OLED Materials Market Likely To Touch New Heights By End Of Forecast Period

OLED materials consist of various components including substrates, encapsulation, cathode, anode, hole injection material (HIL), electron transport material.

WILMINGTON, DELAWARE, UNITED STATES, May 3, 2024 /EINPresswire.com/ -- The global OLED materials market, as per a recent report by Allied Market Research, was valued at $5.932 billion in 2016 and is projected to reach $25.731 billion by 2023, with a CAGR of 26.3% from 2017 to 2023. The Asia-Pacific region dominated the market in 2016, holding over two-thirds of the market share.

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OLED materials consist of various components including substrates, encapsulation, cathode, anode, hole injection material (HIL), electron transport material (ETL), emissive material (EML), and others. Substrates constituted a significant portion of the market in 2016. The demand for OLED materials is primarily driven by lifestyle changes and population growth, with the increasing demand for smartphones expected to further propel market growth.

Substrates are expected to maintain their dominance throughout the forecast period, although the cathode segment is projected to gain momentum in the near future. In 2016, the cathode and substrates segments collectively held more than one-third of the OLED materials market.

Within the display segment, smartphones and television & monitors sub-segments contributed significantly in 2016, driven by the global demand for smartphones. Factors such as the expansion of offline sales channels and aggressive advertising campaigns by key players in the smartphones industry are expected to further boost demand.

Key findings from the study include the projection of a 31.9% CAGR for the cathode segment during the forecast period and LAMEA (Latin America, Middle East, and Africa) witnessing the highest growth with a CAGR of 30.8% in terms of value. China and India are forecasted to dominate the Asia-Pacific OLED materials market by 2023, with India expected to grow at a CAGR of 25.6%.

Asia-Pacific led the market in 2016 and is expected to maintain its dominance, while the LAMEA region is anticipated to experience significant growth due to increased adoption of OLED in smartphones and televisions.

Key players in the OLED materials 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.

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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.

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