The thin-film encapsulation market will touch USD 310.4 million by 2030, growing at a compound annual growth rate of 15.3% by the end of this decade.
This has a lot to do with the growing acceptance of smart wearable devices and smartphones, which creates a high requirement for flexible displays. TFE is a significant technology in the production of these displays, as it guards and improves their durability.
OLEDs are suitable for smartphone applications as they offer numerous advantages over conventional LCDs, for example, faster response times, higher contrast, lightweight, improved flexibility and durability, and thin, and low consumption of power.
The growing requirement for wearables and smartphones has brought about enormous requirement for OLED displays. TFE is vital in extending the life and performance of OLEDs, resulting in improved requirement for encapsulation solutions.
Moreover, smartwatches, fitness trackers, and AR glasses are rising in popularity. Flexible plastic substrates are put to use in the manufacturing of displays of such products, because of which they are bendable, stretchable, foldable, and rollable. TFE supports in the manufacture of durable and flexible displays for these devices for confirming dependable performance in numerous environments.
Flexible OLED display with a 50% share was the largest in the thin-film encapsulation market in the past. This is because of the increasing usage of flexible OLED displays in numerous smartphones such as Samsung Galaxy series, iPhone, Xiaomi, and One Plus which, drives the requirement for TFE, as it is put to use for providing shield and an enclosure for OLED materials.
Additionally, TFE films are super flexible and have considerable mechanical properties, allowing them to bend and stretch accompanied by the flexible OLED displays. This flexibility is significant for these displays, as it lets them to be folded, bent, and rolled without hindering the performance of the same.
APAC will grow the fastest by the end of this decade. This is because of the existence of numerous notable flexible electronic product manufacturing plants and the renowned flexible electronic device producers in Japan, China, Taiwan, Hong Kong, and South Korea for example LG, Sony, Samsung, and Panasonic.
Furthermore, there are notable fast-moving consumer electronics industry. The growing use of smartwatches, smartphones, and other electronic devices by the increasing middle-class populace has created a vast opportunity for film encapsulation.
Likewise, the existence of producers locally makes it easy to fulfill this requirement effectively, giving them an edge over the companies from other regions.
It is because of the increasing application area of TPE, all over the world, the demand for thin-film encapsulation will continue to grow in the years to come.
