Flexible OLED Market Booming at 39.46% of CAGR | LG DISPLAY, SAMSUNG ELECTRONICS, AU OPTRONICS, BOE TECHNOLOGY, UNIVERSAL DISPLAY CORPORATION, PANASONIC, JAPAN DISPLAY Forecast to 2023

The global flexible OLED market is expected to register a CAGR of 39.46% over the forecast period of 2018-2023. The report discusses the type of technology used in OLED’s. Regions considered for the scope of this report are North America, Europe, and various others. The study also emphasizes on how technological advancements in the display market are affecting the market.

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The organic light emitting diodes (OLED) uses a carbon-based organic compound, placed between thin films. OLED allows the display to be bent rolled and folded. It attains this sort of flexibility by including a flexible substrate below the organic one. OLEDs are comparatively lighter and thinner than regular LCDs, as they do not need any backlight or filters. OLEDs come in different forms depending on the requirement. These can be designed to be flexible or rigid by changing the type of substrate used. OLEDs can also be designed to be transparent by using special polymers. Moreover, the demand for flexible displays over rigid arises from the consumer electronics sector, such as smartphone, tablets, display screens, and various others.

Key Developments in the Market
• January 2018: In CES 2018, Pioneer showcased the foundation for its next 80 years of automotive innovation, which includes both aftermarket and automotive OEM technologies. The portfolio comprised of flexible OLED tail lights for automotive.
• December 2017: Universal Display Corporation(UDC) announced OLED evaluation agreement with Royole Corporation (RC). Under this agreement, UDC will collaborate with Royole and supply its proprietary UniversalPHOLED phosphorescent OLED materials and technology for Royole’s display applications.

The major players include –
LG DISPLAY CO., LTD, SAMSUNG ELECTRONICS CO., LTD, AU OPTRONICS CORP., BOE TECHNOLOGY GROUP CO., LTD, UNIVERSAL DISPLAY CORPORATION, PANASONIC CORPORATION, JAPAN DISPLAY, INC., VISIONOX COMPANY, OSRAM, and PIONEER CORPORATION, amongst others.

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However, OLED is facing tough competition from the LED industry. OLEDs are comparatively expensive than LED systems, and many organizations prefer LEDs over OLED for lighting solutions. With many companies looking for cost-effective lighting solutions, adoption of LED lights is growing, which stands as a roadblock for flexible OLED systems.

Increasing Demand for Smartphones
It is expected that OLED displays could occupy more than 35% of the smartphone displays by the end of 2020. With increased smartphone adoption globally, the demand for high definition ultra-high displays is growing at a fast rate. LCD displays have been dominating the market for the past 15 years. However with innovations in AMOLED displays, the demand for OLED is growing. With many companies such as Apple and Samsung employing AMOLED displays in their flagship models, other companies are following the trend. Increasing disposable incomes are causing consumers to spend more for high-end devices, which further increases the demand for smartphones. Thus, driving the flexible OLED market.

Television and Monitor Demand Augmenting the Market
With increasing spending power of customers, the demand for high-resolution television sets is increasing. A significant rise in premium consumer electronics market in emerging countries, such as China, India, and Brazil is favoring the conditions for 4K television sets. Moreover, changing consumer preferences over traditional displays owing to the high adoption of advanced technologies in filming is driving consumers to prefer high-resolution display products. Further, the increase in average TV screen sizes across the globe is making manufacturers manufacture products with high-resolution displays to withstand in the competition. Although, manufacturing of OLED is more expensive and complex than LCD TVs, the mass manufacturing processes act as a huge value addition for the companies and mitigates the overall cost of OLED products.

Asia-Pacific is the Largest Market
A surge in the demand for smartphones has played a significant role in the demand for flexible OLED’s in the region. Moreover, the region is also home to some of the prominent manufacturers of OLEDs. The government of South Korea is encouraging the development of OLED supply chain and is contributing to support the universities and research institutes. The South Korean government granted permission to LG to build an OLED panel manufacturing plant in Guangzhou. LG's total investment in the factory is estimated at USD 4.5 billion. Approximately 80% of the total investment will go to South Korean component suppliers. The plant is scheduled to be completed in the second quarter of 2019, and it can produce 60,000 8.5-gen OLED panels a month. Further, as other companies are anticipated to follow suit, the investment in OLED panels is expected to rise.

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