In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Organic electronics are results of ongoing rapid evolutions in consumer electronics market. Development of organic materials such as nanotube, graphenes and hybrid materials and introduction of their new electronic applications are driving the demand for organic electronics.
Global organic electronics market is expected to thrive at 28.9% CAGR over the forecast period 2017-2024. Further, the global organic electronics market is likely to grow on the back of rising disposable income of the consumers and their growing affordability. Consumers who are financially strong are aggressively spending on electronic devices and this factor is strengthening the market for every potential technology including organic electronics.
The organic electronics market is segmented by applications and by materials. Further, the application segment is sub-segmented into battery, display, lighting, sensors, Organic RFID and others. Further, among other sub-segments, display segment by application is estimated to capture major market share of global organic electronics market by the end of 2024. Increasing demand for organic LED TV due to their better features as compared to other TVs and ongoing research & development activities to enhance the performance of organic displays is likely to bolster the growth of this segment in near future. In addition to this, the lighting segment is also poised to display substantial growth over the forecast period owing to increasing use of organic materials in digital lighting technologies.
Additionally, semiconductor segment by material is envisioned to grow at significant pace over the forecast period due to increasing implementation of semiconductors in organic displays.
Regionally, the global organic market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Further, Asia Pacific organic electronics market is expected to dominate the overall organic electronics market during the forecast period. Factors such as rising disposable income and increasing demand for consumer electronic products are likely to be the major drivers of Asia Pacific market over the forecast period. Moreover, China is predicted to contribute significantly in growth of Asia Pacific organic electronics market over the forecast period.
Apart from Asia Pacific region, North America region is expected to witness robust growth over the forecast period. High disposable income of the consumers and demand for advanced and innovative technologies are key factor which are predicted to foster the growth of organic electronics market in North America region.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global organic electronics market into the following segments:
Global organic electronics market is further classified on the basis of region as follows:
Continuous innovation and development of advanced organic electronic technologies is a key factor which is likely to augment the growth of global organic electronics market in near future. Factors such as rising disposable income of the population and swelled spending on innovative technologies are fuelling the demand for organic electronics across the globe.
In addition to this, rapid introduction of new application of organic materials in electronics is likely to intensify the size of global organic electronics market in near future. Additionally, implementations of organic materials in display technologies such as smart phones, tablets, TVs and laptops are predicated to enhance the growth of global organic electronics market in upcoming years.
Moreover, the demand for organic display technologies such as OLED TV is increasing owing to its features such as good contrast, light weight and absolute motion clarity. Furthermore, growing adoption of eco-friendly technology is also a key factor which is likely to drive the growth of market in future.
Although, technological immaturity and high cost associated with organic electronics are major challenge confronting the growth of global organic electronics market.