by Indium gallium zinc oxide is a novel material used for manufacturing transparent conductive electrodes. It has superior properties compared to indium tin oxide which make it suitable for manufacturing transparent and flexible display technologies. Indium gallium zinc oxide offers high visible light transmission, low electrical resistivity and excellent mechanical flexibility. With the increasing demand for bendable and foldable display screens, indium gallium zinc oxide transparent conductive films are likely to witness higher adoption.
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 from 2024 to 2030.
Key Takeaways
Key players operating in the Indium Gallium Zinc Oxide are Hella, Valeo, Continental, Denso, Hyundai Mobis, Aptiv, Lear Corporation, Robert Bosch, ZF Friedrichshafen, Koito Manufacturing, Magneti Marelli, Samsung Electro-Mechanics, Infineon Technologies, Renesas Electronics, NXP Semiconductors, Texas Instruments, ON Semiconductor, STMicroelectronics, Intel, Maxim Integrated. The increasing penetration of foldable and bendable displays in consumer electronics such as smartphones and laptops is presenting lucrative opportunities for players involved in the manufacturing of Indium Gallium Zinc Oxide films. Moreover, indium gallium zinc oxide offers higher electron mobility compared to indium tin oxide which makes it suitable for manufacturing touchscreen panels and OLED displays. The superior optical and electrical properties of indium gallium zinc oxide enable further advancements in flexible display technology.
Market drivers
The growing demand for flexible displays from consumer electronics and automotive industries is a major market driver. As flexible display technology is finding increasing applications in rollable smartphones, foldable laptops, curved automotive displays and other wearable devices. This is expected to propel the demand for indium gallium zinc oxide materials which are crucial for manufacturing transparent and bendable display screens. Additionally, indium gallium zinc oxide exhibits lower sheet resistance and higher optical transmittance compared to conventional metal oxide conductors. Such superior characteristics combined with flexibility make it an ideal candidate for next-generation display technology.
Current challenges in Indium Gallium Zinc Oxide Market
The Indium Gallium Zinc Oxide Market is facing challenges due to the high manufacturing costs involved and limited availability of raw materials. Indium and gallium are scarce resources and their prices are volatile in nature. Furthermore, scaling up the manufacturing of IGZO thin film transistors for large area applications remains a major technical challenge. Developing deposition technologies compatible with the economic mass production of IGZO TFTs is another hurdle.
SWOT Analysis
Strength: IGZO is known for its high mobility, optical transparency and uniform amorphous structure. It can enable the development of smaller, sharper and more energy-efficient displays.
Weakness: High costs involved in manufacturing due to scarce raw materials. Difficulty in achieving scale up for large area applications.
Opportunity: Growing demand for indium-free alternatives to drive innovation. Expanding applications in transparent electronics and flexible displays present opportunities.
Threats: Volatility in prices of raw materials is a concern. Stiff competition from established technologies also poses threats.
Geographical regions with high market concentration
North America and Asia Pacific currently account for the bulk of the global indium gallium zinc oxide market in terms of value. Countries like the U.S., South Korea, Japan and China have significant presence of IGZO TFT manufacturers as well as display panel producers.
Fastest growing region
The Asia Pacific region excluding Japan is projected to be the fastest growing market for indium gallium zinc oxide during the forecast period. This is mainly due to heavy investments towards developing advanced display technologies by countries like South Korea and China. Rising electronics exports from countries in Southeast Asia will further aid the regional market growth.
