by Indium gallium zinc oxide (IGZO) is an amorphous oxide semiconductor used for thin-film transistors in flat panel displays and related applications. It is considered as a promising candidate to replace amorphous silicon (a-Si) in the active-matrix liquid-crystal displays (AMLCD) market owing to its higher electron mobility. IGZO exhibits optical transparency and uniformity suitable for displays. IGZO thin-film transistors (TFTs) are fabricated using sputtering, and they have high field-effect mobilities even at sub-micrometer channel lengths. Various companies are adopting IGZO TFTs in their display products owing to advantages such as high resolution, energy efficiency, and flexibility.
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 Dynamics:
One of the primary drivers for the growing Indium Gallium Zinc Oxide Market is the increasing demand for flexible display devices. IGZO exhibits properties suitable for flexible displays such as high mobility, uniformity, and transparency even when bent. Many display product manufacturers are focusing on rollable, foldable, and flexible displays, thereby positively impacting the demand for IGZO. Flexible displays based on IGZO TFTs enable novel form factors and facilitate portability. IGZO is also finding increasing applications in wearable devices and IoT sensors owing to its flexibility and transparency. Another driver for the market growth is the growing demand for high-resolution displays in various consumer electronics such as smartphones, tablets, and TVs. IGZO facilitates manufacturing of AMLCDs and OLED displays with higher resolution as compared to traditional materials.
Segment Analysis
The indium gallium zinc oxide market is dominated by the display sub-segment which accounts for over 50% share. Indium gallium zinc oxide is widely used in the manufacturing of liquid crystal displays and organic light-emitting diode displays due to its high charge mobility and transparency properties. It allows for thinner, flexible and energy efficient displays. The growing demand for larger panel sizes and smarter displays from various end-use industries such as consumer electronics, automotive and healthcare is driving the growth of this sub-segment.
PEST Analysis
Political: There are no significant political risks impacting the indium gallium zinc oxide market. Most governments support the development of new material technologies.
Economic: The strong GDP growth in developing nations and declining manufacturing costs are fueling opportunities in consumer electronics and automotive sectors. This positive economic environment promotes the indium gallium zinc oxide market growth.
Social: The rising disposable incomes and changing lifestyles increased demand for smarter, connected devices across regions. The growing preference for energy efficient, transparent and flexible displays enhances the social acceptance of indium gallium zinc oxide.
Technological: Advancements in manufacturing processes have improved the material properties and lowered the production costs of indium gallium zinc oxide. Continuous R&D to develop innovative applications in displays, solar cells and transparent electronics ensures technological development of this market.
Key Takeaways
The Global Indium Gallium Zinc Oxide Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by the expanding display industry. The Asia Pacific region currently dominates with over 40% share led by strong presence of manufacturers in China, Japan and South Korea. 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.
Regional analysis Asia Pacific is projected to maintain its leading position during the forecast period driven by China which accounts for over half of the global display production. Japan and South Korea are also major contributors with strong foothold of display giants like Sony, Samsung and LG Electronics. These companies have established indigenous indium gallium zinc oxide supply chains and manufacturing facilities providing competitive advantage.
Key players Sharp Corporation is a leading player with wide range of AGZO displays and solar panels. Apple Inc. is a major consumer of IGZO displays for iPhones and iPads from Sharp and Japan Display. Sony Corporation supplies IGZO TV displays worldwide and invests in panel R&D. ASUSTek, LG Electronics and Samsung Group manufacture laptops, smartphones and TVs using IGZO technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
