IGZO allows for the production of thin, flexible, and unbreakable touchscreens. The material finds widespread usage in touch-based consumer electronics due to advantages such as higher resolution, lower power consumption, and better contrast compared to other alternatives.
The global Indium Gallium Zinc Oxide Market is estimated to be valued at US$ 2.64 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The usage of transparent conductive films (TCFs) made with IGZO in various consumer electronics such as smartphones, tablets, laptops, and televisions is witnessing significant growth. As per estimates, the demand for TCFs is projected to grow at over 13% annually until 2026 due to rising demand for larger display sizes in consumer electronics. Moreover, IGZO TCFs allow for thinner, lighter, and more flexible displays compared to other materials such as Indium Tin Oxide (ITO). The superior characteristics of IGZO combined with growing demand for thin-film electronic products is expected to propel the Global Indium Gallium Zinc Oxide Market Sizeduring the forecast period.
Segment Analysis
The global indium gallium zinc oxide market is dominated by the display segment. This segment accounted for the largest market share in 2024 owing to the widespread usage of IGZO in flat panel displays such as LCDs, tablets etc. IGZO display offers better picture quality and higher resolution compared to conventional displays which has resulted in its higher adoption by electronics brands. Key factors driving the demand for IGZO in displays include its lower power consumption and higher mobility over amorphous silicon.
Key Takeaways
The global indium gallium zinc oxide market is expected to witness high growth over the forecast period. Factors such as growing demand for energy efficient electronics and increasing penetration of touchscreens will boost the adoption of IGZO in various end use industries. The global Indium Gallium Zinc Oxide Market is estimated to be valued at US$ 2.64 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031.
Regional analysis:
Asia Pacific is currently the fastest growing as well as largest regional market for IGZO on account of presence of leading electronics brands in countries like China, South Korea, Japan etc. Countries in the region account for the bulk of global LCD panel manufacturing as well as smartphone production which offers opportunities for IGZO suppliers. North America and Europe are other major markets driven by technological advancements in display technologies.
Key players: Key players operating in the indium gallium zinc oxide market are Hella, Valeo, Continental, Denso, and Himel. These players focus on research and innovation to enhance properties of IGZO films and widen their applications in automotive and consumer electronics sectors. They strategize mergers and acquisitions to strengthen their product portfolio and geographical presence in high growth markets.
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