Animation and VFX Market is Anticipated to Witness High Growth Owing to Growing Entertainment Industry

 

Animation and VFX Market

The animation and VFX market covers animation and visual effects services for filmmaking and gaming. Animation refers to the art of motion pictures and graphical simulation of characters and objects to create the illusion of motion. Visual effects (VFX) are the various visual imagery elements created or manipulated outside the camera to appear during principal photography or added in post-production of films, television programs, commercials, music videos, and other visual media. The growing entertainment industry, primarily films and gaming, is driving substantial demand for animation and VFX services. Emerging technologies like 3D animation and virtual production are creating new opportunities in the market.

 

The Global animation and VFX Market is estimated to be valued at US$ 250.06 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the animation and VFX market are BASF SE, Bayer Group, AkzoNobel N.V., The Dow Chemical Company, LyondellBasell Industries Holdings B.V., E.I. DuPont de Nemours and Company, Mitsui Chemicals, Braskem SA, PPG Industries, and Eastman Chemical Company. These players are focusing on partnerships, mergers, and acquisitions to strengthen their market position. For instance, in 2023, Pixar Animation Studios was acquired by The Walt Disney Company to enhance Disney's animation capabilities.

The animation and Animation And VFX Market Demand provides numerous growth opportunities such as virtual production and enhanced gaming experiences using augmented reality and virtual reality. Live-action content mixed with animation and virtual production techniques allows filmmakers to tell innovative stories. Emerging economies are also expected to boost demand as they showcase tremendous potential for the growth of local entertainment industries.

Major animation and VFX studios are expanding globally to access high-quality talent and reduce production costs. Countries like Canada, India, Malaysia, Philippines, and other Asian countries are emerging as preferred locations for offshore animation production. Governmental support for the local animation industries through initiatives like tax incentives is also encouraging global expansion.

Market Drivers

One of the key drivers for the animation and VFX market is the growing gaming industry. Advancements in game engines allow developers to create photorealistic animations and intricate visual effects. Meanwhile, the popularity of e-sports and games as a source of entertainment is driving up demand for high-quality animation and VFX services from gaming studios.

Market Restrain

However, the development of animation and VFX content requires heavy investments and advanced technical skills. Shortage of trained animators and high employee turnover rates pose significant challenges. This talent crunch restrains the animation and VFX market's growth, especially for small and medium studios. The market also faces restraints from stringent regulations around the use of visual effects in films. Adherence to content guidelines raises production costs.

Segment Analysis
Animation and VFX market can be segmented into computer generated imagery (CGI), 2D animation, stop motion, and visual effects (VFX). The CGI segment currently dominates the market and is expected to continue its dominance over the forecast period. CGI provides higher visual quality and precision as compared to traditional 2D animation and stop motion techniques. This has increased its application in movies, television, video games, and advertisements. Within the segment, 3D CGI is emerging as the fastest growing sub-segment owing to its photorealistic graphics and versatility.

Global Analysis
North America region is currently the largest as well as the fastest growing market for animation and VFX. This can be attributed to the strong presence of major players and production companies in countries like United States and Canada. Hollywood movies rely heavily on animation and VFX for visual effects and consistently release high budget movies requiring advanced animation technologies. The Asia Pacific region is also witnessing rapid growth in the market. Developing countries like India, China and Japan are hub for outsourcing animation and VFX work from North America and European countries due to availability of low cost and skilled professionals. Further, increasing domestic demand from growing media and entertainment industry of Asia is fueling regional market growth.

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