"OLED Panel Market Grows 28% Compared to Last Year... Samsung and LG Also 'Busy'"

Samsung Display's production of OLED for laptops
Photo by Samsung Display

[Asia Economy Reporter Kim Heung-soon] The organic light-emitting diode (OLED) panel market size is expected to grow by nearly 30% compared to last year. Demand for OLED panels is predicted to increase significantly not only in smartphones, laptops, and TVs but also in the automotive industry, leading to busy movements by domestic companies such as Samsung and LG, which stand out in the global market.

On the 11th, market research firm Omdia forecasted global OLED panel sales this year to reach $38 billion (approximately 42 trillion KRW). This represents a 28% increase from last year's $29.7 billion (approximately 32.8 trillion KRW).

Omdia stated, "Since COVID-19, consumers have spent more time in front of screens, raising awareness of eye health," and added, "The characteristics of OLED panels, such as reduced flicker and lower harmful blue light emission, will receive more attention."

By sector, companies adopting OLED panels in mobile devices such as smartphones are expected to increase. Omdia evaluated, "The use of flexible OLED panels in 5G smartphones is rising, and there is a strong trend toward using OLED instead of traditional LCDs in flat smartphones."

Accordingly, general OLED sales are expected to increase by 18.8%, from $10.1 billion (approximately 11.2 trillion KRW) last year to $12 billion (approximately 13.3 trillion KRW) this year, while flexible OLED sales are projected to grow by 31.6%, from $19.6 billion (approximately 21.7 trillion KRW) last year to $25.8 billion (approximately 28.5 trillion KRW).

2021 LG OLED TV Lineup
Photo by LG Electronics

Among flexible OLED products, foldable OLED panels are expected to show remarkable growth, according to Omdia. Thanks to the launch of foldable smartphones by global manufacturers such as Samsung Electronics, Huawei, Oppo, and Xiaomi, foldable OLED sales are anticipated to increase by 203% year-on-year to $2.1 billion (2.3 trillion KRW).

Currently, Samsung Display holds the top position in the global market with an 80% market share for small- and medium-sized OLEDs used in smartphones. Previously, Omdia predicted that Samsung Display's smartphone OLED sales in the first quarter of this year would reach $5.18 billion (approximately 5.7 trillion KRW), about 30% higher than the same period last year. Samsung Display also plans to expand its product range by launching more than 10 new OLED models for laptops this year.

LG Display leads the global market for large OLED panels used in TVs. Currently, LG Display is the sole supplier of large OLED panels for TVs worldwide. Omdia previously forecasted that OLED TV shipments this year would exceed last year's volume by more than 60%, reaching approximately 5.6 million units. Accordingly, LG Display aims to increase its OLED TV panel shipments from about 4.5 million units last year to between 7 and 8 million units this year.

Additionally, OLED adoption in the automotive industry is expected to increase this year. Omdia predicted, "Sales of OLEDs used as automotive components will increase by 95% compared to last year."

This content was produced with the assistance of AI translation services.