PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555802
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555802
OLED Material Market size was evaluated at USD 25,142.5 million in 2023, rising at a CAGR of 21.25% between 2024 and 2032.
The OLED material market refers to the manufacturing and supplying of materials for organic light-emitting diodes used in applications such as displays and lighting. The materials required for the manufacture contain organic compounds that, when an electric current passes through them, enable bright and efficient screens in devices like smartphones, televisions, and tablets. It is segmented by type-emitters, substrates, and encapsulation materials-and technologically advanced due to rising consumer demand for high-quality visual display.
OLED Material Market- Market Dynamics
Increasing product offerings
Various consumer electronics companies are boosting their investments in R&D to launch smart products with enhanced OLED solutions. For instance, in January 2022, LG Display Co. Ltd said that it would supply OLED panels for the Apple iPad by 2024. Furthermore, in May 2022, the company announced the release of its next-generation OLED products. Aside from that, other businesses are releasing smartwatches with flexible displays to remain ahead of the competition. For example, in July 2020, the Nubia watch debuted, featuring a flexible AMOLED screen and eSIM support, among other features. The display size is 4.01 inches (960x192 pixels) with a pixel density of about 244ppi. In addition, Apple Inc. is working on a foldable phone and plans to open a manufacturing plant in India for luxury iPhones. The establishment of this facility will result in lower prices for its phones. A significant increase in the rate of innovation and the launch of technologically advanced consumer electronic products is expected to boost OLED materials market demand throughout the estimated period.
OLED Material Market- Key Insights
Our research analyst predicts a 21.25% CAGR for the global market from 2024 to 2032.
In 2023, the substrates sector led the global market, according to application segmentation research.
In 2023, the display sector dominated the worldwide OLED materials market by end-use segmentation.
According to region, North America had the most revenue in 2023.
The global OLED Material market is divided into four groups: Types, Applications, End Uses, and geography.
The market is segmented into eight divisions based on the Applications: Electron Transport Layer (ETL), Substrates, Cathode, Emissive Layer (EML), Encapsulation, Hole Injection Layer (HIL), Anode and Hole Transport Layer (HTL). In 2023, the substrates sector dominated the global marketplace. The low cost and increasing use of electronic devices such as smartphones and televisions are to blame. OLEDs are built on substrates. Beginning in June 2021, Samsung is developing a stretchable OLED display for wearables. Samsung's prototype OLED flexible skin can be expanded by up to 30% without compromising performance. This will benefit the substrate segment by drawing attention to new technological advances and creating new growth prospects for enterprises.
The market is classified into two segments depending on the End Uses: Lighting and Display. In 2023, the display segment led the global OLED materials market. When compared to other display systems, OLED materials produce a superior display. OLED materials are used in telephones due to their durability. Smartphone sales are expected to increase during the forecast period due to increased consumer spending in all regions. Because of the growing demand for mobile internet services and apps, as well as the need for real-time information transfer, the global smartphone industry is expected to expand significantly.
OLED Material Market- Geographical Insights
This market is geographically diversified across Europe, the Middle East, North America, Asia Pacific, and Africa, Latin America. The regions are further divided by the nations that bring commerce. The North American OLED Materials Market dominated this market in 2023 (45.80%). This is due to their increasing technological superiority over the rest of the globe, as well as their ongoing technological advancement. Because of its high-quality LED products and designs, North America accounts for around 30% of the LED product market. Furthermore, the United States OLED Materials market had the greatest market share, while Canada's OLED Materials market was the fastest expanding in the North America region.
The Asia-Pacific OLED Materials market is predicted to increase significantly between 2023 and 2032. The economic dynamics of countries such as China and India mostly drive the APAC economy. Yet, the current scenario is changing due to an increase in foreign direct investment for the expansion of Southeast Asia's economies. Southeast Asian countries are quickly growing their construction and automotive industries. Furthermore, China's OLED Materials market had the highest market share, while India's OLED Materials market was the fastest expanding in Asia-Pacific.
The OLED material market is highly competitive, with the continuous development of advanced display technology and the increasing demand for power-efficient screens. Some key players involved in the OLED material market are Universal Display Corporation etc., LG Chem Ltd., Merck KGaA, Idemitsu Kosan Co. Ltd., and Samsung SDI Co. Ltd. These companies have significant investments in research and development to bring up better and more efficient organic light-emitting materials for improving performance and durability. Licensing and strategic partnerships are also widely practiced when firms seek to extend their market reach and enhance their product portfolios. The increase in OLED usage in smartphones, TVs, and wearables has further sparked competition among the players in the industry. At the same time, research for next-generation material development with better efficiency and color accuracy is ongoing.
In March 2024, Xiaomi announced a strategic collaboration with Lumilan, an OLED materials provider, to create new materials for smartphone display applications.