Flexible Display Market

The global flexible display market was valued at USD 11.35 billion in 2020 and is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for display-based consumer electronics along with consumers’ inclination toward energy-efficient and flexible gadgets.

A flexible display is flexible by nature. Consumer electronics manufacturers are increasingly applying this display technology in mobile phones, e-readers, and other consumer electronics.

The technological innovations in the industrial display leads to portability, quality in interconnectivity and screen size, user-friendliness, and power saving products in various consumer electronic gadgets. Introduction of state-of-the-art flexible display is a key example of the recent technological advancements in the field of display technologies. Flexible displays offer superior features such as portability, non-fragility, and lightweight, which allow the technology to be used for various applications in the manufacturing of consumer electronics gadgets.

Manufacturers are heavily investing on the expansion of their production capacities to cater the growing demand globally. For instance, in 2016, LG Display announced its investment of KRW 970 million in a 6th Generation flexible OLED display production line. The increasing adoption of organic light emitting diode (OLED) - based flexible displays is expected to help rapid growth of the display technology owing to the rise in high-definition content and high-performance applications.

Additionally, several automotive manufacturers are focusing on integrating flexible displays in the production of automotive interiors. For example, in May 2019, Audi AG and Samsung Corporation collaborated into a strategic partnership to promote the Audi Prologue A9 Prototype, a concept car by Audi AG. The car is anticipated to have a flexible, high-resolution Samsung OLED display near its gear stick, which helps to control the vehicle settings.

Flexible Display Market Drivers, Restraints, Trends, and Opportunities

• Rapid growth of smart wearable market along with the increasing adoption of flexible displays in healthcare and automotive sectors are propelling the demand for flexible display technology, thus boosting the market during the forecast period.
• Increasing application of OLED-based devices in mobile phones, VR headsets, laptops, tablets, digital cameras, and TVs is expected to boost the growth of the flexible display market during the forecast period.
• However, complex manufacturing processes and requirement of high capital investment are major challenges for the market players that are expected to hamper the market growth.
• Technological advancement that helps in the production of innovative products with advanced features such as energy-efficient, attractive, and highly specified flexible display products is expected to offer lucrative opportunities for the market growth during the forecast period.
• The COVID-19 pandemic has adversely affected the market, disrupted the global supply chain for the manufacturing units of the overall electronic industry including phone and display production. Decline of smartphones sale across the globe is projected to hinder the market expansion.

Scope of Flexible Display Market Report

The report on the global flexible display market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Flexible Display Market Segment Insights

OLED segment expected to represent a considerable share

On the basis of display types, the market is categorized into LCD, OLED, EPD, and others. The OLED segment is expected to represent a considerable market share during the forecast period. OLED based flexible displays offer high flexibility and consume less energy and has a wide range of applications in the production of various consumer electronic items including smartphones.

Additionally, they can be produced with sleek in design and are lightweight as compared to LCDs because they do not need backlight or filters. On the other hand, the electronic paper display (EPD) segment is projected to register a healthy CAGR during the forecast period. The increasing adoption of flexible display-based e-readers is boosting the growth of the EPD segment.

Plastic segment projected to constitute a large market share

Based on material types, the global flexible display market is segmented into glass, plastic, and metal. The plastic segment is projected to constitute a market share of more than 20.5% during the forecast period. The segment growth can be attributed to the superior features offered by plastic in term of size, weight, and robustness as compared to other materials such as glass.

However, the glass segment is anticipated to exhibit a substantial CAGR during the forecast period. Glass substrates are more resistant to water vapor and other gases as compared to plastic substrates, which is a key factor for boosting the demand for glass material from manufacturers. They are more durable than plastic substrates. Companies are focusing on developing a durable glass substrate as plastic is prone to creasing, starching, and losing color over time.

Smartphone segment expected to account for a significant share

On the basis of applications, the market is bifurcated into smartphone, smartwatch, wearable, TV, e-reader, automotive & transportation, and others. The smartphone segment is expected to account for a significant market share during the forecast period. Rising use of smartphone among a large number of consumers for several applications and production of innovative phones with advanced features especially camera and others sensors are key factors boosting the segment.

On the other hand, the automotive & transportation segment is expected to register an impressive CAGR during the forecast period owing to the integration of innovative state-of-the-art display technologies in the production of vehicle interiors to enhance user experience.

Asia Pacific is projected to acquire a large market share

In terms of regions, the global flexible display market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to represent a large market share and expand at a CAGR of more than 24% during the forecast period. The rising demand for compact and light-weight electronic devices among consumers due to rising disposable income and changing lifestyle are driving the regional market growth.

The presence of large number of key global manufacturers and the existing large consumer base in the region is another key driver for the regional market growth. Countries such as South Korea, Japan, China and India are the leaders in the development of flexible displays. On the other hand, North America is expected to account for a market share of more than 15.5% during the forecast period. The rising demand for energy-efficient electronic devices due to the presence of large number of population who are aware of energy conservation is anticipated to boost the regional market growth.

Segments

The global flexible display market has been segmented on the basis of

Display Types

• LCD
• OLED
• EPD
• Others

Material Types

• Glass
• Plastic
• Metal

Applications

• Smartphone
• Smartwatch
• Wearable
• TV
• E-reader
• Automotive & Transportation
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• BOE Technology Group Co., Ltd.
• Corning Incorporated
• Innolux Corp.
• AU Optronics Corp.
• E Ink Holdings, Inc.
• Japan Display Inc.
• LG Display Co., Ltd.
• Royole Corporation
• Samsung Electronics Co., Ltd.

Competitive Landscape

Some of the key players in the global flexible display market are BOE Technology Group Co., Ltd., Corning Incorporate, Innolux Corp., AU Optronics Corp., E Ink Holdings, Inc., Japan Display Inc., LG Display Co., Ltd., Royole Corporation, and Samsung Electronics Co., Ltd.

Industry participants are focusing on the development of new product, strategic partnerships, mergers, acquisitions, and improving their production capacity to cater the consumer demand globally. For instance, in October 2018, Royole Corporation announced the launch of FlexPai, which was a foldable device that integrated a flexible display. Additionally, the device can be bent, rolled, and also operated as a smartphone and tablet or both. Companies are heavily investing on developing commercially viable designs for wide range of consumer electronics applications.