Organic Semiconductor Market to Hit US$ 712.76 Billion By 2031 | Updated Insights Analysis
Organic Semiconductor Market is projected to register a CAGR of 22.3% during 2023-2031, due to its increasing demand from consumer electronics, energy, and healthcare sectors among others, and major participants includes are Merck KGaA, LG Chem, Novaled Gmbh, BASF SE, Samsung, Sony Corporation, Sumitomo Chemical Co. Ltd.
New York, Oct. 13, 2023 (GLOBE NEWSWIRE) — As per the research report “Global Organic Semiconductor Market” published by Consegic Business Intelligence, the market was worth USD 119.07 Billion in 2022, projected to grow by USD 142.81 Billion in 2023, and is anticipated to reach over USD 712.76 Billion by the year 2031, growing at a CAGR of 22.3%.
Organic semiconductors refer to materials that are composed of pi-bonded molecules or polymers, which are made up of hydrocarbons along with heteroatoms including sulphur, oxygen, and nitrogen. The benefits of organic semiconductor including mechanical flexibility, ease of fabrication, lightweight, lower cost, and others makes it ideal for deployment in consumer electronics, healthcare, automotive, energy, and other sectors.
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The increasing utilization of organic semiconductors in consumer electronics sector is among the key factors driving the market growth. Additionally, progressions in consumer electronics including AI (Artificial Intelligence) and IoT (Internet of Things), rising adoption of smartphones, computers, and other consumer devices, and growing demand for efficient display solutions in consumer devices are vital factors driving the adoption of organic semiconductors. For instance, according to GSM Association, the adoption of smartphones in Asia-Pacific region is projected to reach 83% by 2025, demonstrating an increase from 73% in 2021. Thus, the rising adoption of smartphones and other consumer devices is increasing the utilization of organic semiconductor for application in OLED displays integrated in consumer devices, thereby, driving the growth of the market.
Additionally, the rising adoption of electric vehicles is projected to promote opportunities for the growth of the organic semiconductor market. Organic semiconductor memory is often used in the production of organic light-emitting diodes that are further utilized in multiple components of electric vehicles including tail lights, infotainment systems, and digital instrument clusters. However, certain limitations and operational challenges related to organic semiconductors are hindering the growth of the market.
|Report Attributes||Report Details|
|Market Size By 2031||USD 712.76 Billion|
|Key Players||Merck KGaA, LG Chem, Novaled Gmbh, BASF SE, Samsung, Sony Corporation, Sumitomo Chemical Co. Ltd.|
|By Material||Polyethylene, Poly Aromatic Ring, and Copolymer|
|By Application||OLED, Photovoltaic Cells, Sensors, Transistors, and Others|
|By End-User||Consumer Electronics, Healthcare, Automotive, Energy, and Others|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more|
|By Region||North America, Europe, Asia-Pacific, Latin America, Middle East & Africa|
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Organic Semiconductor Market Growth Drivers:
- Rising utilization of organic semiconductor in consumer electronics industry is driving the market growth.
- Growing solar energy sector is spurring the market growth.
- Limitations and operational challenges associated with organic semiconductors is restraining the market growth.
- Rising adoption of electric vehicles is expected to promote potential opportunities for market growth.
Global Organic Semiconductor Market Segmentation Details:
Based on material, the polyethylene segment contributed the largest shares to the market growth in 2022. The benefits of polyethylene-based organic semiconductors including large-area coverage, lower cost, flexibility, solution processability, and others are primary prospects driving the growth of the segment. Additionally, the rising utilization of polyethylene-based organic semiconductors in OLED, sensors, photovoltaic cell, and other related applications is driving the growth of the polyethylene segment.
Based on application, the OLED segment accounted for the maximum revenue share in the year 2022. Organic semiconductors are used as active elements in organic light-emitting diodes (OLED) that are deployed for creating digital displays in automotive, consumer electronic devices, and medical devices among others. Additionally, factors including rising production of consumer electronics and medical devices along with increasing demand for energy-efficient display solutions are vital aspects boosting the growth of the OLED segment.
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Based on end-user, the consumer electronics segment accounted for the maximum revenue share in the year 2022. Organic semiconductors are primarily used in the production of OLED displays integrated in smartphones, computers, gaming consoles, television, and other consumer devices. Factors including growing popularity of smart wearable devices, increasing adoption of smartphones, laptops, and other consumer devices, and rising integration of energy-efficient display solutions in consumer devices are crucial aspects driving the growth of the consumer electronics segment.
Based on region, Asia-Pacific region accounted for the largest revenue share in the year 2022. The growth of multiple sectors including consumer electronics, automotive, and others is driving the growth of organic semiconductor market in Asia-Pacific region. Further, growing investments in electric vehicles are projected to boost the market growth in the Asia-Pacific region during the forecast period.
- In February 2023, Merck announced the development of a new production facility to expand its semiconductor solutions capacity. The new site aims at producing specialty gases and semiconductor materials for thin film and patterning solutions by 2025.
Key Market Highlights
- Globally, organic semiconductor market is divided based on the material into polyethylene, poly aromatic ring, and copolymer.
- In the context of application, the market is classified into OLED, photovoltaic cells, sensors, transistors, and others.
- In the context of end-user, the market is separated into consumer electronics, healthcare, automotive, energy, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia-Pacific and Europe are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in organic semiconductor market.
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List of Major Global Organic Semiconductor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Merck KGaA
• LG Chem
• Novaled Gmbh
• BASF SE
• Sony Corporation
• Sumitomo Chemical Co. Ltd.
Global Organic Semiconductor Market Segmentation:
- By Material
- Poly Aromatic Ring
- By Application
- Photovoltaic Cells
- By End-User
- Consumer Electronics
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Key Questions Covered in the Organic Semiconductor Market Report
- What is organic semiconductor?
- Organic semiconductors are materials made of pi-bonded molecules or polymers composed of hydrocarbons along with heteroatoms including sulphur, nitrogen, and oxygen.
- What is the dominating segment in the organic semiconductor market by end user?
- In 2022, the consumer electronics segment accounted for the highest market share of 37.91% in the overall organic semiconductor market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the organic semiconductor growth in the coming years?
- Asia-Pacific accounted for the largest revenue share in the year 2022. The increasing demand for organic semiconductor from consumer electronics, automotive, and other sectors is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries including healthcare, solar energy, automotive, and others.
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