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Thin-Film Encapsulation (TFE) Market to Witness the Highest Growth in Asia Specific Region
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The TFE market for inorganic layer deposition is expected to grow at a higher CAGR during forecast period. The inorganic layer provides barrier capabilities against oxygen and moisture. PECVD, ALD, and sputtering processes deposit the inorganic layer to protect the device from moisture and oxygen. Companies such as Samsung Electronics and LG Display are considering ALD-based equipment for depositing barrier films. The major players in the TFE market are accelerating their growth in ALD-based technology by adopting various inorganic growth strategies such as agreements and acquisitions.
The TFE market for the flexible OLED lighting segment is expected to grow at the highest CAGR of 23.2% during the forecast period. OLED lighting solutions are likely to be adopted in the automotive, hospitality, architectural, and commercial verticals, which, in turn, will increase the demand for thin encapsulation films and TFE equipment. Several car makers (including Audi, Mercedes, and BMW) have started adopting OLED lighting in car taillights in the past few years. In November 2021, Audi launched a new version of its A8 and S8 cars, which come with standard digital OLED rear lights.
The TFE market for healthcare vertical is expected to grow at the highest CAGR during forecast period. Large format displays are used in the healthcare vertical for displaying advertisements, appointments, and other medical information. They are also used for educating patients in waiting rooms about insurance and healthcare products and services. Large format displays can also be used at public locations to display useful information about upcoming events and vaccination schedules.
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The TFE market for Asia Pacific is expected to grow at the highest CAGR during the forecast period. The TFE market for thin film solar cells in Asia Pacific is expected to be driven by India and China due to favorable government policies and investments in solar energy in these countries. Thin-film solar cell companies have manufacturing facilities in Asia Pacific. Asia Pacific is the largest consumer of TFE equipment and materials shipped worldwide, as many flexible electronic product manufacturing plants are established in the region. The major flexible electronic device manufacturers are based in China, Japan, Taiwan, South Korea, and Hong Kong.
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