Surging disposable income, increasing sales of smartphones, and rising demand for organic light-emitting diode (OLED) materials from the automotive industry are the key factors driving the growth of the OLED materials market. In 2016, the market generated a revenue of $6,000.0 million, and it is predicted to progress at a CAGR of 24.5% during the forecast period (2017–2023). OLED consists of an emissive electroluminescent layer, including an organic compound film, which emits light in reply to an electric current.
On the basis of type, the OLED materials market is categorized into electron transport layer (ETL), cathode, hole injection layer (HIL), emissive layer (EML), substrates, and encapsulation. Out of these, in 2016, the substrates category held the largest revenue share of more than 25.0% in the market, and it is predicted to continue leading it during the forecast period. Owing to their easy availability, these are the most preferred diodes in semiconductor foundries. Substrates are electrical insulators and semiconductors used in diodes and transistors.
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Based on application, the OLED materials market is bifurcated into lighting and display. Of the two, in 2016, the display application made a revenue contribution exceeding 90.0% to the market, and it is anticipated to dominate it during 2017–2023 as well. This is ascribed to the rising manufacturing of television and smartphone displays. The display application is further classified into smartphones, automotive, notebooks and tablets, and television and monitors, among which the smartphones classification led the market, owing to the increasing use of such devices among young and aged people.
The OLED technology is speedily evolving, and the enhancements have improved the display screen in TVs, cameras, and mobile phones. Growing usage of OLED materials in smartphones is augmenting the OLED materials market growth. As per industry professionals, in 2017, the global smartphone shipments showed an increase of 3.7% in the first quarter. Brands from China such as Huawei, OPPO, and Vivo had already earned a significant market share with considerable growth in 2017. This was due to their ability to offer low-priced products, particularly for India and other developing markets.
OLED is a lighting and display technology used to produce thin, efficient, and bright lighting panels and displays. OLEDs are transparent and flexible, and thus have a wide application range. In the automotive sector, OLED displays are integrated in internal and external lighting, dashboard and heads up displays, and digital rear-view internal mirrors. One of the challenges faced by the automotive sector with respect to OLED displays is their inhibited ability to withstand heat, humidity, cold, constant vibration, and UV radiation, to which hermetically encapsulated OLEDs offer a reliable solution.
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Further, the rising disposable income is another factor boosting the OLED materials market. In the past few years, in China, the disposable income has risen by a considerable amount. A higher consumer income leads to increasing spending on leisure, entertainment activities, and electronic devices, such as laptops, smartphones, tablets, and gaming consoles. Further, the growing awareness on internet and smartphone usage is boosting the sales of such consumer electronics. Thus, the increasing popularity of smartphones is anticipated to escalate the consumption of OLED materials, thereby resulting in the market progress during the forecast period.
Therefore, the accelerating sales of smartphones, rising demand for OLED materials in different products, and extensive OLED application in the automotive sector are predicted to strengthen the market.
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