May 23, 2024
Indium Gallium Zinc Oxide Market

Propelled By Growing Demand For Flexible Displays In Consumer Electronics, The global Indium Gallium Zinc Oxide Market is estimated to be valued at US$ 2.29 Bn in 2023

The indium gallium zinc oxide (IGZO) has superior optical and electrical properties compared to other materials such as amorphous silicon and helps enhance the performance of consumer electronic devices. IGZO is increasingly being used in the production of thin-film transistor LCD displays for smartphones, tablets, and notebooks owing to its higher electron mobility and lower power consumption.

 

The global Indium Gallium Zinc Oxide Market is estimated to be valued at US$ 2.29 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing demand for flexible displays in consumer electronics is one of the key trends driving the growth of the indium gallium zinc oxide market. IGZO exhibits high heat resistance, optical transparency, and flexibility which has increased its adoption in the production of flexible displays. Major electronics manufacturers are focusing on developing wearable devices, foldable smartphones, and rollable displays which is fueling the demand for flexible displays. IGZO based flexible displays provide superior image quality and durability compared to silicon-based displays. The increasing penetration of smartphones, tablets, and other consumer electronics globally is expected to propel the demand for IGZO displays during the forecast period.
SWOT Analysis
Strength: Indium gallium zinc oxide offers excellent optical and electrical characteristics. It has high electron mobility and wider bandwidth.
Weakness: High initial costs involved in setting up fabrication facilities for IGZO technology. Availability of alternative materials such as Plastic LCD and OLED can restrict market growth.
Opportunity: Growing demand for larger display sizes in smartphones and tablets. Increasing penetration of Internet of Things technologies will boost adoption of IGZO panels in various end-use industries.
Threats: Complex manufacturing processes of IGZO technology increases possibilities of technical errors. Stiff competition from alternative TFT technologies may limit market expansion.

Key Takeaways
The  Global Indium Gallium Zinc Oxide Market Size is expected to witness high growth. The Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast period. Countries such as China, Japan, South Korea and Taiwan are major revenue generators in this region owing to the presence of key IGZO panel and device manufacturers.

Key players operating in the indium gallium zinc oxide market are Sharp Corporation, Apple Inc., Sony Corporation, ASUSTEK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited. Sharp Corporation and Samsung Group capture over 50% of the global IGZO market.

The increasing investments by panel producers to expand IGZO production capacity especially for large-sized panels will support the market growth during the forecast period. Market leaders are investing heavily in R&D to develop new applications of IGZO in areas such as flexible displays, IoT devices and AR/VR equipment.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it