by The global Indium Gallium Zinc Oxide Market is estimated to be valued at US$ 2.29 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Indium gallium zinc oxide (IGZO) is a semiconductor material composed of indium, gallium, zinc, and oxygen. IGZO displays have several advantages over traditional LCD and LED displays. IGZO displays have higher light transmittance, wider viewing angles, faster response times, and lower power consumption compared to LCD and LED displays. IGZO displays are increasingly being adopted in smartphones, tablets, laptops, and other consumer electronics products due to the advantages they offer.
Market key trends:
One of the key trends in the Indium Gallium Zinc Oxide Market is the rising adoption of IGZO displays in smartphones. Major smartphone manufacturers are integrating IGZO displays to provide better display quality and enhance the overall user experience. For instance, in 2013, Sony launched its Xperia Z Ultra smartphone with a 6.4-inch IGZO display panel. Additionally, increasing demand for power efficient and thin display panels from the consumer electronics industry is another key trend driving the adoption of IGZO displays. IGZO displays enable thinner and lighter form factors while consuming less power compared to traditional display technologies. This growing need for low-power and slim display panels is expected to propel the IGZO market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The Indium Gallium Zinc Oxide market requires high R&D investment and manufacturing infrastructure to produce indium gallium zinc oxide thin film transistors. This poses a moderate threat to new entrants.
Bargaining power of buyers: The presence of numerous electronics manufacturers results in high bargaining power of buyers in the Indium Gallium Zinc Oxide market. Buyers can negotiate lowered prices and demand higher quality from existing players.
Bargaining power of suppliers: Few companies globally have the capacity to supply indium, gallium and zinc in their pure forms, leading to moderate bargaining power of suppliers in the market.
Threat of new substitutes: Emergence of newer transparent conducting materials like carbon nanotubes poses a low threat as substitute for indium gallium zinc oxide in manufacturing displays, touch panels and photovoltaics.
Competitive rivalry: The Indium Gallium Zinc Oxide market witnesses high competition due to presence of numerous global players trying to gain major share through product innovation.
Key Takeaways
The Global Indium Gallium Zinc Oxide Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for larger display sizes in electronics.
Regional analysis: Asia Pacific dominates the Indium Gallium Zinc Oxide market currently, owing to presence of leading electronics manufacturers in countries like China, South Korea, Japan and Taiwan. China is projected to grow at fastest CAGR during the forecast period due to its huge production and consumption of consumer electronics.
Key players: Key players operating in the Indium Gallium Zinc Oxide market are Sharp Corporation, Apple Inc., Sony Corporation, ASUSTEK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited. Sharp Corporation and Samsung Group hold majority market share currently due to their expertise in LCD panel manufacturing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
