Display Material Market

Display Material Market Size, Share, Growth (2023-2028)

The display material market is expected to have a value of USD 42.09 billion by 2028 and grow with a CAGR of 4.79 % during the forecast period 2023-2028.

Display Material Market Overview

The most used display materials are cell phones, media players, television, large screens, and digital cameras, which all require the material to fulfilling their function. Some essential display components utilized in the production process of the displays are glass, ICs, backlight, films, and some other materials. A wide range of traditional and advanced technologies, such as LCD, OLED, AMOLED, and others, are utilized in manufacturing displays. These technologies use a different variety of materials and techniques for manufacturing different types of display materials. Plastic material like acrylic, high-impact polystyrene, and PVC gives more shopping experience as there are simple and can be decorated with painting and prints.

Display Material Market Drivers

Upsurges in demand for display materials are prompting the demand for the display material market.

The end-user industries such as electronics, automotive, aerospace, consumer electronics, and construction are having an increase in the requirement for display materials with the rise in the demand for these industry products. This would act as a market revenue growth driving factor. The technological advancements in these sectors are also increasing the demand for the products and boosting the display material market revenue growth with the rise in the requirement for the material. There is a rise in the demand for environment-friendly materials due to the increased consumer focus on their role in reducing the negative impact on the environment. In certain nations of the Asia-Pacific region, the increase in the demand for the average screen size and high-resolution television units impels the market growth in the region.

Display Material Market Restraints

The restraints present in the display material market hinder its growth and development. Some of the most market-effecting restraints are the high production cost of advanced materials; as the raw materials are the important component of any product, an increase in the production cost reduces the overall demand. Checking the product standards is an important criterion taken into account when choosing the product, and a lack of standardization would hinder the demand in the market. Strict government regulations on plastic and composites also play a significant role in the decision-making process for new market players entering the market and in the existence of the existing players.

Display Material Market Opportunities

The increase in the adoption of high-definition display solutions provides an enormous opportunity for the display material market trends. The development of new technologies, such as OLED and quantum dot LCD displays, will increase the customer base in the coming years. Further, the emergence of 3D technology made the production process of intricate and unique parts simpler. This helps in the provision of new opportunities for the expansion of the market revenue with the increased production levels by utilizing the new technology. Further, the increase in customer demand in having high-quality, flexible, adaptable, cost-effective, and brighter displays makes the manufacturers concentrate on developing different technologies. These innovations provide the opportunity for the manufacturers to meet the different segments of customers and in expanding the market.

COVID-19 Impact on the Display Material Market

There is a mixed impact of the COVID-19 pandemic on the display material market. The pandemic caused an economic downturn across the world, resulting in reduced expenditure on non-essential goods and services such as smartphones, tablets, televisions, and other infotainment systems. This resulted in a negative impact on market growth and reduced demand for display materials. The imposition of the complete lockdown across the world led to the disruption of the supply chain, causing the delayed supply of raw materials and end products. Additionally, the surge in the prices of raw materials due to non-availability also decreases the demand. On the other hand, the increase in remote work and online education resulted in a rise in the need for laptops, tablets, and other consumer electronics. This increase in the requirement for these devices has a positive impact on the market.

Key developments in the market

• In 2021, Samsung and Corning are having a partnership for OLED, QD Displays, and flexible displays. Corning is going to be Samsung’s critical material innovation partner.

• In 2021, for developing and producing innovative display panels, a long-term agreement was signed between the Universal Display Corporation and LG Display Co., Ltd. Universal Display Corporation, using the Universal PHOLED technology and material, is enabling energy-efficient and lighting displays.

Display Material Market Segmentation

By Material

• Substrate

•  Polarizer

• Color Filter

• Liquid Crystals

• BLU

• Emitter Organic Layer

• Encapsulation

The polarizer segment is expected to have a large market share in the display material market. The increasing investments in the material to provide better energy efficiency and increased lifespan will fuel the growth of the segment in the market.

By Application

• Television

•  Smartphone Tablets

• Signage

• Automotive

• Smart Wearables

The television segment holds a significant share of the display material market. The increase in the consumption of several devices like smartphones, TVs, and tablets having LCD panels as their display materials drives the demand for the market. Shipment of the OLED panel used in electronic devices owns a sizable portion of the market and accelerates the demand for the market.

By End-Use Industry

•  Construction

• Automotive

• Aerospace

•  Electronics

• Healthcare

• Others

The construction industry is expected to have a significant market share in the display material market and has a high revenue growth rate. The wide application range of display materials in the construction industry increases the market demand. In façade systems, interior walls, and lighting are some of the applications of display materials in the construction industry. Automotive also accounts for a significant revenue share in the market owing to the rise in the applications of display materials in instrument panels, head-up displays, and infotainment systems.

By Technology

·               LCD

·               OLED

·               AMOLED

·               Others

The LCD segment is anticipated to have a large share of the display material market during the forecast period. When compared to OLED displays, the LCD display requires more materials, layers, and components, which accelerates the demand and growth of the market. OLED is an emerging technology in the market. Owing to the increased use of OLED panels in smart devices like smartphones and wearables increases the need for OLED technology.

Display Material Market Regional Analysis:

•  North America

•  Europe

• Asia Pacific

• Latin America

• Middle East & Africa

Asia-Pacific region has a large market share in the display material market. Major manufacturing companies in the region propel the growth and demand for the market. Favorable government policies, lesser logistics costs for the delivery of the end product, and an increase in the operational activities in China make the nation grow with a high CAGR during the forecast period. North America is expected to be the next high market share holder in the display material market. In this region, these materials are increasingly used in the construction and automotive sectors, which drives the demand for the market.

Display Material Market Key Players

1.  Corning

2.  Universal Display Corporation

3.  Samsung SDI

4. Hodogaya Chemical

5. Sumitomo Chemical

6. DIC Corporation

7. LG Chem

8. Asahi Glass

9. DowDuPont

10.  JSR Corporation