Richmond, Jan. 22, 2024 (GLOBE NEWSWIRE) -- According to a research report "OLED Materials Market”, By Type (Substrates, Encapsulation, Anode, HIL [HOLE INJECTION MATERIAL], HTL [HOLE TRANSPORT LAYER], ETL [ELECTRON TRANSPORT MATERIAL], EML [EMISSIVE MATERIAL], Cathode and Others), By Application (Display {Television & Monitors, Smartphones, Notebooks & Tablets, Automotive and Others} and Lighting), By End User (Residential, Commercial and Industrial) and Region - Global Forecast to 2030.
Global OLED Materials Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 25.7 Billion |
| Market size value in 2030 | USD 109.3 Billion |
| CAGR (2023-2030) | 23.0% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on OLED Materials Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global Organic Light Emitting Diode (OLED) lighting market has witnessed significant growth and transformation in recent years. OLED lighting technology is gaining prominence as it offers advantages such as flexibility, thinness, and energy efficiency. These characteristics make OLED lighting suitable for a wide range of applications, including residential lighting, automotive lighting, and commercial installations. OLEDs emit light when an electric current is applied to organic materials, and this technology enables the creation of ultra-thin, lightweight, and flexible light sources. The market is characterized by ongoing research and development activities, with companies focusing on enhancing the efficiency and longevity of OLED lighting solutions. The adoption of OLED lighting is expected to increase in the coming years, driven by its aesthetic appeal, environmental friendliness, and the growing demand for energy-efficient lighting solutions.
Major vendors in the global OLED Materials market:
- Dupont
- Heraeus Holding GmbH
- Hodogaya Chemical Co. Ltd.
- Idemitsu Kosan Co. Ltd.
- LG Chem Ltd.
- Merck KGaA
- Novaled GmBH
- Samsung SDI Co. Ltd.
- Sigma-Aldrich Co. LLC.
- Sumitomo Chemical Co. Ltd.
- TCI America
- The Dow Chemical Company
- Tokyo Chemical Industry Co. Ltd.
- Universal Display Corporation
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Increasing demand for energy-efficient and sustainable lighting solutions
A key driver for the global OLED lighting market is the increasing demand for energy-efficient and sustainable lighting solutions. OLED lighting technology offers several advantages in terms of energy efficiency, as it consumes less power compared to traditional lighting sources such as incandescent and fluorescent bulbs. OLEDs emit light when an electric current is applied to organic materials, allowing for precise control of brightness levels and minimal energy wastage. This characteristic aligns with the global push toward environmentally friendly and energy-saving lighting options, driven by concerns about climate change and a growing emphasis on sustainable practices.
Consumers, businesses, and governments are increasingly recognizing the importance of reducing energy consumption to minimize environmental impact and lower electricity costs. OLED lighting addresses these concerns by providing an efficient and eco-friendly lighting solution. As a result, there is a growing adoption of OLED lighting across various sectors, including residential, commercial, and automotive applications. The emphasis on energy efficiency, coupled with the unique design flexibility and aesthetics offered by OLED lighting, positions it as a key driver propelling the growth of the global OLED lighting market.
Market Dynamics
Drivers:
- Higher efficiency and lower energy consumption
- Growing awareness of sustainability
- Increasing demand for smart lighting
Opportunities:
- Expansion into New Applications
- Growing Popularity in Emerging Markets
Increasing focus on smart lighting solutions and the Internet of Things (IoT) integration
One key opportunity for the global OLED lighting market lies in the increasing focus on smart lighting solutions and the Internet of Things (IoT) integration. OLEDs, with their flexibility and thin form factor, can be seamlessly integrated into smart lighting systems, offering dynamic and customizable lighting experiences. The ability of OLEDs to produce high-quality, diffused light makes them suitable for various smart lighting applications, such as ambient lighting, mood lighting, and interactive lighting designs.
As the demand for connected and intelligent lighting solutions grows, OLED technology presents an opportunity to play a pivotal role in the advancement of smart lighting systems. OLEDs can be easily incorporated into IoT ecosystems, allowing users to control lighting conditions remotely through smartphones or other smart devices. This integration enables features like color tuning, brightness control, and even adaptive lighting that responds to environmental factors. The OLED lighting market can capitalize on this opportunity by catering to the rising demand for energy-efficient, aesthetically pleasing, and technologically advanced lighting solutions in smart homes, offices, and public spaces. Embracing IoT integration in OLED lighting systems can position the market to meet the evolving needs of the modern, connected world.
The Market for OLED Materials is Dominated by North America.
In 2022, the European market for OLED materials secured a substantial market share, driven by increasing disposable income and a growing demand for these materials. Notably, the German OLED materials market emerged as the leader in market share, while the U.K's OLED materials market experienced the fastest growth among European countries.
Anticipated from 2023 to 2032, the Asia Pacific OLED materials market is poised for significant expansion. The economic landscape of the Asia Pacific region, primarily influenced by nations like China and India, is undergoing a transformation with increased foreign direct investment fostering growth in South East Asia. Rapid expansion in the construction and automotive industries in South East Asian nations is a key factor driving this growth. Furthermore, within the Asia-Pacific region, China dominated the OLED materials market in terms of market share, while the Indian market for OLED materials demonstrated the highest growth rate.
The Infant Formula Segments is anticipated to hold the Largest Market Share during the Forecast Period
The segmentation of the OLED Materials Market, based on application, comprises display and lighting. In 2022, the display segment emerged as the predominant category in the global OLED materials market. OLED materials are renowned for delivering exceptional display quality compared to other display systems. Their robust construction makes them particularly suitable for integration into cellphones. The sales of smartphones are expected to witness growth during the projected period, fueled by increased consumer spending across all regions. The global smartphone market is poised for substantial demand growth, driven by the growing need for mobile internet services, applications, and real-time information transmission. This surge in demand is anticipated to be propelled by the overall rise in disposable income, particularly in the Asia Pacific region.
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