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OLED Materials market Development
OLED materials include key components such as substrates, encapsulation, cathodes, anodes, hole injection materials (HIL), electron transport materials (ETL).
WILMINGTON, DE, UNITED STATES, September 19, 2024 /EINPresswire / -- A recent report by Allied Market Research titled "OLED Materials Market by Type, Application, and End User: Global Opportunity Analysis and
industry Forecast, 2017-2023" reveals that the global OLED materials market, valued at $5.93 billion in 2016, is projected to grow to $25.73 billion by 2023. This reflects an impressive compound annual growth rate (CAGR) of 26.3% from 2017 to 2023. The Asia-Pacific region led the market in 2016, capturing over two-thirds of the total market share.
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OLED materials include key components such as substrates, encapsulation, cathodes, anodes, hole injection materials (HIL), electron transport materials (ETL), emissive materials (EML), and others (HTL and EBL). Of these, substrates held the largest share in 2016. The growth of the OLED materials market is driven by the increasing demand for smartphones, coupled with lifestyle changes and population growth. Major industry players have formed partnerships with service providers and retailers to expand their reach.
Market Segments and Growth Projections:
Substrates: The substrates segment is expected to maintain dominance throughout the forecast period, although the cathode segment is forecasted to experience rapid growth soon. In 2016, cathodes and substrates together made up more than one-third of the market share.
Display Segment: This segment accounted for a significant portion of the market in 2016 and is expected to continue its leadership. The demand for OLED displays, particularly in smartphones and TVs/monitors, is a key driver. In 2016, smartphones and television sub-segments contributed to more than three-fifths of the display market share, thanks to rising global demand and aggressive marketing campaigns from smartphone manufacturers.
Key Insights from the Report:
- The cathode segment is expected to grow at a CAGR of 31.9% through 2023.
- The LAMEA region (Latin America, Middle East, and Africa) is anticipated to witness the highest growth, with a projected CAGR of 30.8%.
- Substrates accounted for over one-fourth of the global market share in 2016.
- China and India are projected to hold approximately three-fourths of the total Asia-Pacific market by 2023, with India experiencing a 25.6% CAGR from 2017 to 2023.
- Asia-Pacific dominated the global market in 2016 and is expected to retain its lead, while the LAMEA market shows significant potential for growth due to the increasing adoption of OLED technologies in smartphones and televisions.
Leading Companies in the OLED Materials Market:
Prominent companies in the market include 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.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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