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Global OLED Market (2017-2023) by Display Application

2018-5-7 9:40:46 2771

OLED is a new technology for efficient, bright, flexible, thin displays, and lighting panels. The global OLED market was valued at USD 16.58 Billion in 2016 and is expected to reach USD 48.81 Billion by 2023, at a CAGR of 15.2% between 2017 and 2023.

The key factors driving the growth of market include the rapid adoption of OLED displays in smartphones and the growing investments in technology and manufacturing facilities.

Displays accounted for more than 99% of the total market in 2016. The trend is expected to continue between 2017 and 2023. The lighting market is at the early growth phase and is expected to grow at a high rate during the forecast period. Smartphones accounted for the highest share of 83.5% of the display market in 2016. The major factors that are boosting the use of OLED displays in smartphones include the benefits offered by these displays such as energy-efficiency, sunlight readability, and easier recycling process than LCDs. AMOLED screens have great contrast, as the light on the screen comes from each individual pixel rather than a backlight; when it needs to create a black color, it simply dims or turns off the relevant pixels, for a true, deep black, which consumes less power. Televisions are likely to account for the second-largest share of the display market by 2023.

Flexible display panels held a lower market share compared rigid display panels in 2016; however, the market for flexible display panels is expected to grow at a high rate during the forecast period. With the increasing use of flexible display panels in smartphones and smart wearable devices, and their potential use in other applications such as TVs, signage displays, and vehicles, flexible displays are expected to drive the growth of the market during the forecast period.

Fine metal mask (FMM) RGB materials are used to manufacture small display panels for smartphones and tablets; these materials accounted for a larger share of the market for AMOLED displays in 2016. However, the market share of FMM RGB is expected to decline owing to the increasing adoption of WOLED materials by LG Display for use in TVs. Large display panels are used in TVs, which require more OLED materials compared with smartphones and tablets. The full-fledged production of WOLED-based large-sized display panels started in 2015-2016 when LG launched TV and signage displays based on the OLED technology. The consumption of materials for use in large-sized white OLED panels is expected to increase rapidly each year throughout the forecast period.

General lighting accounted for a major share of the lighting market in 2016; however, the market for automotive lighting is expected to grow at a higher rate between 2017 and 2023. The high growth of the market for automotive lighting can be attributed to the expected demand from luxury car manufacturers for premium quality lightings, along with the collaboration among OLED manufacturers and leading automotive companies for the development of flexible lightings for vehicles.

Asia Pacific accounted for the largest share of the total market, including display and lighting applications, in 2016. High demand can be expected for OLED display panels from the countries in APAC such as South Korea, China, and Japan between 2017 and 2023 as major original brand manufacturers are based in this region. The display market in North America is expected to wgrow at a high rate during the forecast period owing to the increasing adoption of OLED display panels by Apple for use in its smartphones 2017 onwards. Early adoption of OLED lighting panels by leading automotive players in Europe is expected to propel the growth of the lighting market in Europe. Automotive players such as BMW and Audi have used OLED lighting solutions in their cars.

Factors such as high growth of the market for micro-LED and direct-view LED display technologies, and low market acceptance of OLED lighting fixtures are restricting the growth of the market. Samsung Display (South Korea) and LG Display (South Korea) were the leading players in the display market in 2016; however, various players such as Innolux Corp (Taiwan), AU Optronics (Taiwan), Japan Display (Japan), and BOE Technology (China) are expected to increase their market share in the coming years by constructing new OLED manufacturing plants and acquiring newer customers. The leading players in the lighting market are LG Display (South Korea), Acuity Brands (US), OSRAM (Germany), Kaneka Corporation (Japan), Universal Display Corp. (US), and OLEDWorks (US).

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