Next-generation display materials are electronic devices with a flat panel consisting of single or multiple layers of organic materials emitting light. Benefits like higher contrast & resolution and improved brightness than conventional screens have made next-generation display materials popular across different end-users worldwide.
Additionally, these display materials offer wider viewing angles, quicker response time, and benefits like energy efficiency & low power consumption. Moreover, their low maintenance & easy adaptability in diverse environmental conditions are scaling their utilization in different areas.
The Global Next-Generation Display Materials Market is projected to grow at a CAGR of around 7.10% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the surging demand for next-generation display materials across the consumer electronics industry to manufacture high-quality display panels in devices like tablets, laptops, smartphones, etc.
Additionally, the growing consumer preferences for new-technology display devices are playing a crucial role in propelling the demand for next-generation displays & driving the market. Besides, changing living standards & improving disposable incomes are other prominent aspects instigating the adoption of consumer electronics & positively impacting the demand for these display materials.
Moreover, benefits like improving plasma technology, low-power consumption features, superior quality, & increasing thermal resistance of next-generation displays are also projected to boost the market through 2026. Furthermore, the automotive, consumer electronics, defense & aerospace sectors, etc., the largest consumers of next-generation display materials, are likely to generate lucrative growth opportunities for the leading players in the industry over the forecast years.
Key Trend in the Global Next-Generation Display Materials Market
An increasing number of the elderly population & their health concerns have augmented the demand for wearable devices to track health and monitor heart rates, blood pressure, footsteps, & other aspects. This increasing adoption of wearable devices is directly impacting the demand for next-generation display materials & driving the global market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, The Netherlands|
|Asia-Pacific: China, India, Japan, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: Saudi Arabia, South Africa|
|Key Companies Profiled||Toshiba, E-ink, Samsung SDI, RitDisplay, Sony, and Universal Display Corp|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Next-Generation Display Materials Market
The Covid-19 pandemic had a dual impact on the Global Next-Generation Display Material Market in 2020. Initially, with the imposition of stringent movement restrictions & lockdowns worldwide, the market observed unprecedented challenges like shortage of labor, disruptions in the supply chain, delays in the deliveries of pre-produced products, & cancellation of projects, among others.
It resulted in increasing fluctuations in the prices of raw materials & significant demand-supply gaps in the market and introduced financial losses to the leading market players. However, observing the vast spread of this dreadful disease, most people & healthcare facilities worldwide propelled the demand for wearable devices to keep track of their health & monitor the fluctuations in line with the Covid-19 virus.
These devices were majorly for remotely monitoring & diagnosing symptoms using equipment like oximeters, smartwatches, patient monitoring equipment, which, in turn, augmented the demand for next-generation display materials for manufacturing displays used in these devices.
Additionally, across the consumer electronic products, the demand for tablets, smartphones, and laptops rose dramatically across corporate companies & education institutions due to the sudden shift toward work from home culture.
Since 2021, with the declining number of Covid-19 cases, governments of different countries have uplifted the restrictions and enabled the recommencement of business operations, i.e., allowing the market to regain its usual growth pace. Moreover, several leading market players are anticipated to invest in upgrading & bringing innovations in their product offerings during the forecast period.