Global OLED materials market is projected to reach $27,818.4 million by 2023. Increase in demand for smartphones, increasing demand of OLED from the automotive industry, and rise in disposable income are some of the major factors driving the growth of the OLED materials market. the market is segmented into cathode, emissive layer (EML), electron transport layer (ETL), hole injection layer (HIL), anode, encapsulation, substrates, and others. Substrates have been the largest category in the OLED materials market, attributed to the easy availability of this material.

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Globally, Asia-Pacific has been the largest OLED materials market, with more than 35.0% contribution in 2017. The region is a major manufacturing hub for display panels and brand products. Companies like Samsung, LG, Japan Display, and others have a strong presence in many countries of the region. The region has seen an increase in the production of smartphones due to their growing demand; thus, resulting in the growth of the market in the region.

Rise in population can be seen as another factor propelling the growth of the OLED materials market in Asia-Pacific. With the rise in population, there has been an increase in residential projects, which demand these materials for lighting and other displays. Moreover, increase in disposable income is also leading to greater use of these materials. For example, China has seen growth in its disposable income which has led to greater consumption of electronic products like laptops, tables, and mobile phones in recent years.

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With the rise in demand for smartphones, televisions, monitors, and gaming consoles, the OLED materials market is expected to advance at considerable rate. There has been a demand for high realistic images from the consumers which can be met with the help of OLED displays. Also, technological advancements in electrodes are ongoing, such as in grapheme, carbon nanotubes, silver nanowires, and hybrid transparent electrodes. Thus, these factors are providing an opportunity for the growth of the market.

Some of the major players operating in the OLED materials industry are Bayer AG, DowDuPont Inc., Idemitsu Kosan Co. Ltd., LG Chem, Merck KGaA, Novaled GmbH, Sumitomo Chemical Company Limited, TCI America, Universal Display Corporation, and Heraeus Holding GmbH.