Global OLED materials market is projected to reach $27,818.4 million by 2023, P&S Market Reseach.
Increase in demand for smartphones, increasing demand of OLED from the automotive industry, and rise in disposable income are some of the major factors driving the growth of the OLED materials market.
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Based on application, the OLED materials market is categorized into display and lighting. The display category is estimated to hold a larger share in the market, contributing more than 90.0% in 2017. This is attributed to the increased manufacturing of smartphone and television displays. The display application is further categorized into television and monitors, smartphones, notebooks and tablets, and automotive.
The end user segment is further categorized into residential, commercial, and industrial sectors. The residential category has been recording the largest share in the OLED materials market, due to growth in residential projects, resulting in increased demand of these materials.
Rise in population can be seen as another factor propelling the growth of the OLED materials market in Asia-Pacific. With the rise in population, there has been an increase in residential projects, which demand these materials for lighting and other displays. Moreover, increase in disposable income is also leading to greater use of these materials. For example, China has seen growth in its disposable income which has led to greater consumption of electronic products like laptops, tables, and mobile phones in recent years.
Some of the major players operating in the OLED materials industry are Bayer AG, DowDuPont Inc., Idemitsu Kosan Co. Ltd., LG Chem, Merck KGaA, Novaled GmbH, Sumitomo Chemical Company Limited, TCI America, Universal Display Corporation, and Heraeus Holding GmbH.
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