OLED Materials Market Introduction
- Organic light-emitting diode (OLED) is also known as organic electroluminescent. It is a light-emitting diode (LED), wherein the emissive electroluminescent layer is a film of organic compound that emits light in response to an electric current.
- OLED materials are used to create digital displays in devices such as television screens, computer monitors, and portable systems such as smartphones, handheld game consoles, and PDAs. A major area of research is the development of white OLED devices for use in solid-state lighting applications.
- In terms of application, the global OLED materials market can be segmented into television & monitors, smartphones, notebooks & tablets, automotive, lighting, and others. The smartphones segment is expected to expand at significant pace during the forecast period. Changes in standard of living and surge in usage of smartphones are driving the demand for OLED materials in the smartphones application segment.
Key Drivers of OLED Materials Market
- Increase in demand for wireless devices is anticipated to augment the market during the forecast period. Fixed wireless devices enable users to maintain connectivity in remote areas without the need for long cable wires. Furthermore, fixed wireless devices have high bandwidth capability in order to give access to interrupted network availability. OLED materials are used to build these wireless devices. Thus, rise in demand for wireless devices is expected to boost the consumption of OLED materials, thereby driving the market during the forecast period.
- Growth in demand for OLED materials in the automotive sector is projected to present new opportunities for OLED material manufacturers in the near future. Increase in SUV sales and advancements in lighting technology are some of the major factors boosting the consumption of OLED materials in the automotive industry, thereby driving the market during the forecast period. Additionally, presence of strict lighting regulations in developed countries of Europe and North America is boosting the consumption of OLED materials in the automotive industry in these regions.
Restraints of OLED Materials Market
- Dearth of universal directives pertaining to applications of OLED materials is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of OLED materials. Companies find it difficult to meet these country-wise directives and legislations. This can discourage investment in the OLED materials market, thereby adversely affecting the market.
Covid-19 Impact on OLED Materials Market
- OLED materials play an important role in various sectors such as automotive, industrials, and commercial. Many production facilities of these sectors have been closed due to the COVID-19 pandemic. This has adversely affected the demand for OLED materials.
- Key players operating in the OLED materials market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of OLED materials. Thus, demand for OLED materials declined in 2020.
More Trending Reports
Asia Pacific to Hold Major Share of Global OLED Materials Market
- In terms of region, the global OLED materials market can be split into North America, Asia Pacific, Europe, Middle East Asia& Africa, and Latin America
- In terms of consumption, Asia Pacific is projected to hold significant share of the global OLED materials market during the forecast period. End-user industries such as commercial, residential, and industrial are rapidly expanding in the region. Rise in disposable income and improvement in standard of living in many countries in Asia Pacific are boosting the consumption of electronics devices. This, in turn, is augmenting the demand for OLED materials. OLED materials are also used in the lighting automotive components. Rise in production and sale of passenger vehicles in China, India, Japan, and South Korea is expected to propel the consumption of OLED materials in automotive applications, thereby boosting the market in these countries.
- North America is projected to account for vital share of the global OLED materials market during the forecast period owing to presence of major automotive players and growth in the electrical & electronics industry in the U.S. and Canada
Prominent Players in Global OLED Materials Market
Major players operating in the global OLED materials market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- Sigma-Aldrich Co. LLC.
- Novaled GmbH
- Merck KGaA
- LG Chem
- TCI America
- Sumitomo Chemical
- Universal Display
- The Dow Chemical Company
- Idemitsu Kosan Co., Ltd
- Cambridge Display Technology
- Beijing Aglaia Technology Development Co., Ltd.
- BASF SE
- Borun Chemical Co., Ltd.
- Hodogaya Chemical Group
- Heraeus Holding
- Covestro AG