The hottest global polarizer industry development

The global polarizer industry is mainly active in the development of the lubricating oil industry and its market trend analysis

in recent years, driven by the continuous growth of the market demand for consumer electronic terminals (such as TVs, tablets and smartphones) and the continuous expansion of the screen area, the global display panel industry continues to develop, driving the continued prosperity of the polarizer industry

with the acceleration of the global panel industry's transfer to Chinese Mainland, domestic manufacturers have also accelerated the pace of capacity expansion. At the same time, foreign manufacturers have been attracted to build joint venture polarizer factories in China. The trend of the polarizer industry's transfer to the mainland has taken shape. Under the dual effects of the production line construction and the huge downstream market, China has become the market with the largest new demand for polarizers in the world

overview of industrial chain

the upstream of the polarizer industry is mainly the supplier of optical materials, and the downstream is mainly the manufacturer of liquid crystal display modules and various end products

among them, TFT-LCD is one of the important downstream terminal applications in the polarizer industry. The gross profit margin level of its industrial chain constitutes a "smile curve". On the left of the curve is the upstream glass substrate, optical film materials (including polarizers) carbon materials. Carbon materials are related suppliers of new materials, chemicals and backlight modules developed in recent years, belonging to global competition; In the middle of the curve is the manufacturer of LCD panel and module; On the right side of the curve are downstream complete machine assembly, complete machine brands and channel distributors, mainly local competition. In the industrial chain, the parts with high added value and high gross profit are reflected at both ends, that is, raw materials and sales, including the polarizer industry in the upstream industry. The profit level is about 40%

polarizer is a composite material made of polyvinyl alcohol (PVA) stretching film and cellulose acetate film (TAC) through multiple compounding, stretching, coating and other processes, which can realize the characteristics of high brightness and high contrast of liquid crystal display. Because its production technology integrates polymer materials, microelectronics, optoelectronics, thin films, high-purity chemistry, computer control and other technologies, it has a high technical content. The traditional polarizer is mainly composed of TAC film, PVA film, pressure sensitive adhesive, protective film and release film, of which TAC accounts for about 50% of the cost and plays a role in supporting PVA film and ensuring the environmental weatherability of the polarizer. Generally, one polarizer needs to use two TAC functional films

market overview

due to the high technical threshold of polarizer, the market concentration is also very high. At present, it is mainly monopolized by LG Chemical, Sumitomo chemical, Nitto electric, Samsung SDI and other major manufacturers. However, with the continuous technology accumulation in emerging markets, the market share of Japanese and Korean manufacturers has decreased, and the localization trend is obvious

with the rise of a number of panel manufacturing enterprises represented by BOE, csot, Tianma, and CLP panda, the mainland flat panel display industry chain has developed at a high speed, thus stimulating the development of the polarizer industry. In order to cooperate with localized production, foreign polarizer enterprises have successively built polarizer production bases in Chinese Mainland, and local polarizer manufacturers are also facing important industry opportunities

global market size

according to the data statistics in the global polarizer Market Research and trend forecast report of OFweek Industrial Research Institute, in 2017, the global polarizer market size was US $11.83 billion, an increase of 4.3% over 2016. Based on the reduction of the average amount of polarizer used by AMOLED and the increase of the area of polarizer used by large-size LCD in the future, it is expected that the overall global polarizer market will maintain a relatively moderate and stable growth trend in the future. It is expected that the global polarizer scale will reach US $13.25 billion by 2020, and the compound growth rate will be 3.4% during 2015-2020

domestic market scale

relying on the rapid development of the continental panel industry and the incentive policies for the localization of upstream materials and equipment, polarizer manufacturers actively follow up and expand R & D investment. The capacity scale is also expanding, and the domestic substitution rate is expected to be greatly improved. According to the data of OFweek Industrial Research Institute, the domestic market in 2017 was US $3.04 billion, with a year-on-year rapid growth of 13.4%, accounting for 29.9% of the global market share. It is estimated that by 2020, the domestic polarizer market will reach US $5.32 billion, accounting for 40.2% of the global market share. The compound growth rate from 2015 to 2020 was 14.6%, much higher than the overall global market

global competition pattern

according to OFweek statistics, in 2017, the global polarizer production capacity totaled about 735million square meters, of which LG Chemical of South Korea accounted for 25% of the production capacity of 184million square meters, ranking first in the world; Nitto electric ranked second with 21%; Sumitomo chemical ranks third in the world, accounting for 20% of the production capacity; The top five manufacturers account for 84% of the global market share. The global polarizer production capacity is expected to increase from 604million square meters in 2015 to 746million square meters in 2020, with a compound annual growth rate of 3.6%

summary in addition, in recent years, Samsung, LG and other manufacturers have successively closed LCD production lines, while Chinese panel manufacturers such as BOE, csot, and CLP panda have planned to build new panel production lines. The rapid rise of China's flat panel display industry has also led to the development of the entire display upstream industry chain, not only in the field of polarizers, but also in other materials. At present, China is encouraging the localization of materials, and has also increased support for the upstream material manufacturers of domestic panels. It can be seen that the overall shipment of domestic panel production capacity will drive the domestic replacement demand for polarizers. With the improvement of the voice of China's panel manufacturers in the international market, the localization of polarizers has gradually become a trend