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Foldable OLED shipments will expand to 61 million units in 2027, and the UTG market will also grow more than three times

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According to the ‘2023 OLED Components and Materials Report’ recently published by UBI Research (www.ubiresearch.com), a company specializing in OLED market research, In 2023, foldable OLED shipments are expected to record 22 million units, and expand to 61 million units in 2027 at an average annual growth rate of 29%.

Ultra Thin Glass market forecast

Ultra Thin Glass market forecast

As the foldable market expands, the market for foldable cover windows is also expected to expand. The market for foldable cover windows is expected to expand from $410 million in 2023 to $840 million in 2027.

However, since Samsung Display plans to mass-produce foldable OLEDs only with UTG in the future, and BOE, TCL CSOT, and Visionox are also developing foldable OLEDs with UTG applied, the cover window market for foldable phones is expected to be led by UTG (UItra thin glass) in the future, and the share of colorless PI will continue to decline.

The UTG market is expected to grow from $240 million in 2023 to $740 million in 2027, and the colorless PI market is expected to shrink from $170 million in 2023 to $95 million in 2027.

Samsung Electronics, a leader in foldable phones, has applied UTG (Ultra thin glass) for cover windows to all foldable phones released since the ‘Galaxy Z Fold2’. Samsung Electronics processes and uses Corning’s glass, and Samsung Display is supplied with Schott’s glass.

Recently, Chinese companies that have adopted colorless PI as a cover window due to lack of technology are also increasing the use of UTG.

Motorola released clam-shell type ‘Razr 40’ and ‘Razr 40 Ultra’ in June. The panel supplier for both products is TCL CSOT, and Schott’s UTG is processed and supplied by SEED(赛德) for the cover window. Among them, the ‘Razr 40 Ultra’ has a larger external display of 3.6 inches compared to the existing foldable phone, similar to the ‘Galaxy Z Flip 5’ to be released by Samsung Electronics.

Oppo is preparing to release a 6.8-inch clam-shell type and an 8.1-inch book type foldable phone. All of Oppo’s new foldable OLED panels will be supplied by BOE, and TOKEN will process and supply Schott’s UTG.

Huawei released the successor to the Mate series, the Mate X3, in April. The foldable OLED panel of ‘Mate X3’ is supplied by BOE and Visionox, and the cover window is supplied with KOLON’s colorless PI coated by DNP. Huawei was developing UTG for cover windows, but adopted colorless PI due to performance issues.

The ‘2023 OLED Components and Materials Report’ published this time analyzes the development and business status of foldable/rollable OLED by set and panel companies, the latest OLED development status such as MLA (Micro lens array), QD materials, oxide TFT, and encapsulation technology, OLED Analysis of panel makers’ mass production capa and market outlook for major parts and materials were discussed.

▶ 2023 OLED Components and Materials Report Sample Download

OLED materials and components market for mobile devices is expected to grow by US$16.73 billion in 2027 with an average annual growth rate of 4.6%

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OLED materials and components market for mobile devices

OLED materials and components market for mobile devices

According to UBI Research’s ‘4Q22 AMOLED Materials and Components Market Track’, which predicts 19 major components such as TFT, encapsulation, touch sensor, adhesive, and cover window, the mobile device materials market is expected to grow by US$13.91 billion by 2023, with an average annual growth rate of US$16.73 billion.

It is predicted that the market for flexible OLED materials, including foldable OLEDs, will continue to maintain more than 80% of the market and reach more than 90% from 2025. The Rigid OLED material market is expected to fall by 13.5% annually from US$1.89 billion in 2023, reaching US$1.07 billion by 2027. This is because Samsung Display’s rigid OLED shipments, which are the majority of rigid OLED shipments, are expected to continue to decline from 130 million units in 2023.

The materials market for flexible OLEDs and foldable OLEDs is expected to reach US$15.66 billion by 2027 with an annual growth rate of 7% from US$12.02 billion in 2023. This figure reflects 80 million units of Samsung Display’s expected shipment of foldable OLEDs in 2027.

By country, Korea’s materials purchases are expected to continue to show more than 50% of the market share. Korea’s purchases of major materials are expected to reach US$8.79 billion by 2027 with an annual average growth rate of 3.2 percent from US$7.5 billion in 2023. China’s purchases of major materials are expected to reach US$7.94 billion in 2027 with an annual average growth rate of 6.2%.

▶4Q22 AMOLED Materials and Components Market Track

$3.55 Billion in OLED Components & Material the Second Quarter of This Year, Down 7.9% from the Previous Quarter

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According to “3Q22 OLED Components & Material Market Track” published quarterly by UBI Research, the market for major Components & Material in the second quarter of 2022 was estimated to be $3.55 billion. It fell 7.9% from the previous quarter and rose 8.9% from the same quarter last year. The main reason why the market for Components & Material decreased in the second quarter compared to the previous quarter is that shipments of flexible OLED panels of Samsung Display, BOE, and LG Display decreased.

Samsung Display, BOE, and LG Display’s flexible OLED shipments in the second quarter of 2022 were analyzed to be 43.5 million units, 14.1 million units, and 5.7 million units, respectively. This is a drop of 17.3%, 29.9%, and 40.6%compared to the previous quarter. It was analyzed that Driver IC&COF formed a market of $1.77 billion in the second quarter of 2022, process films formed a market of $63.2 million, and OCA formed a market of $52.4 million.

OLED components & materials market in the second quarter of 2022

OLED components & materials market in the second quarter of 2022

The markets for major parts and materials of OLED are divided into countries (Korea and China) and the expected markets until 2026 are shown as cumulative graphs based on 100%.

OLED components and materials main market

OLED components and materials main market

Chinese panel manufacturers’ purchases of Components & Material are expected to increase by 2.5% annually from $6.11 billion in 2022 to $6.76 billion in 2026, while Korean panel manufacturers are expected to purchase materials in the amount of $9.99 billion in 2026 at an annual average growth rate of 2.1%, from $9.09 billion in 2022.

Based on the purchase amount of Components & Material, Samsung Display is expected to account for 40% over the next five years, and LG Display and BOE are expected to account for 20% and 17%, respectively. Among Chinese panel manufacturers, it is predicted that material purchases will be high in the order of BOE, Visionox, TCL CSOT, and Tianma.

“3Q22 OLED Components & Material Market Track” selected 20 major OLED parts material manufacturers and conducted market research. The quarterly market was investigated by dividing it into eight categories: Substrate, TFT, Encapsulation, Touch Sensor, Polarizer, Adhesive, Cover Window, and Module, and market share was analyzed by company and application (TV, Mobile). In addition, the supply volume and market for each component material by 2026 were predicted. The Market Track Quarterly Report provides necessary information to industry leaders in OLED industries.

▶ 3Q22 OLED Components & Materials Market Track Sample Download