The global organic light emitting diode materials market size stood at USD 1.09 billion in 2022. The market is poised to expand from USD 1.26 billion in 2023 to USD 3.50 billion by 2030, exhibiting a CAGR of 13.6% over the forecast period. The production of organic light emitting diodes (OLEDs) involves the combination of polymer printing technology with a range of materials such as substrates, cathodes, anodes, and others. An upsurge in the product demand across lighting and display applications over the past few years is one of the key factors driving industry growth across various regions. Fortune Business Insights™ provides this information in its research report, titled “Organic Light Emitting Diode Materials Market Report, 2024-2030”.
Segmentation:
Substrates Segment Recorded Prominent Share in 2022 and Would Expand Owing to Wide Availability of Material
On the basis of type, the market for organic light emitting diode materials is segregated into hole injection layer (HIL), encapsulation, electron transport layer (ETL), substrates, cathode, anode, emissive layer (EML), and others. The substrates segment held a major share in the market in 2022 as substrates materials such as plastic, metal foil, and glass are available widely in diverse varieties.
Display Segment Accounted for Dominating Share in 2022 Due to Various Advantages Associated with OLED-based Solutions
By application, the market for organic light emitting diode materials is segmented into lighting and display. The display segment held a leading market share in 2022. This can be credited to the various advantages associated with displays made from OLED materials including ultra-high-performance multi-touch interactivity and the ability to support high-resolution video content. By geography, the market for organic light emitting diode materials has been analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report presents an overview of the key factors slated to impel the industry expansion. It also gives an account of the pivotal steps adopted by major players to strengthen their industry positions. The major trends in the market have also been enlisted in the report.
Drivers and Restraints:
Escalating Product Usage in Advanced Displays to Impel the Industry Expansion
The organic light emitting diode materials market growth is being driven by the rising product deployment in high-performance displays. These include TVs, monitors, IT devices, wearable devices, and small displays. The suitability of OLED materials for manufacturing flexible and curved displays is one of the major factors driving their increased preference from smartphone manufacturers.
Nevertheless, the industry growth could be hindered on account of the high OLED costs which increase the cost of end-product manufacturing.
Source- https://www.fortunebusinessinsights.com/organic-light-emitting-diode-materials-market-108980
Regional Insights:
Asia Pacific Accounted for Key Share Due to Presence of Several Electronic Product Manufacturers
In 2022, the Asia Pacific organic light emitting diode materials market share secured a key position in the global market. This can be credited to the presence of the fastest-growing economies in the region and numerous electronic manufacturers in China.
The North America market value is rising on account of the soaring consumer preference toward electric vehicles and devices and a subsequent surge in product demand.
Competitive Landscape:
Industry Players Adopt Various Strategies to Ace Market Competition
Market players are focused on adopting a range of strategies to outpace their competitors. These steps include acquisitions, partnerships, and the launch of advanced organic light emitting diode materials. In addition, some companies are keen to strengthen their distribution channels to increase product reach.
Key Industry Development:
August 2023 – Idemitsu Kosan Co., Ltd. attained a high performance in blue organic light emitting diode which is equipped with a new light emission system. This is set to create new opportunities for the company in various end-user industries.
List of Key Players Mentioned in the Report:
Idemitsu Kosan Co.,Ltd. (Japan)
Toray Industries (Japan)
Solus Advanced Materials (South Korea)
UNIVERSAL DISPLAY (U.S.)
Novaled GmbH (Germany)
DUPONT (U.S.)
LT MATERIALS (South Korea)
DUSKAN NEOLUX (South Korea)
SAMSUNG SDI (South Korea)
JiLin OLED Material Tech Co., Ltd (China)
COVID-19 Impact:
Impact on the Electronics Industry Temporarily Affected Industry Expansion amid COVID-19 Pandemic
The manufacturing processes across the electronics industry were impacted due to the temporary shutdown of production units amid the COVID-19 pandemic. This affected industry expansion to some extent. However, the latter period recorded a rise in OLED material consumption considering the upsurge in online shopping activities and remote learning.