Flexible Display Market will grow at highest pace owing to increasing adoption of flexible displays in smartphones

The flexible display market involves the manufacturing and sales of bendable, rollable and foldable displays. Flexible displays include OLED, E-paper and LCD technology which can be curved, folded or rolled. They are lightweight, unbreakable and energy efficient. Flexible displays deliver an uninterrupted visual experience and enable innovative form factors in devices like smartphones, wearables and laptops. The Global Flexible Display Market is estimated to be valued at US$ 16.14 Bn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the flexible display market are LG Display Co. Ltd, Samsung Electronics Co Ltd, ROYOLE Corporation, e-ink Holdings, BOE Technology Group Co. Ltd, Guangzhou Oed Technologies Co. Ltd, FlexEnable Limited, Chunghwa Picture Tubes Ltd, Huawei Technologies Co. Ltd, Sharp Corporation, Plastic Logic, Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, Microtips Technology, and Others. The growing demand for flexible smartphones and foldable devices is a major factor driving the flexible display market. Technological advancements in OLED and E-paper displays have increased their adoption in consumer electronics.

Market trends:
The flexible display market is witnessing growing adoption of OLED technology over LCD and E-paper. OLED flexible displays provide better picture quality, response time and viewing angles. rollable OLED displays are gaining popularity for large screen applications in TVs and monitors. Another trend is increased focus on developing ultra-thin and lightweight flexible displays for wearables and foldable mobile devices.

Market Opportunities:
The scope of adopting flexible displays is increasing beyond consumer electronics into various industrial applications like aerospace displays, automotive dashboards and smart packaging. Augmented reality and virtual reality also provide growth opportunities for flexible displays that can seamlessly integrate with smart glasses. Collaboration between display manufacturers and device brands will help accelerate the commercialization of innovative foldable devices.

Impact of COVID-19 on Flexible Display Market Growth
The COVID-19 pandemic has significantly impacted the flexible display market. During the initial phase of the outbreak, there was a steep decline in demand as lockdown halted production and supply chains across major industries. Manufacturing facilities were temporarily shut and projects had to be postponed. Raw material procurement also became challenging leading to short supply and price hikes. Industries dependent on flexible displays such as consumer electronics, automotive and others faced difficulties.

However, as lockdowns eased, demand started recovering aided by increasing preference for flexible displays in medical devices and equipment. Manufacturers shifted focus to cater to rising needs of healthcare, remote patient monitoring and telehealth. Additionally, e-learning and remote working ensured continued usage of devices with foldable and rollable displays. Governments too supported local manufacturing of medical equipment boosting associated component industries.

Going forward, demand from automotive, consumer electronics, industrial sectors is projected to pick up pace as economic activities normalize. Mass vaccination drives will further aid recovery. Companies now emphasise diversifying supply chains, building strategic alliances and catering regional requirements to ensure business continuity. Adopting advanced technologies in manufacturing will help resolve issues and gain lost momentum. While short term impact was notable, long term growth outlook for flexible displays remain optimistic led by evolving applications and innovative product launches.

Asia Pacific Region Dominates Flexible Display Market
Asia Pacific currently holds the largest share in the global flexible display market in terms of value. China, Japan, South Korea are prime countries contributing to region’s leadership. Strong electronics manufacturing base, large consumer electronics market, focus on RD are key factors for Asia Pacific’s dominance. Major players have established manufacturing units to cater growing regional demand. Government initiatives promoting local industries have further propelled the flexible display ecosystem.

North America is the second largest and fastest growing regional market. U.S holds a majority share backed by early technology adoption, increasing consumption of premium electronics and focus on innovation. Canada too is emerging as an attractive market. Europe follows North America in terms of size owing to presence of various automobile manufacturers exploring flexible displays for next generation vehicles. Middle East and Africa, Latin America are projected to showcase notable growth over coming years.