Market Research Future (MRFR) highlights that the Application Scope of Organic Semiconductor Market to Expand in Healthcare Industry.
The organic semiconductor market 2020 can gain high impetus and achieve a valuation of USD 179.4 Billion by 2024, confirms Market Research Future (MRFR). MRFR also estimates the market growth rate to be 22.4% from 2019 to 2024 (analysis period). We will provide COVID-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
The novel coronavirus has boosted the growth of the organic semiconductor market to some extent. Although the supply chains have been disrupted due to the lockdown and the curbed transportation leading to bigger gap within the demand-supply equilibrium, the market is picking up significant pace across the healthcare sector for cancer treatment applications and more. With nations increasingly relaxing the lockdowns, manufacturing units have recovered despite the COVID-19 outbreak as production cycles have resumed. Against this backdrop, the organic semiconductor market is expected to do well in the near future.
Top Drivers and Main Challenges
The significant advancement of the organic semiconductor industry has been the result of the emerging applications like flexible displays, light sources and cheaper priced printed integrated circuits. The mounting demand for photoconductors that are based on organic semiconductors in light valves of liquid crystal displays/LCDs, and the rising use of organic materials while making various types of semiconducting electronic devices, such as transistors, light-emitting diodes, solar cells and lasers also benefit the worldwide market.
The surging production to fulfill the rising demand for consumer electronics like laptops, TVs, smartphones and computers, has led to more deployment of organic light emitting diode technology in displays, which has resulted in incredible business growth across the globe. Multiple electronics devices manufacturers are spending considerably on the production of products with OLED display, which can be another essential growth booster in the organic semiconductor market.
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Notable Market Firms
Notable market firms outlined in the MRFR study are Merck & Co. (US), BASF SE (Germany), Sony Corporation (Japan), Novaled GmbH (Germany), Universal Display Corporation (US), Sumitomo Corporation (Japan), Bayer AG (Germany), Koninklijke Philips N.V. (Netherlands), Samsung (South Korea), LG (South Korea), and more.
Some other well-known players in the industry include Sigma-Aldrich (US), Toyota Riken (Japan), Dupont (US), AU Optronics (Taiwan), to mention only a few.
The organic semiconductor industry can be segregated in terms of type and application.
The types of organic semiconductors are polyaromatic ring, copolymer and polyethylene. Copolymers could remain as one of the most attractive segments in the market, as a result of their rising significance for offering good electrical conductivity as well as excellent corrosion resistance.
The main application areas specified in the market study can be organic photovoltaic (OPV), system component, organic RFID tags, display and OLED lighting, printed batteries.
The regional study of the organic semiconductor industry covers South America, North America, Asia Pacific/APAC, Central America, MEA/Middle East & Africa and Europe.
Asia Pacific is presently the market leader, with North America identified as the second most lucrative market for organic semiconductors. The APAC market growth is backed by countries like Taiwan, China and South Korea, known for housing the best semiconductor industry as well as the biggest consumer electronics industry in the world. The escalating use of RFID tags by various industries has also induced massive growth in the organic semiconductor market in APAC.
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