Organic electronics market continues to grow
Global market size is expected to surpass US$160B by 2027,
The global organic electronics market size was valued at US$ 33.99 billion in 2019 according to a study from Ottawa-based Precedence Research. Organic semiconductors are non-metallic materials that offer semiconducting properties.
These semiconductors have several advantages as compared to inorganic semiconductors such as mechanical flexibility, lightweight, and low cost; thereby offering opportunity to develop devices using low cost fabrication techniques. Rise in awareness for sustainable development and as organic semiconductors are biodegradable; thus, are increasingly preferred over their counterparts, thereby, increasing the organic electronic market demand. The dielectric material creates demand and opportunities for various applications in consumer electronics, automotive, digital signage, medical and security.
With the introduction to portable solar cells, advanced smartphone displays, and colored light source have prominently surged the demand for organic electronics over the forthcoming years. Growth in adoption for renewable energy sources and generation technologies has spur the demand for advanced battery technology that uses organic electronics because of its advanced features, thereby impelling the growth of the industry. Organic electronics is a highly promising technology that estimated to offer better functionality with the purpose to overcome power consumption challenges during the forecast timeframe. Potential applications of organic electronics include environmental health, national security, Information Technology (IT), and biomedical research. Hence, the above mentioned factors influence the market growth positively over the coming years.
In addition to above factors, favorable government policies related to the adoption of low energy consumption devices and renewable generation is likely to impetus the market growth. However, lack of robustness and compatibility with the organic electronic products projected to hinder the growth of the product over the analysis timeframe.
- North America showed prominent growth in the global organic electronics market in 2019 because of being a prior adopter of advanced technologies such as AI, machine learning, and IoT
- the Asia Pacific being the largest market for consumer electronics exhibits rapid growth rate over the forthcoming years
- Semiconductor led the global market accounting for more than half of the total market value in 2019 and expected to grow at the fastest rate over the forthcoming years
- Dielectric materials have gained significant importance over the past few years owing to their increasing demand and opportunity in applications such as automotive, consumer electronics, and many more
- Display application captured significant market share in the global market in 2019 because of rising demand for advanced display technologies in various application
- Lighting is the other most important application of organic electronics because of increasing demand for more efficient and cost-effective lighting technology
North America is prominent revenue contributor to the global organic electronics industry because of significant demand for advanced display technologies in the region such as digital signage and many others. Apart from this, the region has encountered prominent growth in demand for advanced battery technology over the past few years because of the advent of battery-powered vehicles. Alarming growth in the pollution has forced the government in the region to impose stringent norms for the adoption of electric and battery-powered vehicles that in turn boost the demand for high-power batteries and thus the market growth for organic electronics.
On the contrary, the Asia Pacific exhibits lucrative growth over the forecast timeframe owing to significant surge in the demand for advanced consumer electronic products over the past few decades. Prime factors attributed to the significant growth in the consumer electronic products are rise in disposable income along with the increase in purchasing power of consumers. Among other Asian countries, China emerged as the front-runner in terms of technology adoption and large consumer base for electronics industry. Further, the availability of low cost of raw materials along with labor significantly decreases the overall manufacturing cost of the electronic products that accounts for the prime factor towards the growth of the country.
Key Players & Strategies
The organic electronics industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand. Further, with the technological advancements the shape of the consumer electronic products is changing rapidly that again trigger the rate of competition among the market players. Presently, consumers are more inclined towards light weight and small sized products that have forced the manufacturers in the industry to innovate new and flexible technologies. In the wake of same, the industry players invest prominently in the market to develop new and advanced products.
Some of the key players operating in the market are BASF SE, AGC INC., POLYIC GMBH & CO. KG, Evonik Industries AG, COVESTRO AG, Heliatek GmbH, H.C. Starck Inc., Novaled GmbH, Merck KGaA, and Sumitomo Corporation among others.