Display technologies have been around since the early 1900s with the inception of cathode ray tubes (CRT) which was eventually commercialized in 1922. The display industry has evolved over the years with several technological disruptions. However, the fragile nature and bulky size of the CRT led to the next breakthrough in the display industry with the introduction of light emitting diode (LED) technology following which liquified crystal display (LCD) and plasma screens were developed.
Similarly, the technologies used in the smartphone were invented back in 1965. The consumer electronics industry with the advancement in technology has changed significantly over the past decade. The technological advancements have not just been witnessed for smartphones but have also been used for TVs, monitors, laptops, and other display devices.
The displays which were used in computers and TVs offered users to interact with the images. These requirements led to the use of TFT LCD displays which were implemented in commercial PCs and laptops. TFT-LCD market grew in television and smartphones segment and acquired the most significant market share in the global market. The recent breakthrough in the display technology is the OLED technology, and this technological disruption is expected to prevail in the display market as the demand for various sizes, technology, and forms of display for vivid applications keeps on evolving which in turn is expected to drive the display material market in the coming years.
TFT LCD, OLED, and QLED materials are the backbone of next-generation display materials market. Companies have invested in establishing their OLED and QLED production plants globally. OLED materials have evolved due to their advanced features such as lightweight, thin enough to shape freely, 1,000 times faster response time than LCD, wide viewing angle in comparison to LCD, power efficiency and its eco-friendly nature. This advancement led to bigger screens, higher resolutions, and power efficient displays at a lower cost. Some of the companies that are using OLED based display panels in their display devices are Samsung Display Corporation, LG Display Corporation, and Apple Inc.
Along with the technological advancements, exchange and usage permission of their patented OLED and QLED materials have also led to the significant increase in the demand of display technology. For instance, Universal Display Corporation has licensed their PHOLED series of material and now have collaborated with companies such as Samsung Display, Sharp Corporation, Royole Corporation, BOE Technology Group, and PPG Industries, among others, for mutual exchange of product license and its usage authorities.
OLED and QLED displays are further advancing with their flexible display property, and companies such as Samsung Display and Huawei Technological Co, Ltd. is promoting their rigid smartphone display panels to flexible and rollable display panels. Companies developing quantum dots are shifting their interest and area of work to environment-friendly quantum dots after European government asked to discontinue usage of cadmium quantum dots in the market. Now companies are developing quantum dots that are cadmium-free and heavy metal free.
The next-generation display materials market is driven by construction and update of new and existing display panel manufacturing plants in APAC, increased adaption of OLED display technology in various display devices, and growing demand of quantum dots in display devices. Asia-Pacific is known as the hub for the display panel manufacturers and suppliers. China and Taiwan are now shifting their focus on providing organic light emitting diode (OLED) display panels and are expanding their manufacturing units and subsidiaries across other countries in the APAC region.
LG Display is one of the leading display panel producers in the Asia-Pacific region and is planning to invest approx. $13.5 billion by FY2020. The demand for new display technologies is increasing owing to the enhanced resolution and performance quality of display devices, including smart televisions (TV), laptops, mobile devices, tablets, and cameras. Some of the technologies that are surpassing the traditional liquid crystal displays (LCDs) are OLED displays, QLED displays, mini LEDs and micro LEDs.
Rapid consumption of electronic products has boosted the growth of the display market in the APAC region that includes, India, Japan, China, South Korea, Australia, and the rest of Asia-Pacific. South Korea is a rapidly growing hub for electronics market with superior display material manufacturers situated in South Korea region. Apple is the highest selling manufacturer of smartphones used in South-Korea about 44.81% for FY2018, and second most top used smartphones manufacturer is Samsung with 44.30%. With the shifting consumer preference towards better resolution smartphones and TVs in the Asia-Pacific region, significant growth in the demand for display materials is expected during the forecast period.
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However, high prices of new and advanced materials, slower technological adoption of QLED due to lack of awareness among consumers, and exclusivity and Intellectual property protection of emerging and display elements are limiting the growth of next-generation display materials market. OLED and QLED materials and displays manufacturers are the gorilla players of the next-generation display industry in the upcoming digitally modified era. Quantum dots mass production for commercial usage can be revolutionary. OLED panels have already started replacing the usage of traditional LCD panels.