INDIUM GALLIUM ZINC OXIDE MARKET ANALYSIS

The global Indium Gallium Zinc Oxide market size was valued at US$ 2.06 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 11.15% from 2023 to 2030. Indium Gallium Zinc Oxide is witnessing increase in demand from the electronics industry due to its use in the production of LED displays, smartphones, tablets, televisions, and other electronic devices. The major drivers of the indium gallium zinc oxide market include growth in the automotive industry, increasing demand for high-end consumer electronic devices and increase in investment in R&D activities by manufacturers.

Global Indium Gallium Zinc Oxide Market: Regional Insights

Regionally, Asia Pacific is projected to be the fastest-growing market for the IGZO industry in the near future, owing to the presence of manufacturers such as Sharp Corporation, Apple Inc., LG Electronics and Sony Corporation in the region. In addition, the region is largely supported by a high demand for IGZO display panels in China.

Europe is expected to be the second-largest market for IGZO display in the near future, owing to the strong demand for energy-efficient material and growing health awareness among consumers.

Figure 1. Global Indium Gallium Zinc Oxide Market Share (%), By Region, 2022

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Global Indium Gallium Zinc Oxide Market Drivers:

Growing advancement in high-resolution technologies to augment market growth

Increasing demand for connected devices and development of smart homes and building are primarily fueling growth of the IGZO market. Growing adoption of high-end display across electronics sector is again fostering market growth.

Integration of high-end resolution displays in consumer electronics to propel market growth

For instance, in 2021, more companies are providing 8K TVs and 4K monitors with 3D view and motion sensor technology, augmenting the advancement in high resolutions technologies and increasing the demand of the product. During the year, 75- to 85-inch models are projected to be more popular compared to 65-inch during the previous year.

Global Indium Gallium Zinc Oxide Market Opportunities:

Increasing investment in the IGZO is projected to provide potential market opportunities. For instance, in July 2021, Samsung Display and LG Display investing more than KRW 7 trillion in small and medium-sized organic light- emitting diode (OLED) production lines in the second half of the year. This is to prepare for the increase in demand for small and medium-sized OLEDs, drawing attention to the vitalization of downstream industries, such as OLED 'materials, parts, and equipment'.

Growing focus on increasing production capacity among key players is projected to offer significant growth opportunities. For instance, in December 2021, China Star Optoelectronics Technology (CSOT), a China-based display panel maker belonging to the TCL Group, is setting up an 8.6G oxide TFT-LCD production line with production scheduled to begin in first-quarter 2023.

Global Indium Gallium Zinc Oxide Market Trends:

Growing research and development activities is a new trend

The market is experiencing product innovation due to growing R &D activities in the field of IGZO. For instance, in February 2022, BOE developed a new technology that has resulted in the building of the world’s first 500Hz gaming monitor that’ll soon enable a smoother gaming experience for players.

Growing trend of connected monitoring devices

 There is a growing trend of using connected monitoring devices augmented by Covid-19 pandemic. This is expected to propel market growth. According to the Consumer Technology Association, the US tech industry revenue will reach a record-breaking US$ 487 billion in 2021, a 7.5% jump YoY. Furthermore, smartwatches demand is expected to grow by 8% in unit shipments, driven by tech-savvy and fashion-conscious consumers.

Global Indium Gallium Zinc Oxide Market Restraints:

Increasing use of low-temperature polycrystalline silicon (LTPS)

The market is witnessing negative growth slope due to increasing use of low-temperature polycrystalline silicon (LTPS) and other advanced medical device.

Outbreak of Covid-19 pandemic

COVID-19 pandemic had disrupted the production and supply chain which led to the price fluctuations. The sales of electronic companies have faced decline sales. For instance, in late March 2020, Xiaomi, Lenovo-Motorola, and Lava shut their handset factories across India as per the government’s directive on lockdowns.

Figure 2. Global Indium Gallium Zinc Oxide Market Share (%), By Segment Type, 2022

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Global Indium Gallium Zinc Oxide Market Segmentation:

The global Indium Gallium Zinc Oxide market report is segmented into application, end user industry, and geography

Based on application, the market is segmented into Smartphones, Wearable Devices, Wall-mounted Displays, Televisions, Tablets, Notebooks, and Laptops, and Other Applications. Out of which, Smartphones is expected to dominate the global market over the forecast period. IGZO displays can reduce battery consumption while multitasking and also extend the battery's longevity in smartphone.

Wearable Devices segment is also expected to witness significant growth in the near future and this is owing to the advent of IoT which is creating demand for wearable devices among consumers. According to Cisco Systems, the wearable device market is promising in the United States, as the number of connected wearable devices in North America is expected to grow to over 439 million in 2022. North America is forecasted to be the region with the most 5G connections made using wearable devices in 2022.

Based on end user industry, the market is segmented into Automotive, Consumer Electronics, Healthcare, Industrial, and Other End User Vertical. Out of which, Automotive is expected to dominate the global market over the forecast period and this is attributed to the increasing adoption of IGZO in automotive sector. In January 2020, Synaptics Incorporated, the developer of human interface solutions, announced its innovative new TD7850 family of automotive touchscreen products. Its unique automotive TDDI solution combines a lower BOM and a simplified supply chain with faster and easier integration for display manufacturers while supporting a-Si (single and dual gate) and IGZO (1 and 2 MUX) for up to 15-inch displays.

Consumer Electronics segment is also expected to witness significant growth in the near future and this is owing to the growing demand for televisions, laptops, smartphones, desktops, and smartwatches. IGZO offers a pixel-dense display in consumer electronic products.

Global Indium Gallium Zinc Oxide Market: Key Developments

In April 2022, Tianma Microelectronics Co. Ltd announced collaborating with Xiamen International Trade Holding Group Co. Ltd, investing CNY 33 billion to build a product line categorizing the 8.6 generation a-Si IGZO LCD panel. Tianma stated that it would be used in the new energy automotive industry and car display integrating with fast-developing technologies.

In November 2019, Sharp Corporation and Japan Broadcasting Corporation (NHK) co-developed a 30-inch 4K flexible organic LED (OLED) display. The OLED display, with light-emitting elements formed onto each RGB subpixel (RGB light emission method) of a 30-inch-diagonal (approx. 76 cm) flexible film substrate, is one of the largest displays of its kind in the world.

In April 2020, Juhua Printing and TCL demonstrated a 31" FHD inkjet-printed rollable hybrid QD-OLED TV prototype. The display uses an Oxide-TFT (IGZO) backplane, with an aperture ratio of over 50%, brightness of 200 nits, and a 90% DCI-P3 color gamut.

Global Indium Gallium Zinc Oxide Market: Key Companies Insights

The global Indium Gallium Zinc Oxide market is highly competitive. This is attributed to 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 regional as well as global basis. Some of the key players in the global Indium Gallium Zinc Oxide market are Sharp Corporation, Apple Inc., Sony Corporation, ASUSTEK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited

*Definition: Indium Gallium Zinc Oxide (IGZO) is a semiconducting material that is used for thin film transistors and organic light-emitting diodes. It is used in the field of display technology as it can provide high resolution, touch sensitivity and power efficiency.