New York (US), July 12, 2023 (GLOBE NEWSWIRE) -- OLED Materials Market Overview
The research documents by MRFR indicate that the “OLED Materials Market Research Report Information by Application, Region, End-User, and Type - Forecast Till 2032”, the OLED Materials market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 22.50%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 129.2 Billion by the end of 2032. As per the study documents, the market was worth around USD 20.8 Billion in 2022.
The primary aspect causing a surge in the performance of the market is the increasing utilization of wireless devices to maintain connectivity in remote areas.
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Competitive Analysis
The catalog of the top leaders across the global market for OLED Materials includes players such as:
- Sigma-Aldrich Co. LLC.
- TCI America
- Dupont
- Sumitomo Chemical
- Novaled GmBH
- Universal Display
- Merck KgAA
- The Dow Chemical Company
- Lg Chem
- Idemitsu Kosan
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 129.2 Billion |
| CAGR | 22.50% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Increase in population and rise in disposable income of consumers and increase in demand for wireless devices |
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Market USP Covered
Market Drivers
The global OLED Materials industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the increasing utilization of wireless devices to maintain connectivity in remote areas. Furthermore, the factors such as the rising demand for fixed wireless devices, growing use of OLED materials in the automobile industry, heavy funding R&D initiatives, growing public awareness of the advantages of OLED displays, and the rising demand for consumer gadgets are also projected to boost-up the growth of the market over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The OLED Materials industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
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Segment Analysis
Among all the types, the substrates category secured the leading position across the global market for OLED materials in 2022. The main aspect causing a surge in the performance of the market segment is the availability at low cost and growing use of electronic devices such as televisions, smartphones, etc. OLEDs are developed on substrates. Furthermore, new technology developments are also likely to positively impact the market segment's growth over the coming years.
Among all the application areas, the display segment secured the leading position across the global market for OLED materials in 2022. The main aspect causing a surge in the performance of the market segment is durable construction. Furthermore, the rising consumer expenditure in all regions is also projected to positively impact the growth of the market segment over the coming years.
Among all the end-users, the residential category secured the leading position across the global market for OLED materials in 2022. The main aspect causing a surge in the market segment's performance is the construction sector's expansion.
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Regional Analysis
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that the North American Region secured the leading position across the global OLED Materials industry in 2021 with the largest contribution of nearly 45.80%. The Region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. OLED Materials Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional expansion is the rising technological advantage over other parts of the world. Furthermore, the rapid technological innovation in the regional market is also considered to be one of the vital parameters enhancing the growth of the regional market over the coming years. The Region is known to have the finest quality LED products and designs globally.
The European Region anticipates substantial growth across the global OLED Materials industry over the coming years. The Region has France, Germany, and the U.K. as the leading development contributors. Further, the German OLED Materials Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the rising disposable income across the Region. Furthermore, the escalating demand for this material is also considered to be one of the vital parameters enhancing the growth of the regional market over the coming years.
The Asia-pacific Region was influential in the global OLED Materials industry in 2022. India, China, and Indonesia are the leading development contributors in the Region. Further, the China OLED Materials Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect causing a surge in the regional market's performance is the economic dynamics of nations like China and India. However, the present situation is changing because of the rise in foreign direct investment for the growth of Southeast Asia's economy. Furthermore, the growing construction and automotive industry across Southeast Asian nations will likely enhance the regional market's growth over the coming years.
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