FLEXIBLE DISPLAY MARKET ANALYSIS

The Global flexible display market was valued at US$ 16.14 billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 34.7% from 2023 to 2030.

The global flexible display market is primarily driven by the rise of consumer electronics and the growing demand for higher image quality. A flexible display is a visual output display that can be folded, rotated, bent, and rolled. Compared to traditional displays, foldable displays are more durable. The flexible display market is moderately fragmented, with many regional and global players. Compared to traditional panels, OLEDs in smartphones are thinner, lighter, and more durable. The adoption of flexible displays is still in its early stages, but the technology is seen as the next big thing for the smartphone industry.

Global Flexible Display Market: Covid 19 Impact Analysis

The COVID-19 pandemic has both positively and negatively affected the flexible display market. Initially, the market experienced disruptions in the global supply chain, manufacturing operations, and consumer demand. Factory closures, travel restrictions, and lockdown measures imposed by various countries resulted in production delays and reduced consumer spending. As a result, the demand for flexible displays declined in certain sectors, such as consumer electronics and automotive, which were heavily impacted by the pandemic.

However, the pandemic also accelerated the digital transformation and the adoption of remote work and online services. This led to increased demand for devices with flexible displays, such as smartphones, tablets, and laptops, as people relied more on digital communication and entertainment. Additionally, the healthcare industry witnessed a surge in demand for medical devices and equipment, including wearable health trackers and flexible displays for monitoring and diagnostics.

Moreover, the pandemic highlighted the importance of touchless and hygienic interfaces, which further drove the demand for flexible displays in sectors like retail, hospitality, and transportation. Flexible displays offer advantages in terms of touch-free interactions, curved or wraparound designs, and durable materials that can withstand frequent cleaning and disinfection.

Despite the challenges posed by the pandemic, the flexible display market demonstrated resilience and adaptability. Companies in the industry swiftly adjusted their production and supply chain strategies to meet the changing market demands and address new requirements arising from the pandemic. The accelerated digitization and increasing focus on hygiene and touchless interfaces have opened up new opportunities for the flexible display market, even though certain sectors experienced temporary setbacks. As the world recovers from the pandemic, the flexible display market is expected to rebound and continue its growth trajectory, driven by technological advancements and evolving customer needs.

Global Flexible Display Market: Regional Insights

Asia Pacific is emerging as a key region for flexible display development, especially in the consumer electronics industry. Countries in the region, especially East Asia (Japan, China, Taiwan), are showing steady growth, mainly due to flexible displays. In the Asia-Pacific area, there is an increase in funding for flexible display research and development. This is fueling the creation of innovative and enhanced flexible display technologies, which is expanding the market.

For Instance, on April 19, 2022- Samsung Electronics Co., Ltd., a South Korea-based multinational electronics company, launched stunning Neo QLED 8K and Neo QLED TVs These televisions offer the best picture quality and enveloping soundscapes to transform living spaces.

North America and Europe are also notable markets for flexible displays, and these regions accounted for a large share of the global market. Increasing demand for flexible displays in the automotive and aerospace industries in North America is driving the market in the region.

Asia Pacific is expected to witness significant growth in the global flexible display market during the forecast period. The importance of flexible batteries is also increasing due to their increasing use in smart cards, wearable electronics, flexible displays, etc. The global flexible display market is driven by growing demand for flexible display technology for various applications such as smart wearable devices, smartphones, tablets, and digital signage.

Figure 1: Global Flexible Display Market Share (%), By Region, 2022

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Global Flexible Display Market Drivers:

Innovation in Consumer Electronics

The rising trend towards smart homes and construction and the growing demand for connected technologies are some of the key factors driving the adoption of connected and innovative solutions across the consumer electronics sector. The integration of smart sensors into consumer electronics has accelerated the replacement cycle for new consumer electronics. Displays are increasingly being used to control and communicate with devices.

For instance, in January 2023, Samsung Display unveiled a host of new technologies at CES 2023 including a foldable and slidable display, a "digital cockpit" for self-driving car and its latest QD-OLED devices.

Increase in demand for greater picture quality

In 2022, more companies are advertising 8K TVs, particularly within the North America and European districts. Amid the year, 75- to 85-inch models are anticipated to be prevalent compared to 65-inch amid the past year; In addition to this, development within the HDR, Driven, and different other innovations are anticipated to encourage an increase in the request.

With the multiplication of screen sizes the number of pixels per inch diminishes to 8K; Additionally, users reportedly can't tell 8K recordings from 4K ones. The demand for 8K displays is expected to grow significantly over the next several years, though, since costs are expected to decline.

Major content producers throughout the world are currently producing and marketing their material in 4K format; as an example, Netflix has one of the most comprehensive collections of 4K content, which contributes to their success in attracting more customers globally.

Global Flexible Display Market Opportunities:

Offer a wider range of Smartphones

Smartphone behemoths like LG, Samsung, and Huawei are looking into flexible displays, which are widely regarded as a potentially problematic breakthrough for future handheld and other devices. The goal is to put cutting-edge plans in the hands of customers.

However, the increase in fetched, the decreased wrapped-up item rate, the cost increase, the requirement for item separation, the standard request design, and the uncertainty of financial prospects all pose extremely difficult problems for request creation. In 2020, there will be additional opportunities for flexible OLED displays due to the focus on lowering prices, increasing current capabilities, performing item separation, new look, and industry demands for 5G models.

The rise of 5G

Telecom firms guarantee that the advantages of 5G frameworks will eventually satisfy all of their customers, demonstrating that equipment manufacturers can fully produce 5G-compatible smartphones and computer components. The innovation is anticipated to deliver impressive internet speeds to homes and devices, with tests suggesting the frameworks are over 100 times faster than 4G. Given the advancements in capabilities of modern smartphones and accessible workstations, it seems sense that the introduction of 5G will enable users to execute more tasks on a single device than was before possible.

Global Flexible Display Market Trends:

Increasing demand for flexible display in developing nations

Adaptable exhibitions became increasingly prevalent, and unique conceptual-level products would be prototyped. Innovation firms like Samsung, Microsoft, and Apple are improving and conceptualising wearable products that are more suited to human existence. Microsoft and Sony are developing prototype screen comforts for their gaming consoles that will give players a more engaged experience. Televisions with flexible displays are currently being prototyped by Sony and Samsung, which introduced curved screen TVs. The wearable sector has advanced the creation of mobile show ads and conceptualised unique products using mobile shows.

OLED Technology to Witness Significant Growth

OLED could be a modern show innovation that permits more productive shows and lighting boards. OLEDs are as of now being utilized in an assortment of mobile gadgets and TVs. Over the earlier LED and LCD advancements, OLEDs are the leading later age in show innovation, advertising predominant execution and advanced optical properties. A trend that may be emerging is item delivery by advertiser players.

Besides, smartphone producers such as Samsung Z fold and LG G8X have utilized second-generation adaptable OLED shows that can be bowed. OLEDs were primarily utilized to form a showcase impression of foldable smartphones. Rolled OLEDs, on the other hand, are presently making their way into the TV and smartphone markets.

Global Flexible Display Market Restraints:

Higher R&D cost and a highly dynamic market

Merchants are increasingly contributing to item enhancements due to the growing need for improved image quality and determination in the market. For instance, LG, an electronics company Show donated KRW 1,740 billion in 2020. Large sellers that control a larger market share typically can contribute large shares of income in development, which is constrained for smaller merchants operating in this field.

Aside from this, the estimation of advancements is a very active market segment. As an example, the selling prices of TFT-LCD and OLED boards have been steadily declining in recent years, which has an effect on the income of retailers operating in the market and hinders their growth within the product category.

Despite the challenges posed by higher R&D costs and a highly dynamic market, the global flexible display market benefits from several counterbalancing factors. Economies of scale come into play as production volumes increase, helping to offset initial R&D investments and drive down costs. Moreover, ongoing technological advancements lead to more efficient manufacturing processes and materials, contributing to cost reductions over time. Collaborative efforts and strategic partnerships enable companies to share resources and accelerate innovation while mitigating the burden of R&D costs. Diversification and vertical integration strategies help mitigate market uncertainties by expanding product portfolios and enhancing supply chain control.

The reduced shelf life of products

During the projection period, a significant challenge for the flexible display market will be the items' shorter shelf lives. Although flexible displays address many issues with conventional displays, they also offer a number of drawbacks. Because of market competitiveness, manufacturers continuously develop cutting-edge items that support cutting-edge technology. While a result, while consumers are drawn to new items on the market, older versions suffer in the market. These updated versions of already available goods keep the market competitive while rendering earlier iterations outdated in some way. The items using this technology are pricy since it is still in its infancy. The growth of vendors will be severely impacted by more spending on technological improvements.

Despite the challenge of reduced shelf life in the flexible display market, there are several counterbalancing factors that can help mitigate this constraint. Continuous technological advancements drive research and development efforts to enhance the durability and lifespan of flexible displays. Quality assurance and testing procedures ensure that products meet stringent standards and can withstand environmental and mechanical stresses. Improved product design and engineering techniques optimize the structural integrity of products, reducing the risk of premature failure. Educating consumers about proper usage and care of flexible displays promotes responsible handling and maintenance, thus extending their shelf life.     

Figure 2: Global Flexible Display Market Share (%), By Display Type, 2022

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Global Flexible Display Market Segmentation:

Display type, substrate material, and application are the three segments that make up the global flexible display market report.

The market is divided into OLED, LCD, EPD (Electronic Paper Display), and others segments based on display type. OLED is expected to dominate the global market over the forecast period because of the rising demand for lightweight metals like titanium, aluminum, and magnesium as a result of strict government regulations and fuel economy standards. In addition, aircraft and automobile manufacturing are experiencing a rapid increase in demand for these materials. As a result, the market is likely to expand significantly in the near future.

By Substrate material

Glass-based flexible displays are widely used in a variety of applications, including smartwatches, smartphones, and televisions. Their boundless reception is credited to cutting-edge elements like low all-out pitch variety, low complete thickness variety, and high and uniform UV transmission.

Samsung, the sole supplier of the glass at the moment, is competing with a number of smartphone manufacturers for Ultra Thickness Gauge orders. Google is one of those manufacturers. UTG is working on foldable phones with Xiaomi, Honor, and OPPO.

For instance, Google intends to introduce a foldable Pixel phone in Q4 2021. Google said in 2019 that it is developing technology that could be used in flexible devices. The market for glass-based flexible displays is poised to benefit from a plethora of opportunities.

For wearable technology and other applications where weight and flexibility are crucial, plastic substrates are lighter and more flexible than glass substrates. Because they can handle greater resolutions and broader viewing angles, plastic substrates may be utilized to make displays with better picture quality. Displays for automobiles, such as instrument clusters and head-up displays, employ plastic substrates.

In 2022, Motorola, a telecommunications company released the Razr 3, which is another foldable smartphone with a plastic substrate display. The Razr 3 was also a commercial success, and it further boosted the demand for plastic substrate displays. Flexible displays employ metal substrates because of their robustness and conductivity. In comparison to plastic substrates, they are also more resistant to scratches and fingerprints. Metal substrates cost more than plastic substrates, though. Because they are lightweight and flexible, paper substrates are employed in flexible displays. Compared to plastic substrates, they are also more ecologically friendly. Paper substrates, however, are less resilient to moisture damage and less long-lasting than plastic substrates.

The world's first flexible color displays based on E Ink's Advanced Color ePaper technology will be produced in 2020 by E Ink and Plastic Logic, a leader in the design and production of flexible, glass-free electrophoretic displays (EPDs).

Plastic Logic and Leitners, a start-up based in the Czech Republic, have collaborated to develop a novel hybrid smartwatch in 2021 using their exclusive e-paper display technology.

By Application

Smartphones and tablets increasingly feature flexible displays. This is because flexible displays are better than traditional rigid displays. After all, they can be bent and folded without breaking. Wearable devices like smartwatches and fitness trackers are also using flexible displays. This is because flexible screens, which are lightweight and compact, are perfect for wearable technology. Automobile displays, such as instrument clusters and head-up displays, are also using flexible displays. This is because flexible displays can be fitted onto curved surfaces, making them perfect for automobile applications. E-readers, laptops, and televisions are included in the other applications category. In these applications, the market for flexible displays is still in its infancy, but it is anticipated to expand in the coming years.

Flexible displays are more suited for laptops and other mobile devices since they are lighter and more portable than conventional LCD panels. A fresh and creative use for flexible screens is extensible displays. For laptops and other devices that need to display a lot of information, these screens may be expanded to cover a bigger area.

The Royole Flexpai, which is shaped like a wallet and opens and then folds over itself like a newspaper, was unveiled by Nubia Company as a wearable smartphone that wraps around the wrist of the user. Companies have developed flexible displays for smart wearables based on these ideas, which have seen a rise in consumer demand over the past ten years.

Global Flexible Display Market: Key Developments

1. On December 3, 2020- E Ink, a pioneer in ePaper technology and Plastic Logic, world-renowned designer and manufacturer of flexible, glass-free electrophoretic displays (EPDs) Partner to Provide the World’s First Flexible Advanced Color ePaper (ACeP) Based Display.
2. On May 19, 2021- Huawei Technologies Co., Ltd. a multinational technology corporation announced a new patent for flexible screens on May 19, 2021, to improve gaming performance.
3. On June 21, 2021- Royole Corporation a manufacturer of flexible displays introduced Rokit, the first open platform flexible electronics development kit in the world.
4. On December 29, 2021- LG Corporation a multinational conglomerate introduced its most recent OLED TV technology, dubbed "OLED EX," LG Display's deuterium and personalized algorithm-based "EX-Technology" is used in this OLED EX display of the next generation.
5. On April 19, 2022- Samsung Electronics, Ltd. is a multinational electronics launches stunning Neo QLED 8K and Neo QLED TVs These televisions offer the best picture quality and enveloping soundscapes to transform living spaces.
6. In March 2022, chemical engineers at Stanford made the development of a stretchable, high-brightness display that could change how people interact with electronics.
7. In November 2022, Ynvisible introduced its new Digital Signage Solution. This new item is a straightforward large-format electronic paper display with digital and alphanumeric capabilities intended for extremely low-power retail applications.
8. In May 2022 the 2022 core and premium TV line was introduced by Panasonic. It includes advanced OLED and Core LED sizes ranging from 77 inches to 42 inches. Ultra HD OLED screens are one of these products' features. These screens adjust the brightness and color of the surrounding environment using sophisticated sensors to enhance the viewing experience.

Global Flexible Display Market: Key Companies Insights

The global flexible display market is highly competitive. This is attributed to the continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on a regional as well as global basis.

Some of the key players in the global flexible display market are LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, e-ink Holdings, BOE Technology Group Co. Ltd, Guangzhou Oed Technologies Co. Ltd, FlexEnable Limited, Chunghwa Picture Tubes Ltd, Huawei Technologies Co. Ltd, Sharp Corporation, Plastic Logic, Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, Microtips Technology, and Others.

*Definition: A flexible display refers to a type of electronic display technology that is designed to be flexible and bendable. Unlike traditional rigid displays, which are typically made from glass or other rigid materials, flexible displays are made using flexible substrates that allow them to be curved, folded, or rolled without damaging the display. These displays often utilize technologies like OLED or AMOLED to provide vibrant colors, high contrast ratios, and thin form factors.