The preference for OLED materials is expected to increase in Asia-Pacific, owing to rise in disposable income and high adoption of new technologies by consumers. China possesses high growth potential owing to presence of giants in the smartphones and television industry, which in turn is anticipated to benefit market growth.
According to a new report published by Allied Market Research titled, OLED Materials Market by Type, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2017-2023,"the global OLED materials market was valued at $5,932 million in 2016, and is expected to reach $25,731 million by 2023, registering a CAGR of 26.3% from 2017 to 2023. Asia-Pacific dominated the global market, accounting for over two-thirds market share in 2016.
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In 2016, Asia-Pacific accounted for the highest share, and is expected to continue its dominance during the forecast period. The LAMEA OLED materials market is anticipated to grow at a significant CAGR due to growth in adoption of OLED in smartphones and televisions.
The key players profiled in the report are Sigma-Aldrich Co. LLC., DuPont, Novaled GmbH, Merck KGaA, LG Chem, TCI America, Sumitomo Chemical, Universal Display, The Dow Chemical Company, and Idemitsu Kosan Co., Ltd.
OLED materials comprise substrates, encapsulation, cathode, anode, hole injection material (HIL), electron transport material (ETL), emissive material (EML) and others (HTL and EBL). Substrates holds a major share in the global OLED materials market in 2016. The demand for OLED materials is driven by changes in lifestyle of people and increase in population. In addition, surge in demand for smartphones is expected to boost the market growth in the near future. The major companies operating in the global OLED materials market have collaborated with major service providers & retailers to expand their outreach.
The substrates segment is expected to dominate the global market during the forecast period. However, the cathode segment is anticipated to gain traction in the near future. In 2016, the cathode and substrates segments collectively accounted for more than one-third share of the global OLED materials market.
The display segment accounted for a significant share in 2016, and is anticipated to maintain its dominance during the forecast period. The smartphones and television & monitors sub-segments contributed to over three-fifth share in the display segment in 2016. This is attributed to the increase in demand for smartphones worldwide.
Rise in offline sales channels and aggressive advertising campaigns by the key players in the smartphones industry are expected to augment its demand further.
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