LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global organic light-emitting diode (OLED) materials market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global OLED materials market for 2017-2021. The report also lists Anode, EML, Encapsulation, ETL, HIL, HTL, and Substrate, as the seven major segments based on material.
According to Navin Rajendra, an industry expert from Technavio for semiconductor equipment research, “Increased adoption of OLED displays in ultra-high definition TVs and in mobile computing devices such as smartphones and smartwatch is expected to accelerate the demand for OLED materials during the forecast period."
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global OLED materials market:
- Increasing adoption of OLED in smartphones
- High adoption in TVs and gaming devices
- Growth of wireless devices
Increasing adoption of OLED in smartphones
In 2016, around 70% of world’s population owned a smartphone. The growth is mainly because of the availability of the low-cost smartphones that are paving the way for commerce in emerging markets.
The number of OLED display users grew by 30% in 2016. Integrated devices with displays are driving the development of OLED in the market. For instance, Samsung Galaxy S6 and Samsung Galaxy S7 smartphone series are equipped with an OLED display, and the sales of Samsung Galaxy S7 Edge model remain higher than other mobile shipments.
High adoption in TVs and gaming devices
OLED displays are mostly used in the TVs and VR headsets. The new technologies that are based on the OLED include flexible OLED (FOLED) for the portable, roll-up displays in the market.
The OLED TVs have been in the market since 2012. Sony offers several OLED monitors for the film and broadcasting industries including several products that include different portable monitors such as PVM 740 (7.4 inch), PVM 1741 (17 inch), PVM 2541 (25 inch), and the premium broadcast reference monitor such as BVM F170 (17 inch) and BVM F250 (25 inch), which vary in the screen size and the material used. In 2015, Sony also released several wireless devices equipped with OLED displays such as Vita gaming consoles.
Growth of wireless devices
Consumer electronics such as smartphones, laptops, TVs, and notebooks are always in demand and are becoming lighter, thinner, and more reliable. The consumer electronics segment is the largest contributors to the revenue of the global OLED materials market and is expected to maintain its lead throughout the forecast period. The growing demand for consumer electronics is increasing the adoption rate of the OLED displays in the market.
There have been many changes in technologies used in classroom education. With the launch of Apple’s iPad in 2010, tablets have become a new trend to facilitate learning and make classroom learning more interesting for students. For instance, South Korea intended to replace all school textbooks with tablets and planned to become completely digital by 2015. With tablets and cloud-based systems, students can work easily from anywhere, and all data will be saved to the main location, which will be accessible from their tablets.
“Tablets are increasingly being adopted because of their portability and easy accessibility of information when required. Thus, the growing usage of tablets is a new trend that will propel the growth of the global OLED materials market during the forecast period,” says Navin.
In terms of geography, APAC dominated the global OLED materials market, accounting for around 89% of the total market share. This can be attributed to the fact that many electronics manufacturing companies such as Samsung, Sony, Canon, Nikon, and Toshiba are based in countries like China, South Korea, and Japan.
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