Growing Vehicle Sales Driving Organic Light-Emitting Diode (OLED) Materials Market

From 66 million in 2005, automobile sales around the world grew to 91 million in 2019, says Organisation Internationale des Constructeurs d'Automobiles (OICA). This surge has primarily been led by countries such as China, Japan, India, Mexico, and Indonesia, which are experiencing a rapid advance in their economy. In the past few years, the analog displays in the vehicle dashboard, with needles and buttons, have been substantially replaced by digital screens. With the new generation of automotive displays on the rise, the demand for organic light-emitting diode (OLED) screens is going up.

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Thus, with rising automobile sales, the OLED materials market is projected to witness an increase in its size, from $6,000.0 million in 2016 to $27,818.4 million by 2023, at a CAGR of 24.5% during the forecast period (2017-2023). To make an OLED screen, emissive layer (EML), cathodes, hole-injection layer (HIL), electron transport layer (ETL), substrates, encapsulation, anodes, and several other materials are required. Among these, substrates, which are either electrical insulators or semiconductors, registered the highest demand in the past, because they are heavily used to create diodes.

Apart from displays, these materials are also used for lighting purposes, but their major usage continues to be in displays. This is because other than automotive displays, they are also used to manufacture the screens of smartphones, televisions and monitors, and notebooks and tablets. All these consumer electronics are witnessing rising sales owing to the increasing disposable income, which means that people now have more to spend on these items than before. According to the World Bank, the gross domestic income (GDP) per capita around the world has sharply risen from $5,527.011 in 2001 to $11,312.44 in 2018.

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Around the world, Asia-Pacific (APAC) has been the largest OLED materials market, as regional countries, including China, Japan, South Korea, and India, account for high production of consumer electronics and vehicles. Additionally, APAC is also where the population is growing the fastest, which is raising the demand for residential projects. At such settings, OLED is rapidly replacing the liquid crystal display (LCD) and LED technologies. Another reason for the growing demand for OLED lighting is that with a higher purchasing power of regional inhabitants than before, such expensive products are more affordable now.

Some of the major players operating in the OLED materials market 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.

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This release was published on openPR.