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The Global Flexible Display Market was valued at USD 12.50 billion in 2020, and it is expected to reach USD 65.32 billion by 2026, registering a CAGR of 34.23% during the Forecast Period 2022-2031. In the immediate term, the failure of export shipments and poor domestic semiconductor demand in comparison to pre-COVID-19 levels is projected to have a negative impact on and slightly stagnant demand for semiconductor devices, which will affect the market for flexible displays.

The global demand for flexible screens is driven by the smartphone market and various vendors are increasing their focus in the product segment, especially Chinese manufacturers. Apart from this, various vendors are also focusing on enhancing their presence in the TV and computers (Laptops and Desktop screens) segment and innovating their product offerings. LG Display increased its production capacity of Gen 8 and Gen 8 OLED displays in Q3 2020 and Q4 2020.

OLED display type has gained popularity in recent times, due to its simplified design, better image quality, and limited flexibility. OLED screens do not involve backlighting and can be thinned and molded into specific shapes. Currently, the OLED display types are expensive to produce for large screens devices, such as televisions and computer monitors, but still, gain benefits for economies of scale in this segment.

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Initial market demand is expected to be majorly from emerging economies in APAC as well as North America and Europe regions in the consumer electronics segment, thereby, driving the market due to adoption in Flexible OLED display. This is considered as one of the best solutions for the next-generation smartphone market. This display technology is gaining shares even in a market with lesser demand. With integration of the flexible display, the production of smartphones are increasing, and new products are being launched, which is creating new opportunities for the flexible displays market.

Higher cost and affordability issues in the initial stage of availability, as well as seasonal demand patterns and uncertain economic outlook, may hinder the market growth during the forecast period.

OLED Technology Segment is Expected to Witness the Significant Growth

OLED is an emerging display technology that enables efficient displays and lighting panels. OLEDs are already being used in many mobile devices and TVs. OLEDs are the latest generation technology in the display industry and provides superior performance and enhanced optical characteristics compared to the older LED and LCDs.

Furthermore, The Second generation flexible OLED displays can be bent and these were used by smartphones manufacturers like Samsung Z fold, and LG G8X. Mostly OLED’S were used for purpose to create a market impression of foldable smartphones. However, the rollable OLEDs are now entering the TV and Smartphone market. The third and the latest flexible or bendable OLEDs are still in the prototype phase, but are expected to have excellent display and molding characteristics, and can find applications in smartphones, tablets, TVs, automobile industries.

Flexible displays constructed from OLED are energy efficient when compared to other variants. OLEDs are available in a very small form factor making it possible for the manufacturers to construct them as individual pixels. They are already induced into several consumer electronics, such as curved OLED TVs etc., creating a considerable demand. The market share of flexible AMOLEDs out of all OLEDs (rigid & flexible) continues to rise in 2021 as well, and the majority of all smartphone OLED displays were flexible ones. Samsung is still the prominent producer by far, followed by LG.

Asia-Pacific is Expected to Witness the Significant Market Share

The Asia-Pacific is emerging as a vital and essential region for the development of flexible displays, particularly in the consumer electronics industry. Most countries in the region share a steady growth primarily related to flexible displays, particularly the ones in East Asia (China, Japan, Taiwan, South Korea, and Singapore).

OLED displays are witnessing an increased demand for mass production as end-users across various industry verticals are emphasizing on the importance of high-quality displays.

Advancements in material technologies are driving the development of new applications of flexible electronics, and flexible displays are expected to account for a significant share of the market demand and revenues over and beyond the forecast period.

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Emerging players in the market are filing patents for their technology, which is likely to increase the competition in the market. For instance, Sharp has reportedly filed multiple patents for its flexible displays that could be included in smartphones and gaming devices.

Moreover, the players in the market are investing a huge amount in enhancing their production facilities to introduce new products. Samsung Electronics plans to introduce more micro-LED displays for different households in 2021, including 75-, 88-, 94-, and 99-inch. All are offered with a high density of micro LED chips with a micrometer-sized pixel pitch and the latest LTPS TFT backplane.

The emergence of wearables, such as watches, and other devices, are also expected to provide the market the impetus, for demand generation. Wearable displays are being developed with the usage of soft materials, such as a quantum dot light-emitting diode (QLED) display of ultrathin layers.

The Flexible Display Market is moderately fragmented with a considerable number of regional and global players. The use of curved screens in automotive applications, the growing adoption of smartphones, and television provide lucrative opportunities in the flexible display market. Some of the key players in the market are LG Display Co and BOE Technology Group Co.

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