The cathode ray tube technology has been dominating the display industry for years. Commercialized in the year 1922, the technology was the display of choice for every application in the display industry. However, the introduction of light emitting diode (LED) technology led to a major breakthrough in the industry and resulted in the development of liquefied crystal display (LCD) and plasma screens.
Further advancements led to the development of TFT LCD, which were majorly used in laptops and PCs. Post the introduction of TFT LCD, the display materials industry has witnessed several other developments in form of advanced display materials based on the organic light emitting diodes (OLEDs) and quantum dot light emitting diodes (QLEDs) technology. These three most recent breakthroughs in the display market i.e. TFT LCD, OLED and QLED materials come under the class of next-generation display materials.
BIS Research, a leading market intelligence company recently published a report providing key insights about the emerging next-generation display materials market. The two key materials whose markets are majorly discussed in the report are OLED and TFT LCD materials.
Features of Organic Light Emitting Diodes (OLED)
One of the key features of an OLED is that it is capable of producing its own light and doesn’t require any backlighting. Continuous recombination of highly mobile holes with electrons results in the release of energy in form of light particles i.e. photons. As long as the current keeps flowing, the OLEDs keep producing light. As a result, OLEDs consume very less power and have high power efficiency.
Moreover, OLEDs are brighter than LED and super flexible, thin, and light-weight in nature. The thickness of an OLED is approximately eight-thousandths of an inch. OLEDs can be manufactured in varied sizes, are eco-friendly, have a faster response time, and a wider viewing angle than LCDs.
Features of Thin-Film-Transistor-Liquid-Crystal-Display (TFT-LCD)
Over the past few years, LCDs have emerged as the most widely used material in the display industry. Thin-Film-Transistor-Liquid-Crystal-Displays or TFT-LCDs come under the active matrix LCD category. These displays use transistors and capacitors that aid in achieving the required results along with conserving the maximum possible energy. Further, for their backlight, they use light emitting diodes (LED). Faster response time and consequently improved picture quality in terms of clarity, color contrast, and sharpness are the key features of TFT-LCDs.
Application of Next-Generation Display Materials
The key application areas of next-generation display materials are smartphones, smartwatches, automotive displays, televisions and monitors, and laptops and tablets. As an application segment, televisions and monitors are projected to witness tremendous growth in the coming years and register the highest revenue in the next-generation display materials market. Further, next-generation display materials are also used widely in laptops and tablets followed by smartphones, and their demand and application are expected to increase at a robust rate in the coming future.
Market Overview – Next-Generation Display Materials (Focus on OLEDs and TFT LCDs)
According to the report published by BIS Research titled “Global Next-Generation Display Materials Market – Analysis and Forecast (2019-2029),” the global next-generation display materials market is projected to register a compound annual growth rate (CAGR) of 11.83% during the forecast period, 2019-2029. The market size was valued at $123.22 billion in 2018 and is anticipated to reach $421.50 billion by 2029.
As per the market analysis by BIS Research, the Asia-Pacific region acquired the principal share of the next-generation display materials market in 2018. In the APAC region, China has emerged as the center of attraction for the next-generation display materials industry. The Chinese government has made several investments for the development of quantum dot technology in the country. As a result, the demand and use of quantum dots in China for varied applications such as logistics and warehousing are expected to increase at a robust rate during the forecast period.
Another country wherein the next-generation display materials market is expected to flourish extensively is Taiwan. Major companies such as Samsung, Nokia, and L.G. already have their manufacturing sites in the country.
Latest Advancements and Leading Players in the Market
The global next-generation display materials market growth has led to a rise in the investments from several established players. Samsung is one of the biggest technology giants dominating the display materials market. One of the recent developments by Samsung in the OLED market is their first foldable smartphone - Samsung Galaxy Fold, launched in the year 2019. Moreover, Samsung has started the mass production of flexible OLED panels and Apple is expected to be its one of the largest consumers in the coming future. Further, in the year 2019, Samsung is also expected to launch their TV series based on the QLED technology.
Some of the other players venturing in the next-generation display materials market include Universal Display Corporation, Nanoco Group, Quantum Materials Corporation, Sharp Corporation, and Merck Group.