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.
Of them all, Organic Light-Emitting Diodes (OLEDs) dominated the Global Next-Generation Display Materials Market with the largest share in the recent years & is anticipated to prevail the same trend during the forecast period. It owes principally to the rapidly increasing demand for OLEDs, owing to their properties like thin build, high resolution, bigger screens, lightweight, wide-viewing angle, & multiple folds’ quick response time.
Since OLED display materials provide greater flexibility, several smartphone manufacturers are exceedingly utilizing them to introduce new products with better screen resolutions & features for the rapidly increasing number of consumers, especially across Asia-Pacific.
Besides, rapid technological advancements and exchange & usage permission of patented OLED & QLED (Quantum dot light-emitting diode) display materials are further augmenting the demand for next-generation displays & driving the global market.
Here, Televisions & Monitors dominated the Global Next-Generation Display Material Market with the largest share in recent years. It attributes principally to the swiftly improving economic conditions of people entwined with mounting sales & production of televisions & monitors, i.e., augmenting the demand for next-generation display materials for high resolution & better definition. Additionally, the escalating adoption of low-cost & large display panels in modern televisions is another crucial aspect fueling the market growth.
On the other hand, Laptops & Tablets are anticipated to witness massive adoption in the coming years & shall display the fastest market growth during 2021-26. It owes to the rapidly increasing adoption of these devices due to several business establishments & government organizations entwined the growing trend of gaming devices, which has replaced desktops. It, in turn, is propelling the demand for next-generation display materials for a better visual experience for users, thereby driving the market through 2026.
Geographically, the Global Next-Generation Display Material Market expands across:
Asia-Pacific dominated the Global Next-Generation Display Materials Market in recent years & is anticipated to prevail the same trend in the coming years. It owes principally to various research & development programs for upgradations & innovations in the next-generation display materials by governments of different countries across the region.
Additionally, an abundance of low-cost laborers due to the high population across countries like China, India, etc., coupled with the presence & active participation of prominent players delivering next-generation display materials, are other crucial aspects augmenting the regional market growth. Besides, a massive consumer base for electronic items like televisions, laptops, tablets, smartphones, wearable devices, among others, are further stimulating the demand for these display materials across Asia-Pacific through 2026.
On the other hand, North America acquired the second-largest share in the Next-Generation Display Materials Market in recent years, mainly due to the region being an early adopter of technologies, an increasing demand for OLED display materials, & mounting penetration of wearable devices for health monitoring. The US & Canada are the largest regional markets owing to their extensive growth potential due to massive investments in bringing innovations & upgrades in technologies.
Nonetheless, Europe is projected to witness considerable market growth in the coming years. It owes principally to stringent regulations by governments of countries like the UK & Germany to curb the use of Cadmium in displays & address the alarming environmental issues. It, in turn, is generating lucrative growth opportunities for the leading players to seek safer alternatives & driving the regional market through 2026.
Recent Development by Leading Players
Key Driver: Mounting Adoption of OLED Technology
Constant developments & advancements in display materials entwined with the introduction of OLEDs are attracting an extensive consumer base toward devices & electronics having next-generation display materials for high-resolution & better picture quality. Moreover, benefits like enhanced image quality, better contrast, fuller viewing angle, higher brightness, vast color range & much faster refresh rates, along with environmental perks like reduced power consumption of the OLED next-generation displays, are further driving the Global Next-Generation Display Materials Market through 2026.
The automotive industry worldwide is expanding swiftly and developing technologically advanced vehicles to address growing concerns associated with the alarming environmental issues. In the same line, the demand for next-generation display materials is projected to encourage leading market players to develop an Organic Light-Emitting Diode (OLED) display driver integrated circuit with lower power consumption in vehicles.
Since cadmium has toxic traits for the environment while manufacturing display panels, governments of different countries worldwide are banning its use. It, in turn, is generating lucrative growth opportunities for the leading players in the Global Next-Generation Display Materials Market to seek safer alternatives in the coming years.
According to MarkNtel Advisors, the major leading players in the Global Next-Generation Display Materials Market are Toray Industries, Idemitsu Kosan Co., Ltd., Inc., Samsung SDI Co., Novaled, Nanosys, Universal Display Corporation, Nanoco Group PLC, Quantum Materials Corporation, Doosan Corporation, PPG Industries, Inc., and DuPont Inc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Next-Generation Display Materials Market is projected to grow at a CAGR of around 7.10% during 2021-26.
A. OLEDs would emerge as an area of remunerative opportunities for the leading players in the Global Next-Generation Display Materials Market through 2026.
A. Swiftly expanding automotive industry, strict government regulations for banning cadmium use, and the mounting adoption of OLED technology are anticipated to generate growth opportunities for the Global Next-Generation Display Materials Market through 2026.
A. With the revival of the supply chain, massive investments & product developments by the leading players in the Global Next-Generation Display Materials Market are expected in the coming years.