Dielectric Material by Materials (Metal Oxides, Materials for Substrates, Liquid Crystals, Photonic Crystals)
Report ID: PMRREP33365
Number of Pages: 250
Format: PPT*, PDF, EXCEL
Industry: Semiconductor Electronics
Published Date: March-2023
Global Dielectric Material Market sales reached a valuation of US$ 55.9 billion in 2022. Over the next ten years, demand for dielectric materials is forecast to surge at 4.3% CAGR. By the end of 2032, the global dielectric material market size is likely to reach US$ 84.8 billion.
In 2021, the worldwide dielectric market valuation totaled US$ 53.2 billion. Flexible display is expected to remain the top application of dielectric materials. The target segment will progress at 4.1% CAGR through 2032.
Key Market Shaping Factors:
Over the years, dielectric materials have become indispensable materials used across electronic industry. They are used in displays of various top-selling electronic products such as smartphones and TVs.
Materials such as metal oxides and photonic crystals have gained wider traction due to their high dielectric constant. Rising usage of dielectric materials in display applications such as LCD, LED, OLED, etc. will boost the global dielectric material market.
Dielectric materials are being used in making a variety of displays such as conventional displays, flexible displays, and 3D displays.
Growing adoption of smartphones and tablets due to rapid digitalization will elevate dielectric material demand. Further, rising penetration of novel technologies such as IoT and AI is likely to support market expansion.
Integration of displays in vehicles will create lucrative growth opportunities for dielectric material manufacturers. In addition, high usage of dielectric materials in electronic components such as capacitors will bolster sales through 2032.
| Attributes | Key Insights |
|---|---|
| Dielectric Material Market Size (2022) | US$ 55.9 billion |
| Projected Market Size (2032) | US$ 84.8 billion |
| Value-based CAGR (2022 to 2032) | 4.3% |
| USA Market CAGR (2022 to 2032) | 3.1 % |
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As per Persistence Market Research (PMR), the global demand for dielectric materials increased at 5.2% CAGR from 2017 to 2021. For the next ten years, the global market is forecast to exhibit a CAGR of 4.3%. This will create an absolute $ opportunity of US$ 28.9 billion during the forecast period.
Robust expansion of consumer electronics industry worldwide is likely to boost the global dielectric material market.
Dielectric materials are widely used in the electronics industry as they can store energy within them. They are used in the manufacturing of different types of displays for the consumer electronics industry.
Displays such as LCD, OLED, and LED are widely used in the manufacturing of televisions, laptops, and mobile phones. Hence, growing adoption of electronic display products such as laptops and mobile phones will elevate dielectric material demand.
Further, rising demand for advanced types of displays such as foldable displays, rollable displays, and flexible displays will spur growth in dielectric materials in the world.
There were around 210 million televisions and about 1.4 billion smartphone sales in 2021. Total number of smartphones that will be sold is likely to reach 1.5 billion units by 2028. This in turn will bolster dielectric material sales through 2032.
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Get a Customized VersionAs per PMR, Asia Pacific will continue to generate lucrative opportunities for dielectric material manufacturers. This is due to burgeoning demand for consumer electronics such as smartphones.
Asia Pacific dielectric materials market size reached US$ 27 billion in 2022. At the end of 2032, Asia Pacific market valuation is forecast to reach US$ 40 billion. Asia Pacific is the predominant manufacturer of display panels in the world with China accounting for 70% of the market share in LCD panels.
China also accounts for 55% of all display manufacturing followed by Taiwan with 24% and South Korea with 14 %. Chinese manufacturers are heavily investing in manufacturing facilities to boost production.
For instance, BOE Technology Group Co. Ltd, a Chinese display manufacturer, invested a significant amount in expanding its manufacturing capacity by building two factories in Vietnam.
Along with China, South Korea, and Taiwan, India is also investing heavily in setting up manufacturing plants in the country. The government of India plans to invest around US$ 10 billion in establishing production facilities in the country and boost production. As the demand and production in the region increase, the market for dielectric materials will expand at a healthy pace.
How Will Growth Unfold in the United States Dielectric Materials Market?
The United States dielectric material market is forecast to surpass US$ 13.5 billion in 2032. Over the next ten years, dielectric material sales in the USA will surge at 3.1% CAGR.
The USA dielectric material industry will generate an absolute $ growth of US$ 3.6 billion by 2032. During the historical period from 2017 to 2021, the USA market expanded at 2.2% CAGR.
Increasing usage of smartphones across the USA is a key factor driving the dielectric material industry. There were around 296 million smartphone users in the United States in 2020. By 2032, the number of smartphone users is likely to reach 347.6 million.
This rapid increase in the population of smartphone users will propel dielectric material demand. This is because they are used in the manufacturing of different forms of smartphone displays.
How Big is the China Dielectric Materials Market?
The dielectric materials market in China is likely to reach US$ 21.3 billion by the end of 2032. Total dielectric material demand in the country will rise at 5.7% CAGR between 2022 and 2032. This will create an absolute dollar opportunity of US$ 9.0 billion by 2033.
China is currently the most prominent producer of displays in the world with around 70% market share in LCD panel manufacturing. It is on track to control 43% of the global OLED panel manufacturing market.
China recorded US$ 64 billion in sales for LCD and OLED panels in 2021. With the rise in investments by Chinese firms in building new manufacturing facilities, demand for dielectric materials is set to expand at a healthy pace during the assessment period.
Why is Demand for Dielectric Material Surging Across South Korea?
Dielectric material demand in South Korea is set to surge at 4.7% CAGR through 2032. By the end of 2032, South Korea dielectric material market size will reach around US$ 5.1 billion. The market in South Korea will generate an absolute $ opportunity of US$ 1.9 billion over the next decade.
High smartphone penetration due to digitalization is propelling dielectric material demand in South Korea. Besides this, heavy presence of leading smartphone manufacturers is supporting market expansion.
Samsung is a prominent player in South Korea manufacturing electronic devices such as smartphones, mobiles, and televisions. It also manufactures display panels for other smartphone manufacturers such as Apple.
Samsung holds 63 % of the smartphone market share in the country along with Apple at 30% market share. As Samsung manufactures display panels for Apple, rising demand for smartphones in South Korea will boost dielectric material sales. This is due to their usage in the manufacturing of LED displays.
Why is TFT-LCD Display Technology Gaining Wider Popularity?
As per PMR, TFT LCD display technology will gain huge traction over the next ten years. The target segment is forecast to progress at 4.2% CAGR between 2022 and 2032.
A TFT-LCD is emerging as one of the popular forms of display technology today. Thin film transistor (TFT) device is used in display technology to improve efficiency and cost of the product.
Demand for TFT- LCDs is growing rapidly due to the surging demand from consumers for large as well as average-sized televisions, smartphones, and laptops. Rapid shift towards portable small-sized tablets that primarily use LCD displays, in the education and business sectors will further propel demand for TFT LCDs.
Smartphone sales stood at about 1.4 billion in 2021 and the number of smartphones sold is set to reach 1.5 billion units by 2028. This in turn will boost growth of TFT-LCD segment, thereby boosting the market.
Which is the Most Lucrative Application of Dielectric Materials?
Adoption of dielectric materials is forecast to remain high in flexible display segment. Dielectric material demand in flexible displays grew at 4.8% CAGR from 2017 to 2021.
However, as per PMR, flexible display segment will rise at 4.1% CAGR through 2032. Growth of the segment is attributed to growing production and usage of consumer electronics with flexible displays.
Key dielectric material manufacturers are investing heavily in the development of new types of displays. They are increasing their production capacity to keep up with the growing demand. Further, companies are undergoing mergers and acquisitions to maintain their market positions.
Leading manufacturers of dielectric materials include Honeywell Electronics Materials, NEC Display Solutions, SCHOTT AG, LG Display, Samsung Display, Plastic Logic, NKT Photonics, Kent Displays, KOLON Industries, Polyera Corporation, Innovation Works, and
Recent Developments:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | US$ 55.9 billion |
| Projected Market Size (2032) | US$ 84.8 billion |
| Anticipated Growth Rate (2022 to 2032) | 4.3% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
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The global dielectric material market size is currently valued at US$ 55.9 billion.
The worldwide dielectric material industry is forecast to reach US$ 84.8 billion by 2032.
As per PMR, the global dielectric material industry grew at 5.2% CAGR over the last 4 years.
Dielectric material demand is likely to rise at 4.3% CAGR between 2022 and 2032.
Growing at 4.2% CAGR, TFT-LCD displays technology segment is set to lead the global market through 2032.
The United Kingdom dielectric material industry is forecast to reach US$ 2.2 billion by 2032.
Dielectric material sales across Japan are set to increase at 4.5% CAGR through 2032.
