Organic Light-Emitting Diode (OLED) Materials Market to Grow by Over Four Times During 2017-2023

From $4,600 in 2002, the average national per capita income across the world surged to more than $8,800 in 2017, as per the World Bank. This is giving people more power to spend on stuff, which was earlier considered a luxury and out of reach of a large chunk of the population in developing countries. A classic example is gadgets, such as smartphones, laptops, tablets, and flat-screen TVs. Earlier, liquid crystal display (LCD) and plasma were the most popularly used technologies in the screens of such consumer electronics, but with time, technological advancements, and a further increase in the disposable income, organic light-emitting diodes (OLED) arebecoming the trend.

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This is why, from $6,000.0 million in 2016, the OLED materials market is projected to reach $27,818.4 million by 2023, at a CAGR of 24.5% during the forecast period (2017-2023). For an OLED screen or lighting system to work, several materials or components are required, such as an emissive layer (EML),cathode, hole injection layer (HIL), electron transport layer (ETL),encapsulation, anode, and substrates. Among these, substrates were the most widely sold during 2012-2016 due to their easy availability.

Such materials have two main applications -- lighting and display -- of which they are utilized more for the displays of TVs and monitors, smartphones, notebooks andtablets, and automobiles. Among these, the heaviest amount of such materials goes into the production of smartphone displays. The key reason behind this is the growing demand for smartphones, the shipments of which rose by 3.7% in 2017 Q1. This is not only because of the increasing purchasing power of consumers, but also effective advertising by renowned brands. Several Chinese smartphone manufacturers, including Vivo, OppoHuawei, and Xiomi, witnessed an increase in their sales during 2017, as they provide attractive products at low prices.

Across the world, Asia-Pacific (APAC) has been the largest consumer of such materials, owing to the high sale of consumer electronics, equipped with such displays, in Japan, China,India, and Taiwan. During the forecast period, the OLED materials market growth in Europe would be the fastest, due to the rising demand for consumer electronics and the fact that the continent is home to numerous luxury automobile manufacturers, including Audi, BMW, and Mercedes-Benz. Additionally, the governments of regional countries are providing R&D funding to develop cost- and energy-efficient products.

Therefore, with the increasing demand for consumer electronics, as a result of the increasing per capita income, the consumption of OLED materials would also rise.

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OLED materials market Competitive Landscape

Some of the major players operating in the OLED materials industry are Bayer AG, DowDuPont Inc., Idemitsu Kosan Co. Ltd., LG Chem, Merck KGaA, Novaled GmbH, Sumitomo Chemical Company Limited, TCI America, Universal Display Corporation, and Heraeus Holding GmbH.

OLED materials market Segmentation

By Type

Cathode
EML
ETL
HIL
Anode
Encapsulation
Substrates
Others
By Application

Display
Television & Monitors
Smartphones
Notebooks & Tablets
Automotive
Others
Lighting
By End User

Residential
Commercial
Industrial
By Region

North America
U.S.
Canada
Mexico
Asia-Pacific (APAC)
China
Japan
India
South Korea
Australia
Rest of APAC
Europe
Germany
Italy
France
U.K.
Spain
Rest of Europe
Latin America Middle East and Africa (LAMEA)
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

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This release was published on openPR.