Flexible Display Market Size, Share & Trends Analysis Report By Display Type (OLED, LCD, EDP (Electronic Paper Display)), By Substrate Material (Glass, Plastic, Other Substrate Material), By Application (Smart Phones and Tablets, Smart Wearables, Televisions, Digital Signage System) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global flexible display market size is expected to reach USD 220.75 billion in 2030 and grow at a CAGR of 34.83% during the forecast period (2021–2030). A flexible display is a visual output surface that is designed to be able to withstand being folded, bent, and twisted. Typically screens that use flexible displays are made of OLED displays. Flexible displays are becoming more prevalent in foldable technology such as smartphones, designed to be folded or closed like a book. Flexible displays are useful as they allow the device to be stored in a smaller space, such as a pocket while providing a larger screen size for media display.

The global flexible display market share is segmented into display type, substrate material, application, and region.

Market Dynamics

Flexible display market drivers

Innovation in consumer electronics

Some of the major factors driving the adoption of connected and innovative solutions across the consumer electronics sector are the growing trend of smart homes and buildings, as well as the increasing demand for connected technologies. The incorporation of smart sensors into residential devices has increased the replacement cycle of new consumer electronics. The use of displays to control and communicate with the device is growing significantly.

For example, in July 2020, Samsung released the connected refrigerator SpaceMax Family Hub. It automates meal planning, allows consumers to see inside the refrigerator from anywhere, and users can watch their favorite TV shows while working in the kitchen on the refrigerator's massive entertainment screen.

Aside from that, residential devices such as televisions are undergoing revolutionary changes. For example, the global demand for new TVs is expected to be solely for smart TVs; with increased access to high-speed internet, demand for smart TVs with better picture quality is increasing. With so many viewers consuming media from OTT platforms like Netflix, Amazon, and others, the need to store data effectively is becoming critical. According to Bitmovin, the market is shifting toward a new generation of video codecs that offer 30 to 70% better compression than H.264.

Increased demand for greater picture quality

In 2021, more companies were offering 8K TVs, particularly in North America and Europe. 75- to 85-inch models are expected to be more popular this year compared to 65-inch models the previous year. Additionally, advancements in HDR, LED and other technologies are expected to boost demand.

In recent years, the number of 4K televisions sold has increased at an exponential rate. According to JEITA, the shipment volume of 4K TVs in Japan in 2020 was 3.05 million, up from 2.58 million the previous year. The change in resolution and quality of the contents is expected to drive the demand.

With the proliferation of screen sizes, the number of pixels per inch in 8K decreases. Additionally, studies show that consumers are unable to distinguish 8K videos from 4K videos. However, due to cost reductions in the coming years, demand for 8K screens is expected to rise significantly in the coming years.

PC gaming has recently become a popular choice among millennial gamers. This shift is primarily due to a combination of factors, including improved gameplay quality, the availability of high-end hardware and software, and increased internet bandwidth. Today, more exciting and demanding technology, such as VR and 4K displays, is available. As a result, PC gamers are expected to upgrade their equipment accordingly, which is one of the factors driving sales of gaming-specific PCs and their accessories like gaming screens. Thus, increased demand for picture quality has boosted the demand for flexible displays.

Flexible display market restraint

Higher r&d cost and highly dynamic market

With the increasing demand for higher picture quality and resolution, vendors are increasingly investing in product innovation. LG Display, for example, invested KRW 1,740 billion in 2020; large vendors with a larger market share can invest a larger share of revenues in innovation, which other vendors in this space do not have.

Aside from that, the flexible display market share is highly dynamic in terms of technology pricing. For example, in recent times, the market selling prices of TFT-LCD and OLED panels have been consistently falling, affecting the revenues of vendors operating in the market and posing a challenge to their growth in the product category.

The industry is highly competitive, and vendors operating in it face price and margin pressure as many vendors add production capacity to compete on price. Vendors from Korea, China, Taiwan, and Japan are investing in expanding their production capacities, which significantly impacts global vendors' ability to remain sustainable and profitable in the market.

Furthermore, the new 8K displays are expected to decrease prices and sell for around USD 3,500 to 4,000 by 2022, down from their current average selling price of around USD 4,500. This is expected to have a negative impact on the margins of vendors operating in this space.

What are future opportunities in the flexible display market

Evolution of the electronics industry to create lucrative opportunities

The ongoing evolution of smartphones and computers has aided in developing display technologies, with foldable and flexible displays emerging as the most recent landscape component. Curved displays have already gained traction among users through innovative TV screens, desktop monitors, and phones, so the market is expected to grow over the forecast period.

Flexible displays, which are being seriously discussed as a potentially disruptive technology for future handheld and other devices, are being investigated by smartphone behemoths such as LG, Samsung, and Huawei to deliver revolutionary designs to users.

However, cost increases, decreased finished product rates, price increases, a lack of product differentiation, seasonal demand patterns, and uncertainty about economic prospects pose significant demand growth challenges. In 2020, there will be more opportunities for flexible OLED displays due to a focus on cost reduction, adding new functions, implementing product differentiation, a fresh appearance, and industry demand for 5G models.

Telecom companies claim that the benefits of 5G networks will soon be available to consumers worldwide, implying that electronics manufacturers can fully develop 5G-compatible smartphones and computer parts. The technology is expected to deliver unprecedented internet speeds in homes and smartphones, with trials claiming networks nearly 100 times faster than 4G.

Understandably, the introduction of 5G will bring the ability to perform more tasks on a single device than was previously possible on previous networks, owing to the enhanced capabilities of new phones and laptops. Currently, the industry believes that flexible OLED displays are the best solution for the next generation smartphone market.

Emerging trends in the flexible display market

Oled technology to witness significant growth

OLED is a new display technology that allows for more efficient displays and lighting panels. OLEDs are already being used in a variety of mobile devices and televisions. OLEDs are the most recent generation of display technology, offering superior performance and improved optical characteristics over older LED and LCD technologies.

Furthermore, smartphone manufacturers such as Samsung Z fold and LG G8X have used second-generation flexible OLED displays that can be bent. OLEDs were mainly used to create a market impression of foldable smartphones. Rolled OLEDs, on the other hand, are now making their way into the TV and smartphone markets.

Compared to other options, flexible displays made of OLED are more energy efficient. OLEDs are available in a very small factor, allowing manufacturers to build them as individual pixels. These are already being used in a variety of consumer electronics, such as curved OLED TVs, and are in high demand.

Regional Analysis

Asia-pacific is expected to witness the significant market share

The Asia-Pacific market landscape is primarily driven by significant market consolidation, resulting in a plethora of advanced display technologies that have dominated the market. Furthermore, Asian countries are the home of display manufacturing foundries, giving this region a dominant market position.

The majority of display manufacturers are concentrated in the Asia-Pacific region, with South Korea, Taiwan, Japan, and China accounting for a sizable proportion of vendors operating and catering to various electronics manufacturers worldwide. Chinese panel manufacturers have continued to invest in new fabrication facilities and additional supplies due to Chinese government initiatives and support. Thus, Asia-Pacific is expected to be at the epicenter of the market due to the region's growing penetration and consumer base for consumer electronics.

The initial market demand in the consumer electronics segment is expected to come primarily from emerging economies in APAC, North America, and Europe. The adoption of flexible OLED displays is anticipated to drive the market. The majority of the companies' manufacturing facilities and corporate offices are spread across Asia-Pacific, Europe, and North America. LG Display, Samsung Electronics, Motorola Inc., and Koninklijke Philips NV are just a few of the companies with manufacturing facilities all over the world.

The end-user application settings and subsequent demand for various television set heavily influence the European market landscape. In the current market, European TV OEMs and brands use either an IPS panel or a VA panel, depending on their models and sales regions. For example, the VA panel may have a higher contrast ratio in a comparatively darker environment, whereas consumers in some European countries prefer a darker living room.

Segmental Analysis

The global flexible display market share has been classified based on display type, substrate material, application, and region.

On the basis of Display Type

OLED

OLED displays are known for their superior colour accuracy, higher contrast ratios, and the ability to produce deep blacks due to their self-emissive nature. In the flexible display market, OLEDs are particularly valued for their thinness, light weight, and flexibility, enabling innovative form factors such as foldable and rollable screens. This segment has seen significant growth due to increasing demand for advanced display technologies in consumer electronics, particularly smartphones, tablets, and wearable devices. The flexibility of OLEDs also opens applications in automotive displays, digital signage, and more. The market is driven by advancements in materials and manufacturing processes, as well as a growing consumer preference for high-quality, versatile displays.

LCD

Liquid Crystal Display (LCD) are characterized by their ability to be bent or curved without breaking, which provides innovative design possibilities in various applications. Unlike traditional rigid LCDs, flexible LCDs are designed using flexible substrates and advanced materials that maintain display integrity despite bending. This segment caters to diverse applications, including wearable devices, foldable smartphones, automotive displays, and flexible signage. The demand for flexible LCDs is driven by the growing consumer electronics market and the increasing need for more versatile, durable, and lightweight display solutions. Key players in this market are focusing on improving the technology to enhance flexibility, image quality, and energy efficiency, making flexible LCDs an appealing choice for a wide range of end-users.

EDP (Electronic Paper Display)

EDP (Electronic Paper Display) in the Flexible Display Market focuses on displays that mimic the appearance of ink on paper, often referred to as e-paper. EPDs are known for their low power consumption, high readability in various lighting conditions, and flexibility, making them ideal for applications such as e-readers, digital signage, and wearable devices. This segment is showing its growth potential due to the rise in demand for energy-efficient display technologies and growth in portable electronic devices. Moreover, it requires no refresh of power to hold the image, besides having design and form factor flexibility, making it attractive for adoption across industries. Thus, this market segment shows potential for high growth during the forecast period.

By Substrate Material

Glass

Glass in the Flexible Display Market involves displays that use glass as the primary substrate material. Glass substrates have become so popular in industries due to their excellent optical clarity, thermal stability, and resistance to environmental factors. However, they are relatively less flexible compared to some other materials, such as plastic or metal; hence, they are not so appropriate for highly bendable or foldable applications. Nevertheless, glass substrates find their diffusion in many devices aimed at high display quality and durability, including smartphones, tablets, and some sorts of TVs. Meanwhile, on the other side, the growth of the segment is driven by glass technologies' evolvement in ultra-thin and chemically strengthened glass, extending flexibility and durability. This segment also thrives on the demand for high-resolution displays with vibrant colours and better lifetimes of display, thus becoming one of the key constituents of the flexible display market.

Plastic

Plastic substrates are highly valued for their lightweight, flexible, and durable properties, which enable the creation of displays that can be bent, rolled, or folded. This quality is of tremendous importance for innovative applications such as foldable smartphones, wearable devices, and rollable displays. Other benefits with plastic substrates include impact resistance and reduced manufacturing cost compared to glass. The advancement in technology will further open a lot of applications with improved plastics substrates, which are increased in transparency and have higher heat resistance. Increased demand for flexible and portable electronic devices are driving this segment of the market, and hence this will be the fastest growing market segment of the flexible display market.

Other Substrate Material

Other Substrate Material segment in the Flexible Display Market encompasses a range of non-traditional materials used in the production of flexible displays. This would include some innovative substrate material, such as metal foils, organic material, and advanced composite materials, which have a few unique properties suited to applications. For example, metal foils might improve durability and thermal management, while organic substrates might add flexibility and friendliness to the environment. Improved composites often combine several materials to achieve specific desirable characteristics, such as very high flexibility, strength, low weight, and other attributes. Although these materials are less common compared to glass or plastic, their use is growing together with technology evolving and new applications demanding novel substrate solutions.

On the basis of Application

Smart Phones and Tablets

Smart Phones and Tablets segment focuses on integrating flexible display technologies to enhance device durability, design flexibility, and overall user experience. Flexible displays, often using OLED or EDP technologies, allow for curved or foldable screens that can be more resilient to physical stress and offer innovative form factors. This segment is driven by consumer demand for sleeker, more versatile devices with larger screens and enhanced visual quality. As manufacturers explore new ways to integrate these displays into their products, the market for flexible displays in smartphones and tablets is expected to grow.

Smart Wearables

Smart wearables, such as smartwatches, fitness trackers, and augmented reality glasses, offer several advantages, including enhanced flexibility, durability, and improved user experience. Such displays will bend and change their shapes to fit perfectly in flexible and comfortable smart wearables. Trends in personalization, multifunctional devices, and embedding advanced features like health monitoring and real-time notifications keep moving into new levels in the adoption of flexible displays in smart wearables. The segment is projected to further expand in the coming years, with evolving technology and shifting consumer preference towards more versatile and dynamic wearable devices.

Television

Television segment is driven by the demand for more versatile and innovative display solutions that enhance consumer viewing experiences. Flexible displays enable the production of TVs that can be curved, bent, or even rolled up, offering greater design flexibility and improved aesthetics. This technology is particularly attractive for high-end and luxury segments, where unique form factors and space-saving solutions are valued. Additionally, flexible displays can contribute to lighter and thinner television designs, potentially leading to reduced shipping costs and easier installation.

Digital Signage

Digital signage systems are majorly applied to deliver dynamic content, advertisements, and informational displays across several public and commercial spaces. In this respect, flexible displays offer big advantages because of their light, thin, and adaptable nature that allows them to be easily fitted into various diverse and unconventional environments. This segment benefits from both a growing demand for new, attention-grabbing advertising solutions and rising needs for flexible, space-saving digital information systems. Further development of digital signage boosts flexibility in displays, allowing more creative and more effective implementations that eventually drive growth in this segment.

Geographical outlook

By geography, Asia-Pacific accounted for the largest market share of around 43.78% in 2021. The APAC flexible display market size is expected to grow at a CAGR of 36.01% generating revenue of USD 100.82 billion by 2030.

Impact of covid-19

Due to the global shutdown, production of flexible displays fell precipitously in 2020 due to the global supply chain disruption. COVID-19 had an impact on the operations of not only flexible display manufacturers but also their suppliers and distributors.

In the short term, the failure of export shipments and poor domestic semiconductor demand compared to pre-COVID-19 levels are expected to impact negatively and slightly stagnant demand for semiconductor devices, affecting the flexible display market growth.

As a result of the ongoing COVID-19 outbreak, several major economies have been placed on lockdown. Sales of electronic products have been hampered, and supply networks have been disrupted. Furthermore, many economies are losing a significant amount of revenue due to manufacturing plant closures. As a result, the general scenario has hampered the demand for flexible displays in 2020.

Market Recovery Timeline and its Challenges

The market is expected to recover from mid of 2022 as people have made huge savings during the lockdown. The growing demand for high-quality pictures and the smart house is expected to drive the growth of the flexible display market.

However, the market faced challenges such as reduced workforce and delays in receiving components and materials. It caused an unexpected spike in panel pricing, with a month-to-month jump of more than 7%.

Recent Developments

• On December 29, 2021, LG Display, launched its newest OLED TV technology ‘OLED EX’. This next-generation OLED EX display implements LG Display’s deuterium and personalized algorithm-based ‘EX-Technology’.
• On April 19, 2022, Samsung launched its stunning Neo QLED 8K and Neo QLED TV range, offering the most pristine picture quality and immersive soundscapes to transform living spaces.
• June 21, 2021, Royole Corporation launched Rokit, the world’s first open platform flexible electronics development kit.
• On November 7, 2019, Flexenable, acquired Merck’s Organic Thin-Film Transistor (OTFT) materials portfolio for flexible displays.
• On May 19, 2021, Huawei launched a new patent for flexible screens for a more smooth gaming experience.
• December 3, 2020, Plastic Logic Partnered with e-ink to provide the world’s first flexible Advanced Color ePaper (ACeP) based display.