Published Date : 24 Apr 2023
The global organic electronics industry was estimated at USD 70.12 billion in 2022 and is anticipated to reach around USD 451.3 billion by 2032, growing at a CAGR of roughly 21.4% between 2023 and 2032.
To make electrical components for numerous novel application areas, organic electronics use organic polymers or small molecules. Organic electronic materials are more affordable, lightweight, and adaptable than traditional inorganic materials made of silicon. Organic devices use fewer resources during manufacturing, use, and disposal and are more energy-efficient. Vacuum-based deposition techniques are usually used to cast thin films of organic materials onto the substrate surface to make small-molecule organic electronics. Using inexpensive solution processing techniques, electrical polymers can be converted into organic electronics.
The electronic circuitry can be printed directly onto big sheets of plastic by rendering semiconductor polymers soluble and turning them into ink. These materials can be produced using large-area, roll-to-roll manufacturing techniques, which are readily ramped up for cheaper, more efficient production.
Organic Electronics Industry Report Scope:
|Market Size in 2022
|USD 70.12 Billion
|Projected Forecast Value in 2032
|USD 451.3 Billion
|Growth Rate from 2023 to 2032
|CAGR of 21.4%
|Fastest Growing Market
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
The Asia Pacific is expected to capture a significant industry share over the forecast period. The regional growth is attributed to the growing consumer electronics industry, especially in the countries like India, China, Japan, and others. These countries in the region have a significant rise in electronic devices which includes Smartphones, SmartTVs, Laptops, Wearables, Hearables and Others.
The major products that are expected to drive growth in India's electronics manufacturing are electronic components, LED illumination, strategic electronics, printed circuit board assembly (PCBA), consumer electronics (TV and audio), industrial electronics, car electronics, consumer electronics (mobile phones), IT hardware (laptops, tablets), consumer electronics (TV and audio), and telecom equipment. From its present level of US$ 30 billion, mobile manufacturing is predicted to reach US$ 100 billion in annual output development or about 40% of the industry's growth. Similarly, according to a study by App Annie, In terms of the average user's smartphone usage time, India came in third place worldwide (4.6 hours per day). Thus, the increasing demand for electronic devices in the region is expected to flourish the market expansion over the forecast period.
North America is growing at a rapid pace over the forecast period. The growth in this region is owing to the increasing government emphasis on energy-efficient products. Moreover, the increasing investments in renewable sources of energy such as solar is expected to fuel the industry's growth. According to the Solar Energy Industries Association, every state in the United States will employ more than 255,000 Americans in the photovoltaic industry. The American economy received nearly $33 billion in private funding from the solar sector in 2021. Thus, a growing emphasis of government on energy-efficient products and increasing solar industry in the region is expected to offer a lucrative opportunity for market development.
Increasing demand for AMOLED display in electronic devices
The market is being driven by a growing number of OLED displays in various products due to their cost- and energy-effectiveness. Demand for this market is also being driven by the introduction of AMOLED displays in products like smartphones, smartwatches, and others. The industry has grown favorably as a result of companies like Xiaomi, Samsung, and others rapidly adopting AMOLED display technologies. Additionally, the demand for AMOLED displays is expanding due to the increasing usage of high-end devices that can offer durable, flexible, and high-resolution displays due to the rising disposable income of the population in established and emerging countries. For instance, to improve the aesthetic appeal of its flagship devices, Samsung released the Z Flip 3 and Z Fold 3 with AMOLED displays. Thus, this is expected to drive the growth of the industry during the forecast period.
Low efficiency as compared to traditional electronic
Organic photovoltaic cells' poor efficacy in comparison to inorganic photovoltaic cells like silicon solar cells is their primary drawback. Thus, these factors act as a major restraining factor for the market growth over the forecast period.
Growing solar industry
The growing solar industry is expected to provide a lucrative opportunity for industry growth during the forecast period. For instance, according to the International Energy Agency, In 2021, solar PV production surpassed 1 000 TWh and grew by a record 179 TWh (up 22%). Of all renewable technologies, it showed the second-largest absolute production increase in 2021, after wind. In most of the globe, solar PV is quickly becoming the most affordable choice for new electricity generation, which is anticipated to spur investment in the years to come. However, to adhere to the Net Zero Emissions by 2050 Scenario, yearly production increase must average 25% from 2022 to 2030. Thus, with the growing solar industry, the demand for organic electronics will significantly rise during the projected period.
Major Key Players:
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