"Dongxing Electronics: Decoding the Acceleration of Domestic Substitution in the Polarizer Industry and Opportunities for Growth in Large and Medium Sizes"

The core membrane materials upstream face technical barriers and are currently dominated by Japanese companies, with domestic enterprises holding a very low market share. Polarizers are composed of multiple layers of films.PVA The film is responsible for polarization and is the core material of the polarizer.TAC The membrane serves to extend. PVA Support and protection of the membrane. From a cost perspective,TACMembrane andPVAThe membrane accounts for a large proportion of the raw material cost, with respective proportions.56%and16%The global market is mainly monopolized by two companies, Kuraray and Synthesis Chemicals from Japan, with Kuraray accounting for approximately global production capacity. 70%-80%and monopolized the membrane used PVA Raw material market, the rest 20%Almost entirely controlled by Japanese synthetic chemistry. Domestically, only Wanhua Chemical and Changchun in Taiwan have established a small number of narrow-width film production lines, supplying the mid- to low-end market, with a market share of less than1%。TACThe film is monopolized by Japanese companies such as Fujifilm and Konica Minolta.

LCDType andOLEDPolarizer. LCD Usually, two polarizing filters are required.OLED Typically, a layer of composite polarizer is required. Currently, the downstream applications of polarizers are primarily focused on liquid crystal display panels, including consumer products such as smartphones, computers, and LCD TV screens, as well as industrial applications like automotive electronics, medical devices, and instrument displays. In addition, polarizers are used in... 3D There are also applications in fields such as glasses and anti-glare lenses.

Domestic polarizer production enterprises are gradually achieving localization and beginning to enter the first tier. As a result, the global competition landscape shows a distinct regional concentration, with major participants including Japanese and Korean companies as well as Chinese enterprises. Sumitomo Chemical...26%The market share occupies the leading position in the market, while Nitto Denko...24%The market share closely follows. Domestic polarizer manufacturers are gradually achieving localization and beginning to enter the first tier, with Singshan Co., Ltd.12%The market share ranks third.Omidia2023In the year, Sangjin Optoelectronics relied on22000ten thousand square meters/The production capacity of the year has jumped to the first place in the world. Hengmei Optoelectronics, Shengbo Optoelectronics, and Sanlipu ranked fifth to seventh globally, respectively.

The production capacity of display panels is gradually shifting, and domestic polarizer companies are expected to benefit. As global display panel capacity continues to move to mainland China, the demand for domestic substitution of upstream materials such as polarizers is also increasing. Manufacturers located in mainland China have lower logistics costs, and their response to panel manufacturers in mainland China is more timely, allowing them to better collaborate with panel manufacturers in research and production. Polarizer production companies situated in mainland China are likely to benefit from the transfer of panel production capacity.

The automotive, industrial, and other specialized display fields have opened up medium to large-sized displays.LCDThe rapid development of the professional display market in the new application market is giving rise to the medium and large-size segment.LCDBringing new market increments. In the industrial display field, industrial production is developing towards intelligence, digitization, informationization, and visualization. Industrial control displays are widely used in various fields such as industrial automation, military, and industrial handheld devices. The global industrial display market is expected to reach...2025The market size will reach in the year.72.6billion dollars. Currently,TFT-LCDThe demand for in-vehicle display technology has significantly increased.IHSMarkitExpected,2025Global Automotive in the YearTFT-LCD2.5Billion pieces, with an average of each vehicle paired.2More than one pieceTFT-LCDDisplay screens. The combination of consumption upgrades and the release of large-size supply capacity.LCDThe trend of large screens has become a long-term trend. In recent years, the layout and supply of large-sized panels by panel manufacturers in mainland China have driven the trend of large-screen supply on the supply side.75Inches and above super largeTFTThe shipment volume of LCD panels is expected to grow steadily.

Investment Recommendation: The global polarizer market is expected to grow steadily, with domestic substitution likely to accelerate. The rapid iteration of global consumer electronics, combined with the rise of automotive displays and industrial applications, along with the stable growth in the shipment of large and medium-sized LCD panels, is expected to sustain the demand for polarizers. The rapid growth of the Chinese market has become a significant driving force in the global polarizer industry, with domestic companies leading in multiple sub-sectors. Beneficial stocks include: Shanshan Co., Ltd., Sanli Photoelectric, and Shenzhen Textile.AEtc.

Table of Contents

In liquid crystal displays, polarizers primarily act as a light switch, transforming the scattered light emitted by the light source into polarized light. Coupled with the twisting characteristics of liquid crystal molecules, this allows for the control of whether light passes through, thus regulating light transmission and viewing angles, resulting in the formation of images through brightness and darkness.

The polarizer is made up of multiple layers of films.PVA The membrane is responsible for polarization and is the core material of the polarizer. The polarizer is made of PVA Membrane,TACThe film, protective film, release film, and pressure-sensitive adhesive are composed of a multi-layer composite, among which the two-dimensional adsorption of molecules is involved. PVA TAC The membrane plays a role in extension. PVA Support and protection of the membrane. From a cost perspective,TACMembrane andPVAThe membrane accounts for a large proportion of the raw material costs, with respective proportions.56%and16%。 

The core membrane materials in upstream have technical barriers and are currently monopolized by Japanese companies, with domestic enterprises holding a very low market share. PVA  70%-80%and monopolized the membrane used PVA Raw material market, the remaining 20%Almost entirely controlled by Japanese synthetic chemistry. Domestically, only Wanhua Chemical and Changchun in Taiwan have a small number of narrow-width film production lines, supplying the mid-to-low-end market, with a market share of less than 1%.1%。TACTAC87%The market share of Japanese companies is monopolized.

LCDOLED LCD The display panel is an essential key component directly involved in the display, usually requiring two polarizers. OLED OLED It usually requires a layer of composite polarizers.

 3D Applications also exist in fields such as glasses and anti-glare lenses.

26%The market share occupies the leading position in the market, while Nitto Denko...24%The market share closely follows, as both companies have established a leading position in the market with their strong technological capabilities and brand advantages. At the same time, domestic polarizer manufacturers are gradually achieving localization and starting to enter the first tier, with SANSHA股份.12%

Omidia202322000ten thousand square meters/In terms of production capacity, it has jumped to the first place in the world. Hengmei Optoelectronics, Shengbo Optoelectronics, and Sanlipu respectively...7700/4700/3100/

 Display Daily  2025  LCD  LCD  64%；OLED LCD 51%

 3.2 LCD

LCDLCDLCDOLED5GOLEDLCD

4.04.0ITViewResearch6%202572.6

2025TFT-LCD2.5TFT-LCDIHSMarkit2025TFT-LCD2.5201920255.82%2TFT-LCD

LCDOmdia75TFT41.3%20225102023710Ten thousand pieces. This upward trend is expected to continue.202428.2%9202024  80  7% 2030  11%。

3.3 2029

20229308.99million dollarsGlobal Info Research2029The market size of polarizers is expected to reach.11848.62million dollars, annual compound growth rate (CAGR3.76%。

201842202370.8202041.87%

 LG 

1992 1996 A 2021LGLCD01LG20239 LG  OLED 

LCDTV110115OLEDOLEDTV CINNO Research 2024 TFT-LCD // 34% LCD LCD 

10 10  6  2600 115

7TFT LCD69μm150μmLCD3DAMOLEDLCD、AR/VRAR-HUD

20

A19951998OLEDOLED

 7  TN、STN、TFT、OLED、3DATFT-LCD72,500mm2023455、65OLEDOLED