VANCOUVER, BC, Oct. 5, 2021 /PRNewswire/ -- Emergen Research has published a latest report for the semiconductors and electronics market titled "Organic Electronics Market By Material Type (Semiconductor, Dielectric, Conductor, Substrate), By Application (Display, Battery, Lighting, Conductive Ink, Memory, Organic Photovoltaics, Sensor, Organic RFID), and By Region Forecast to 2028."
According to a current analysis by Emergen Research, the global organic electronics market size was USD 55.18 billion in 2020 and is expected to reach USD 178.25 billion in 2028 and register a revenue CAGR of 15.4% during the forecast period, 2021-2028. Increasing focus on production of environmentally sustainable and cost-effective semiconductors, rising demand for consumer electronics, and growing need to integrate advanced and novel functionalities in electronic products are some key factors driving market growth
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Market Dynamics:
Rapid adoption of technologies promoting sustainable development, increasing demand for consumer electronics due to rising disposable income among individuals, and rising application of biodegradable and eco-friendly materials for production of electronics are key factors expected to drive market revenue growth over the forecast period. Organic electronics have gained massive popularity over the recent past owing to their increased flexibility, low fabrication costs, large area of fabrication, and easy processing. These advantages have boosted their adoption in organic solar cells, organic thin film transistors, organic light emitting diodes, and organic sensors, among others. Organic electronics have a wide range of applications across various end-use sectors such as medicine and biomedical research, information and communications, environment health, and national security. This is another key factor expected to contribute to revenue growth of the market going ahead.
Organic electronics is a branch of material science that focuses on the design and application of polymers and other organic molecules that exhibit required electronic properties. Organic electronics have lower costs as compared to conventional electronics, have enhanced electrical conductivity, and comparatively higher mechanical flexibility. Organic electronics research has expanded in the last few years owing to its high potential to accelerate development of products that can complement silicon-based applications with integration of novel and advanced functionalities that can address limitations of silicon technologies. Organic electronic devices' performance is majorly dependent on fabrication procedure and processing parameters and recent advances in fabrication technologies have led to the development of novel materials to improve properties of devices. This is expected to further fuel revenue growth of the market over the coming years.
Inferior thermal stability, various fabrication issues, and high costs are some factors that can restrain market growth to a certain extent over the forecast period. However, high throughout and low cost manufacturing of organic-based electronic devices also have the potential to expand the application of electronic technology in resource limited areas across the globe where there is shortage of raw materials and necessary infrastructure, in turn, driving market revenue growth.
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COVID-19 Impact Analysis
- The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
- COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
- Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, import/export, and other sectors and also resulted in employment loss to a major extent.
- Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
- Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
Semiconductor Segment to Account for Largest Revenue Share:
Semiconductor segment is expected to account for largest revenue share over the forecast period attributed to increasing demand for organic semiconductors for electronics owing to its numerous benefits such as lightweight, cost-efficiency, higher mechanical flexibility, and low-temperature processing, among others. In addition, increasing demand for premium smartphones owing to increasing disposable income among individuals is driving demand for semiconductors and is expected to contribute to revenue share of this segment.
Display Segment to Dominate Other Application Segments:
Display segment is expected to dominate other application segments over the forecast period owing to growing demand for enhanced and high-quality display in electronics. Organic electronic displays have several benefits such as enhanced image quality, improved contrast and brightness, reduced screen thickness, and wider color range, among others.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period attributable to rapid adoption of advanced technologies, increasing R&D activities to expand application of organic electronics, innovations in healthcare and biomedical sector, and presence of key companies in the region.
Asia Pacific to Register Robust Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period owing to rapid growth of consumer electronics industry, increasing disposable income among individuals, growing demand for premium electronic devices, and presence of major semiconductor and organic electronic manufacturers in the region.
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Major Companies in the Market Include:
- Covestro AG
- Novaled GmbH
- Koninklijke Philips NV
- Sumitomo Corporation
- BASF SE
- Siemens AG
- LG Display Co. Ltd.
- Universal Display Corporation
- Samsung Display Co. Ltd.
- Evonik Industries
For the purpose of this report, Emergen Research has segmented the global organic electronics market on the basis of material type, application, and region:
Material Type Outlook (Revenue, USD Billion; 2018-2028)
- Semiconductor
- Dielectric
- Conductor
- Substrate
Application Outlook (Revenue, USD Billion; 2018-2028)
- Display
- Battery
- Lighting
- Conductive Ink
- Memory
- Organic Photovoltaics
- Sensor
- Organic RFID
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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