Demand for Organic Electronics Rises as Companies Switch to Low-cost Alternative
- Global demand for organic polymer electronics expected to register CAGR of 22.1 percent by 2023
- Among the applications of organic polymer electronic devices, organic display is the largest revenue generating segment
- Asia-Pacific region is expected to have a high demand for organic polymer electronic devices.
Companies are more likely to switch to low-cost, energy-efficient and eco-friendly organic electronic devices in their product manufacturing in the coming years, as per a report by www.360marketupdates.com.
The report has estimated that the global organic polymer electronics market will grow at CAGR of 22.1 percent from 2018 to 2023.
Organic electronic devices are anticipated to replace traditional inorganic electronic applications, due to low material utilization (use of materials that are synthesized, rather than mined from the earth) and simple processing.
Organic electronic devices are used in varied industries namely display, lighting, photovoltaic and others.
Key factors driving market growth
The need for reduction of cost of production, weight and power consumption of electronic goods are identified as the key factors driving the market.
According to the report, the global demand for TV sets in 2017 has gone up by almost a million TV sets and is expected to increase because of the emerging markets in Asia.
Similarly, it said that the demand for other flexible electronic goods required in healthcare, government and other sectors would grow, which would further drive the growth of the organic polymer electronics market.
Demand for OLED displays increases
Among the applications of organic polymer electronic devices, the organic display is the largest revenue generating segment since display devices like OLEDs find applications in laptops, tablets, TV sets and lightings.
Reasons like rising disposable income of end users and preference for high-quality products are influencing the LCD display manufacturers to invest in organic electronics.
Also, to gain product differentiation and competitive advantage in the market, the LCD display manufacturers have been adopting OLED displays in their TV sets. Due to this, the demand in the OLED displays market is expected to rise.
High demand expected in Asia-Pacific
Asia-Pacific is home to almost 3/4th of the global electronics manufacturing industry, which is the primary application area for organic electronics.
With largest consumer electronics markets like China and India in the Asia-Pacific, this region is expected to have a high demand for organic polymer electronic devices during the forecast period (2018-2023).
North America is expected to proceed to dominate the market share of consumer electronics products in the light of increasing disposable incomes and increasing preferences towards the high-technology TV sets and other electronics.
Also, the manufacturers’ interest in switching to eco-friendly raw material for their electronic components may also add to the growth of the organic polymer electronics market during the forecast period.
However, non-compatibility with conventional electronic goods and lack of robustness due to small life and possible degradation under environmental influences are the major reasons that hinder the growth of the market.