"Let's reclaim the No.1 lost to China"... Display Industry Innovation Strategy Announced

On the 18th, 'Display Industry Innovation Strategy Roundtable' Held
'Alliance for Fostering Next-Generation Self-Emissive Display Industry' Also Launched

The private sector and government join hands to secure breakthrough technologies in the display industry and reclaim the world No. 1 position. The private sector will invest more than 65 trillion won domestically over five years, while the government will respond to corporate investments with institutional support such as expanded tax credits, designation of specialized complexes, deregulation, and the injection of over 1 trillion won in research and development (R&D) funds.

On the 18th, Lee Chang-yang, Minister of Trade, Industry and Energy, held the 'Display Industry Innovation Strategy Roundtable' and discussed the development direction and strategies of the display industry with industry representatives and stakeholders.

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy. Photo by Dongju Yoon doso7@

South Korea maintained the No. 1 position in the global display market for 17 years since 2004 but was overtaken by China in 2021. In fact, the Korea Display Industry Association announced last year that China's global display market share was 42.5%, surpassing South Korea (36.9%) and Taiwan (18.2%).

South Korea is focusing on the organic light-emitting diode (OLED) market to widen the technological gap and chase market share. The share of OLED in the global display market expanded from 27.3% in 2021 to 34.3% last year. South Korea leads the OLED market with an 81.3% share. China's OLED market share stands at only 17.9%.

However, China's technological pursuit, backed by full government support, is fierce. China recorded a 20% share in the small- and medium-sized OLED market last year. It took China 10 years to achieve a 20% share in the small- and medium-sized LCD market globally, but it achieved the same in the small- and medium-sized OLED market in just eight years. Taiwan and Japan are also increasing investments in next-generation microLED technology to overcome their disadvantages in OLED.

Accordingly, the Ministry of Trade, Industry and Energy announced the 'Display Industry Innovation Strategy,' with the vision of securing unprecedented breakthrough technologies and reclaiming the No. 1 global position by 2027 through joint public-private efforts to address immediate challenges. The 'Display Industry Innovation Strategy' aims for public-private collaboration to implement core tasks such as full support for private investment, creation of three new markets, securing breakthrough technologies, building a robust supply chain, and nurturing industry talent. Specifically, the goals are ▲expanding global market share to 50% by 2027 ▲widening the technology gap with competitors to more than five years ▲raising the self-reliance rate of materials, parts, and equipment to 80% ▲training 9,000 display specialists (with workforce targets set through 2032).

LG Display's small and medium-sized 8-inch 360-degree foldable OLED.
[Photo by LG Display]

Minister Lee said, "The goal of expanding the global market share to 50% translates to about 70 billion dollars (approximately 93 trillion won), and by 2027, domestic companies aim to capture this 70 billion dollar market share," adding, "Regarding workforce training, the Display Association and industry will review demand and agree on educational programs through consultations."

He continued, "The 'Display Industry Innovation Strategy' announced today is the result of joint consideration by the government and private sector on the challenges facing our display industry and marks the first step on the journey to reclaim the No. 1 position globally," emphasizing, "Let us unite industry and government efforts to achieve the core goals presented in the strategy." He also congratulated the launch of the 'Inorganic Light-Emitting Industry Promotion Alliance' and requested that the alliance play a leading role in consolidating the capabilities of industry, academia, and research to secure next-generation inorganic light-emitting display technologies beyond OLED and establish the related ecosystem.

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