PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1402434
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1402434
Global organic electronics market size was valued at USD 65.4 billion in 2023, expected to reach USD 195.92 billion in 2031, with a CAGR of 14.7% for the forecast period between 2024 and 2031. The organic electronics market is expanding owing to the many advantages they provide. Wearable technology, flexible displays, and smart packaging are just a few of the uses for them as they are inexpensive, lightweight, and flexible. Organic materials are environmentally safe since they are biodegradable and can be generated through sustainable methods. The growing need for environmentally friendly and energy-efficient electronics, along with improvements in organic materials and production processes, have propelled the organic electronics market's notable expansion. In the upcoming years, the market is anticipated to continue expanding due to going on research and development.
The organic electronics sector is transforming due to the widespread use of OLED, especially in smartphones. Global sales of smartphones with OLED screens increased from 29% in Q1 2020 to a record high of 49% in Q1 2023. With advantages like deeper blacks, higher viewing angles, and longer battery life, OLED offers a better viewing experience than LCD. Smartphone manufacturers have promoted OLED screens as a differentiator, and 94% of handsets that cost more than USD 250 have them. The introduction of new iPhone models and the rising demand for foldable smartphones with flexible OLED screens are projected to be the main drivers of OLED display adoption in smartphones. Therefore, the adoption of OLED is propelling the organic electronics market.
For instance, in November 2023, Merck integrated the micro transponder technology from p-Chip Corp. as a crypto-anchor into a solution for a cyber-physical trust framework that is in a development state. With the system, tangible items may be securely digitally twined while maintaining their authenticity over the course of their lives.
One of the main factors driving the organic electronics market is the growing use of OLED (organic light-emitting diode) displays. Compared to conventional LCD displays, OLED displays have many benefits, including greater contrast ratios, quicker response times, and broader viewing angles. These displays can be transparent and flexible, which creates new opportunities for creative applications and designs. OLED displays are therefore becoming progressively more in demand across a range of industries, including wearable technology, televisions, automobiles, and smartphones. The organic electronics market as a whole continues to be influenced by the increasing use of OLED displays, which is increasing the need for organic electronic materials and components.
For instance, in May 2023, Merck presented new barrier materials that provide more effective versatility, higher reliability, and longer lifespan in flexible OLED panels compared to existing solutions.
The organic electronics market is expanding owing in large part to consumer demand for lightweight, flexible devices. Wearable technology, flexible displays, and smart packaging are just a few of the applications that benefit greatly from the special qualities that organic electronics have to offer. These include their bendability, stretchability, and thinness. Organic materials, which are naturally flexible and can be printed or synthesized on flexible substrates, are used to make these electronics. The organic electronics market is growing as consumers look for electronic products that are more aesthetically pleasing and portable. This tendency is anticipated to further propel market expansion during the forecast period.
For example, in October 2023, trinamiX GmbH released a first-of-its-kind Consumer Spectroscopy solution running on the latest Snapdragon 8 Gen 3 Reference Design. The trinamiX solution, which spans the wavelength range of 1-3µm, is the first NIR spectrometer in the world integrated into a smartphone reference design.
The growing emphasis on environmental conservation and the reduction of electronic waste significantly fuels growth in the organic electronics market. When it comes to environmental compatibility and sustainability, organic electronics have many benefits. These gadgets require less energy to produce as they are composed of biodegradable organic components. They can be produced utilizing scalable, inexpensive techniques, which further lessen their impact on the environment. Customers' increasing awareness of the negative environmental effects of standard electronics and their desire for more environmentally friendly options are driving the organic electronics market. The need for organic electronics is rising as a result, and more businesses are spending money on research and development to keep up with the demand. Thus, sustainability and environmental concerns are boosting the adoption of organic electronics, thereby fostering market growth.
For instance, in April 2023, Merck announced the introduction of its Ultimus Single-Use Process Container Film, which is intended to offer exceptional robustness and imperviousness for one-time assemblies utilized in liquid bioprocessing applications. For a considerable amount of time, biomanufacturers have been plagued by bag leaks, which can cost anywhere from USD 49,440 to USD 561,510.
Since significant players in the electronics sector, such as top manufacturers and technological companies, are heavily represented in North America, the geographical region is leading the organic electronics market. As a result, North America has an advantage in terms of production capacity and research & development. The region benefits from a high degree of technological innovation and a well-established infrastructure, which encourages the use of organic electronics. Furthermore, a sizable customer base in North America is pushing for more inventive and environmentally friendly electronics, which is fueling the expansion of the organic electronics market in the area. All things considered; these elements support North America's dominance in the organic electronics market.
For instance, in October 2023, AUO Corporation America, a subsidiary of AUO Corporation, presented building-integrated photovoltaic (BIPV) materials alongside innovative energy management solutions, intended to create sustainable net-zero cities. The company's BIPV solutions take advantage of its solar energy industry knowledge to deliver clean energy that is reasonably priced, dependable, and sustainable.
Government initiatives have greatly aided the organic electronics market expansion in the realm of nanoelectronics. To encourage national research and innovation in nanoelectronics, the Ministry of Electronics and Information Technology (MeitY) has taken significant actions. They have created globally recognized Nanoelectronics Centers at prestigious universities, outfitted with cutting-edge nanofabrication technologies. The Indian Nanoelectronics Users Programme-Idea to Innovation (INUP-i2i), the program's flagship initiative, has made it possible for research and development communities all throughout India to use these facilities for nanoelectronics research and skill development. These programs have produced a large number of discoveries and research articles in the sector, which has helped the organic electronics market to expand.
For instance, in September 2022, The United States, President Biden signed an Executive Order to advance biotechnology and biomanufacturing for a sustainable American bioeconomy. The order includes a research agenda and a National Biotechnology and Biomanufacturing Initiative to boost domestic production of bio-based products and create jobs.
The market was expanding steadily before the pandemic, propelled by rising demand and technological breakthroughs. Production slowed down, manufacturing facilities temporarily closed, and consumer demand fell due to the global lockdown and supply chain disruptions during the pandemic. However, to meet the changing demands of the healthcare sector, there is an increasing focus on the development of organic electronic devices related to healthcare, such as wearable sensors and medical implants, as the world gradually recovers from the epidemic. The organic electronics market is anticipated to recover due to the increasing demand for environmentally friendly and sustainable technologies.
The organic electronics market has been impacted by the Russia-Ukraine war in both direct and indirect ways. Political and economic unpredictability brought up by the conflict has impacted international commercial relations and the global supply chain. The war has had a direct effect on the electronics industry, which includes the organic electronics market. This has caused disruptions in the raw material and component supply. The war has indirectly impacted the market by fostering an atmosphere of unpredictability and volatility in the global economy.
The organic electronics market is highly competitive, with key players investing heavily in research and development to develop innovative organic electronic materials and devices. They focus on strategic collaborations, partnerships, and mergers to expand their market presence and gain a competitive edge. The market outlook for organic electronics is promising, with increasing demand for flexible displays, wearable devices, and energy-efficient electronic components.
In October 2023, Covestro extended its production capabilities in Bomlitz, Lower Saxony, Germany for thermoplastic polyurethane films in the Platilon line, together with the related infrastructure and logistics. The firm intends to address the expanding global demand for multilayer TPU films utilized in various applications by investing a low double-digit million Euro amount in the expansion of the TPU-Films center of excellence.
In March 2023, Covestro expanded its global production capacity for polycarbonate (PC) specialty films to fulfill rising demand in the Asia-Pacific and worldwide. With a growing selection of more environmentally friendly films, the films are mostly utilized in identity documents, automobile displays, and electrical and electronic applications.
All segments will be provided for all regions and countries covered:
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.