SEOUL, Feb. 18 (Korea Bizwire) – The global market for flexible displays is expected to grow sharply in 2016, data showed Thursday, as more industry players are rushing to jump into the curved and foldable electronics panel market.
According to the data compiled by industry tracker IHS, the world’s flexible display market is estimated at US$5.36 billion in 2016, soaring from $2.4 billion last year. The shipment by volume is also set to rise twofold to 122 million units from the 55 million posted last year.
Demand for flexible displays is anticipated to continue to rise down the road to reach $15.7 billion, or 353 million units, the data showed.
Organic light-emitting diode (OLED) products account for 99 percent of the flexible display market.
South Korean companies are the only tech players around the globe that have started a full-fledged mass production of flexible displays. In 2013, Samsung Display Co. produced the flexible OLED for the Galaxy round, a curved smartphone.
While curved smartphones did not appeal strongly to the public early on, the segment became a new trend in the global handset industry last year, when Samsung showcased the Galaxy S6 Edge, bringing flexible displays to the mainstream.
In line with the rising demand for small and medium-sized OLED panels, LG Display Co., another South Korean panel maker, has also been making efforts to tap deeper into mobile devices.
LG Display said last year it will spend around 10 trillion won ($8.1 billion) over the long haul to build a new factory in Paju, north of Seoul, which will also produce flexible OLED panels.’