The technology of TV displays has evolved significantly from the cathode ray tubes of the mid-20th century to the liquid crystal displays (LCDs) and light-emitting diodes (LEDs) of the first decade of the 21st century. With efforts on to make the displays even better, organic light-emitting diodes (OLEDs) have been invented, which are rapidly becoming popular in TVs, smartphones, laptops, tablets, and automotive displays. This is because of the several advantages OLED screens offer, including brighter pictures, larger viewing angles, ability to work in a wider temperature range, and lower power consumption.
Moreover, OLEDs are so thin that they can be used for curved and folded screens, which are becoming rapidly popular, especially in wearable devices and other consumer electronics. Similarly, transparent displays, which are helping revolutionize advertising activities, have become possible due to OLEDs. P&S Intelligence cites these advantages and the constant research being put in to make the technology better while forecasting that the OLED materials market value, which stood at $6,000.0 million in 2016, will reach $27,818.4 million by 2023, at a 24.5% CAGR between 2017 and 2023.
Apart from displays, OLEDs are being researched upon as a potential source of general lighting. Unlike compact fluorescent lamps (CFLs) and LED lights, OLED lights can light up large areas homogeneously, which means that there are no exceptionally bright and dark spots in a room; the entire room is lit uniformly. Moreover, since OLEDs are thin and flexible, they can be adapted to innovative and sleek fixture designs. For this reason, the potential application of OLEDs in vehicle lights is also being explored, especially with the rising demand for cars that have a modern look and design.
Another key application of OLEDs in the future could be automotive digital instrument clusters, which display various pieces of vehicle-, journey-, and driver-related information to make roads safer. With more than 1.3 million dying in road accidents each year, as per the World Health Organization (WHO), the integration of advanced driver-assistant systems (ADAS) has been mandatory in many countries. To display the information that such systems generate, OLED screens will be used, which will create a high demand for the associated materials and components.
Due to the high automotive and consumer electronics production, the OLED materials market will continue to be led by Asia-Pacific (APAC) in the years to come. China, South Korea, India, and Japan are home to some of the largest consumer electronics and automotive manufacturers. Moreover, with the rising urbanization rate in the region, the purchasing power of people is increasing, which is propelling automotive and consumer electronics sales. In addition, the road accident and fatality rates are rather high here, which is why most of the vehicles in the future are expected to have ADAS.
Hence, with the growing sales of automobiles and consumer electronics, the consumption of OLED materials will burgeon too.
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