The global thin-film encapsulation market is predicted to witness a CAGR of 24.8% during the forecast period. The growth of this market is attributed towards the excessive implementation of flexible OLED displays for smart wearables and smartphones along with increasing trend pertaining towards utilization of thin-film encapsulation along with inkjet printing.
Thin-film encapsulation (TFE) has the prospective to substitute the front glass in an OLED device with the use of a film barrier that is thin. The OLED material is relatively vulnerable to deprivation while unprotected to environmental factors such as air and water. Moreover, mounting investments in the manufacturing amenities and OLED technology is expected to create ample opportunities for the growth of the thin film encapsulation market across the globe.
Based on the application, the thin-film encapsulation market is segmented into flexible OLED lighting, flexible OLED display, thin-film photovoltaics, and others. The flexible OLED display market is further subcategorized into smart wearables, smartphones, and telephone and signage. OLED display finds the largest application in the thin-film encapsulation market owing to key players developing encapsulation material for elastic OLED displays. Moreover, the thin-film encapsulation market for OLED lighting applications is expected to witness the fastest growth during the forecast period.
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Geographically, Asia-Pacific has contributed the largest revenue to the thin-film encapsulation market, worldwide. It has been observed that there are several manufacturers of the brand and various display panels that are established in Japan, China, Hong Kong, South Korea, and Taiwan. Additionally, South Korea is expected to witness the fastest growth during the forecast period owing to the existence of key players operating in the thin-film encapsulation market of this industry such as LG Display and Samsung.
The demand for thin-film encapsulation is witnessing significant growth in China owing to the expansive adoption of CSOT and BOE technology that enabling the market players in developing OLED panels that are flexible in nature. Europe is observing the second-largest growth in the thin-film encapsulation market owing to extensive acceptance of OLED solutions of lighting in the automotive domain and increasing investment avenue undertaken by the government authorities for lighting research of OLED.
The market for thin-film encapsulation is consolidated and the key players in the thin-film encapsulation market include Samsung SDI, Applied Materials, LG Chem, 3M, Universal Display Corp. (UDC), Veeco Instruments, Toray Industries, Aixtron, Kateeva, BASF SE, AMS Technologies, Meyer Burger, Bystronic Glass, and Angstrom Engineering.
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