The latest report by IMARC Group, titled “OLED Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global OLED materials market size reached US$ 16.17 Billion in 2021. Organic light-emitting diode (OLED) materials are lightweight and flexible organic materials stacked in multiple layers to manufacture OLEDs. They are evaporated to fabricate OLED displays, which consist of several thin organic layers between two electrodes. Some commonly used OLED materials include electron transport materials (ETM), hole transport materials (HTM), hole injection materials, matrix materials, emitter materials, and hole and electron blocking materials. They are utilized for vaporization on glass or flexible substrates and emit light when an electric field is applied to OLED devices. They provide bright colors, fast motion, enhanced image quality, and very high contrast to displays. As a result, OLED materials are widely used to manufacture display panels for electronic devices, including smartphones, television screens, computer monitors, handheld game consoles, and personal digital assistants (PDAs).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global OLED Materials Market Trends:
The surging sales of consumer electronics, such as laptops, smartphones, LED TVs, computers, and printers, represent the primary factor driving the market growth. Moreover, due to their high bandwidth, the growing usage of fixed wireless devices to maintain connectivity in remote regions without the need for long cable wires has augmented the demand for OLED materials. Additionally, there has been a significant rise in awareness regarding the benefits of OLED displays over liquid crystal displays (LCDs). In line with this, the increasing applications of OLED materials in automotive lighting and the escalating demand for SUVs have accelerated product adoption rates. Besides this, the expanding automotive sector, coupled with the rising production and sales of passenger vehicles and electric vehicles (EVs), is positively influencing the market growth. Furthermore, the leading manufacturers are engaging in research and development (R&D) activities to fabricate white OLEDs with a longer shelf life for solid-state lighting applications. Along with this, the widespread adoption of OLED lighting in commercial spaces as an alternative to existing lighting systems to lower energy consumption has propelled market growth. Other factors, including the rising preferences for better viewing experiences, emerging applications in augmented reality (AR) and virtual reality (VR) headsets, and rapid advancements in OLED technology, are also providing a positive impact on the market growth. Looking forward, IMARC Group expects the market value to reach US$ 59.97 Billion by 2027, growing at a CAGR of 22.80% during 2022-2027.
- Based on the type, the market has been divided into substrates, encapsulation, anode, hole injection layer (HIL), hole transport layer (HTL), electron transport layer (ETL), emissive layer (EML), and cathode.
- On the basis of the application, the market has been bifurcated into display (television and monitors, smartphones, notebooks and tablets, automotive, and others) and lighting.
- The market has been classified based on the end use into residential, commercial, and industrial products.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being DuPont de Nemours Inc., Heraeus Holding GmbH, Hodogaya Chemical Co. Ltd., Idemitsu Kosan Co. Ltd., LG Chem Ltd., Merck KGaA, Samsung SDI Co. Ltd., Sumitomo Chemical Co. Ltd., Tokyo Chemical Industry Co. Ltd., and Universal Display Corporation.
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