coating films. For instance, according to the United Nations Environment Programme, just 9% of plastic is recycled, with the rest ending up in landfills, dumps and the environment. Governments have developed film recycling standards and procedures, which have an impact on the hard coating film business. For instance, the Devolved Administrations and the UK government, for example, are both devoted to environmental protection and have shown a strong desire to adopt extended producer responsibility for the packaging, which would require them to fund the cost of plastic film disposal. Thus, such environmental concerns are impacting market growth.
Hard Coating Film Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Hard Coating Film industry. Top 10 companies in the Hard Coating Film industry are:
- Toray
- FUJICOPIAN
- HYNT
- Kimoto
- Gunze
- SKC Films
- Vampire Coating
- Arisawa Mfg.
- Lintec Corporation
- Tekra
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