Thin film encapsulation (TFE) market size to increase by USD 140.58 million from 2022 to 2027: 3M Co. and Ajinomoto Fine Techno Co. Inc. among key vendors - Technavio
NEW YORK, April 17, 2023 /PRNewswire/ -- The thin film encapsulation (TFE) market size is forecasted to increase by USD 140.58 million from 2022 to 2027, at a CAGR of 18.9%, according to a recent market study by Technavio. The growth of the market will be driven by the increasing demand for consumer electronics, increased adoption of flexible OLED displays for smartphones and smart wearables, and growing investment in OLED panels for smart buildings. Get a comprehensive report summary describing the market size and forecast along with research methodology. Download the sample report
Vendor analysis: Vendor offerings -
Technavio has extensively analyzed 15 major vendors, including 3M Co., AIXTRON SE, Ajinomoto Fine Techno Co. Inc., AMS Technologies AG, Angstrom Engineering Inc., Applied Materials Inc., BASF SE, Beneq Oy, Borealis AG, COAT X SA, ERGIS S.A., JOLED Inc., Kateeva Inc., LG Chem Ltd., Samsung SDI Co. Ltd., tesa SE, Toppan Inc., Toray Industries Inc., Universal Display Corp., and Veeco Instruments Inc. The key offerings of some of these vendors are listed below:
3M Co - The company offers thin film encapsulation solutions such as flexible thin film and rigid thin film.
Ajinomoto Fine Techno Co. Inc. - The company offers thin film encapsulation solutions such as AFTINNOVATM EF series.
Applied Materials Inc. - The company offers thin film encapsulation solutions such as Enflexor.
BASF SE - The company offers thin film encapsulation solutions such as OLEDWorks.
Borealis AG - The company offers thin film encapsulation solutions such as Borealis Quentys.
Key benefits for industry players & stakeholders –
The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
To provide a deeper understanding of the competitive landscape, Technavio has profiled key players along with the study that categorizes the global market segmentation, ask for a custom report.
Market segmentation:
Application
The OLED display segment will account for a significant share of the market growth during the forecast period. OLED display panels are used in consumer electronics such as smartphones, tablets, wearables, TVs, and automobiles. However, OLED materials are highly prone to environmental degradation. This can be avoided with the help of TFE. Therefore, the increasing demand for consumer devices will fuel the demand for OLED displays, which, in turn, will have a significant impact on the growth of the thin film encapsulation (TFE) market during the forecast period.
Technology
The organic layers segment is expected to grow during the forecast period. Organic layers are thin coatings created by the inkjet printing method on a substrate or body. They have a wide range of applications, including solar cells, TFE batteries and fuel cells, optoelectronics, and flexible displays. Organic encapsulation is safe for the underlying organic layers in OLEDs. It is ultrathin, transparent, and free of cover glass. Thus, organic layers are used in OLED devices, which will drive the growth of this segment.
APAC
North America
Europe
Middle East and Africa
South America
APAC is estimated to account for 45% of the growth of the global thin film encapsulation (TFE) market during the forecast period. APAC had the largest market share in 2022 because of the high demand from economies such as China and India. The establishment of production bases in South Korea, China, and Taiwan has increased the demand for TFE. In addition, government initiatives have encouraged the development of the electronics industry in the region, which has created favorable market conditions.
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. Download the sample
List all and explain one from each segment
Market dynamics:
Key drivers:
Increasing demand for consumer electronics
Increased adoption of flexible OLED displays for smartphones and smart wearables
Growing investment in OLED panels for smart buildings
TFE is used in many electronic devices, such as smartphones and laptops, to make them more durable, lighter, compact, and energy efficient. It is also used in applications such as display screens, touch screens, and energy storage. In addition, TFE is used in the production of thin-film solar cells to provide renewable energy. The increasing demand for consumer electronics is driving demand for TFE. This will create opportunities for innovation and investment in the market.
Major trends:
Increasing adoption of OLED displays in automotive sector
Rising need for TFE in flexible and organic devices
Increase in strategic initiatives by vendors
OLED displays can have various potential applications in the automotive sector. However, as OLED materials are susceptible to environmental degradation, they are protected by the application of TFE. Some display makers have released concept infotainment projects. However, the commercial use of such displays has not been explored yet. OLED displays are suitable for automotive infotainment applications due to their low power consumption and wide viewing angles. This can help improve driver safety and situational awareness. Therefore, the increasing adoption of in-vehicle information systems will increase the demand for OLED displays, which will drive the thin film encapsulation (TFE) market during the forecast period.
Key challenges:
High costs associated with TFE process
Environmental hazards of TFE production and application
Complex value chain structure
The TFE process requires equipment such as inkjet printers, atomic layer deposition systems, and vacuum thermal evaporation systems. However, the cost of such equipment is high, and providers have to bear high fixed costs. R&D costs are also very high, as suppliers have to invest heavily in equipment and raw materials. Low production capacity and high production cost further limit the mass application of TFE. Moreover, OLED displays developed for TFE using inkjet printing technology work at low operating rates. Therefore, it is challenging to form multilayer structures. Such factors will impede market growth during the forecast period.
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What are the key data covered in this Thin Film Encapsulation (TFE) Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the thin film encapsulation (TFE) market between 2023 and 2027
Precise estimation of the size of the thin film encapsulation (TFE) market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the thin film encapsulation (TFE) market across APAC, North America, Europe, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of thin film encapsulation (TFE) market vendors
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Thin Film Encapsulation (TFE) Market Scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 18.9% |
Market growth 2023-2027 | USD 140.58 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 17.87 |
Regional analysis | APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution | APAC at 45% |
Key countries | US, China, South Korea, Japan, and Germany |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | 3M Co., AIXTRON SE, Ajinomoto Fine Techno Co. Inc., AMS Technologies AG, Angstrom Engineering Inc., Applied Materials Inc., BASF SE, Beneq Oy, Borealis AG, COAT X SA, ERGIS S.A., JOLED Inc., Kateeva Inc., LG Chem Ltd., Samsung SDI Co. Ltd., tesa SE, Toppan Inc., Toray Industries Inc., Universal Display Corp., and Veeco Instruments Inc. |
Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global thin film encapsulation (TFE) market 2017 - 2021
4.2 Application Segment Analysis 2017 - 2021
4.3 Technology Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 OLED display - Market size and forecast 2022-2027
6.4 OLED lighting - Market size and forecast 2022-2027
6.5 Thin-film photovoltaics - Market size and forecast 2022-2027
6.6 Market opportunity by Application
7 Market Segmentation by Technology
7.1 Market segments
7.2 Comparison by Technology
7.3 Organic layers - Market size and forecast 2022-2027
7.4 Inorganic layers - Market size and forecast 2022-2027
7.5 Market opportunity by Technology
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC - Market size and forecast 2022-2027
9.4 North America - Market size and forecast 2022-2027
9.5 Europe - Market size and forecast 2022-2027
9.6 Middle East and Africa - Market size and forecast 2022-2027
9.7 South America - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 South Korea - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 Japan - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 3M Co.
12.4 Ajinomoto Fine Techno Co. Inc.
12.5 Applied Materials Inc.
12.6 BASF SE
12.7 Borealis AG
12.8 COAT X SA
12.9 ERGIS S.A.
12.10 Kateeva Inc.
12.11 LG Chem Ltd.
12.12 Samsung SDI Co. Ltd.
12.13 tesa SE
12.14 Toppan Inc.
12.15 Toray Industries Inc.
12.16 Universal Display Corp.
12.17 Veeco Instruments Inc.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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