December 8, 2024
Indium Gallium Zinc Oxide Market

The Indium Gallium Zinc Oxide Market Is Driven By Increasing Demand For Consumer Electronics

Indium gallium zinc oxide (IGZO) is a material used in the manufacture of thin-film transistors for applications in liquid crystal displays and OLED displays. IGZO transistors are known for their high mobility, allowing for the production of faster and more power efficient display panels. IGZO delivers improved picture quality over traditional displays as it enables thinner bezels and higher screen-to-body ratios in devices. The material’s amorphous structure also makes it relatively inexpensive to produce.

The global electronics industry has witnessed significant growth in recent years with rising smartphone shipments and demand for other consumer electronic devices such as tablets, laptops, and wearables. IGZO finds widespread application in the production of LCD and AMOLED panels used in these devices. Its higher conductivity and mobility compared to alternatives such as amorphous silicon allow for enhanced display specifications important for users. The material allows manufacturers to meet consumer demands for sharp pictures, vibrant colors, and silky smooth scrolling in portable devices. IGZO also enables the development of foldable and rollable displays with its flexibility.

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 Global Indium Gallium Zinc Oxide Market Size is witnessing increasing research and development focused on enhancing the material’s performance characteristics. Key industry players are optimizing the composition of IGZO to achieve even higher electron mobility above 15 cm2/V·s. This will help develop ultra-fast switching thin-film transistors required for next-generation display technologies such as 8K resolution. IGZO embedded substrates are also being explored for their potential in flexible and stretchable logic devices. The material’s diverse applications spanning displays, smart cameras, and internet of things are expected to drive demand over the coming years.

Porter’s Analysis

Threat of new entrants: Low capital requirements and technology barriers allow new companies to enter the market easily.

Bargaining power of buyers: Large buyers such as automobile manufacturers can negotiate lower prices due to bulk purchasing power.

Bargaining power of suppliers: A few companies dominate the market for indium gallium zinc oxide semiconductors, giving them pricing power over buyers.

Threat of new substitutes: New transparent conducting oxide materials with better properties pose a threat.

Competitive rivalry: Intense competition exists among established players to gain market share.

Key Takeaways

The global indium gallium zinc oxide market is expected to witness high growth. The market size is projected to reach US$ 2.64 billion by 2024, growing at a CAGR of around 9.0% during the forecast period.

Regional analysis: North America dominates the global market currently due to the presence of major automotive manufacturers. Asia Pacific is expected to be the fastest growing market with increasing adoption in applications such as smartphones and wearable devices in countries such as China and India.

Key players: Key players operating in the indium gallium zinc oxide market are Hella, Valeo, Continental, Denso, and LG Display. Hella and Valeo are prominent players catering to the automotive industry. Denso supplies IGZO panels to several automotive manufacturers. LG Display is a leading manufacturer for IGZO LCD panels for various consumer electronics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

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