The global next-generation display materials market was valued at $123.22 billion in 2018 and is projected to reach $421.50 billion by 2029, registering a CAGR of 11.83% between 2019 and 2029. The high growth of next-generation display materials can be attributed to the increasing demand from the consumer electronics industry to offer better display panels in their display devices, and rising consumer preference for better display devices. Additionally, the rise in the global production of display devices across the globe has also led to a significant increase in the demand for display materials.
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The next-generation display materials market is driven by construction and update of new and existing display panel manufacturing plants in APAC, increased adaption of OLED display technology in various display devices, and growing demand of quantum dots in display devices. Asia-Pacific is known as the hub for the display panel manufacturers and suppliers. China and Taiwan are now shifting their focus on providing organic light emitting diode (OLED) display panels and are expanding their manufacturing units and subsidiaries across other countries in the APAC region. LG Display is one of the leading display panel producers in the Asia-Pacific region and is planning to invest approx. $13.5 billion by FY2020. The demand for new display technologies is increasing owing to the enhanced resolution and performance quality of display devices, including smart televisions (TV), laptops, mobile devices, tablets, and cameras. Some of the technologies that are surpassing the traditional liquid crystal displays (LCDs) are OLED displays, QLED displays, mini LEDs and micro LEDs.
Rapid consumption of electronic products has boosted the growth of the display market in the APAC region that includes, India, Japan, China, South Korea, Australia, and the rest of Asia-Pacific. South Korea is a rapidly growing hub for electronics market with superior display material manufacturers situated in South Korea region. Apple is the highest selling manufacturer of smartphones used in South-Korea about 44.81% for FY2018, and second most top used smartphones manufacturer is Samsung with 44.30%. With the shifting consumer preference towards better resolution smartphones and TVs in the Asia-Pacific region, significant growth in the demand for display materials is expected during the forecast period.
However, high prices of new and advanced materials, slower technological adoption of QLED due to lack of awareness among consumers, and exclusivity and Intellectual property protection of emerging and display elements are limiting the growth of next-generation display materials market. OLED and QLED materials and displays manufacturers are the gorilla players of the next-generation display industry in the upcoming digitally modified era. Quantum dots mass production for commercial usage can be revolutionary. OLED panels have already started replacing the usage of traditional LCD panels. Companies are working on manufacturing cost minimization of OLED and QLED materials. DuPont has developed its unique liquid printing technique that is efficient in achieving perfect uniformity.
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TFT LCD, OLED, QLED, Micro LED, and MiniLED are some of the critical next-generation display materials used in different display devices. Organic Light Emitting Diodes (OLEDs) are thin films that exhibit electroluminescence when an electric current is applied. OLEDs find applications in a variety of consumer electronics such as televisions, mobile phones, computers monitors, watches, and other display screens. The continued development and commercialization of OLEDs is one of the key focus areas of next-generation display technology and their suppliers. There is much intellectual property associated with OLED materials; thereby, so manufacturing a high-quality OLED raw material can also be highly lucrative.
Intellectual property is a reliable driver for the OLED chemical materials business, which limits commoditization and drives high manufacturing costs for OLED-based devices. The significant companies manufacturing OLED display materials are Universal Display Corporation, DowDuPont, Merck, Idemitsu Kosan, LG Chem, and others.
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