Indium gallium zinc oxide is used in thin-film transistors and display panels for a variety of applications like smartphones, tablets, laptops, televisions, and other devices due to its superior optical and electrical properties like high electron mobility.
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 growing adoption of touchscreen technology has been a major driver of the indium gallium zinc oxide market growth. Touchscreens have become ubiquitous components in various consumer electronic devices like smartphones, tablets, notebooks, all-in-one PCs and infotainment systems in cars. Indium gallium zinc oxide is a key material used in the production of thin film transistors used in the fabrication of touchscreens. Its lightweight and flexible properties make it suitable for applications requiring curved or flexible screens. As touch-based interfaces continue gaining popularity, the demand for indium gallium zinc oxide is expected to increase considerably over the forecast period.
SWOT Analysis
Strength: Global Indium Gallium Zinc Oxide Market Size has high optical transparency and high electron mobility which makes it suitable for electronic thin film transistor application. Its thin film property enables fabrication of flexible displays.
Weakness: IGZO technology is relatively new and expensive compared to other display technologies such as LCD. It faces competition from established technologies like organic light emitting diode displays.
Opportunity: Growing demand for power efficient and high resolution displays from consumer electronics and automotive industries offer growth opportunities for IGZO displays. Increasing popularity of flexible and foldable displays increases scope for IGZO panels.
Threats: Volatility in prices of indium metal poses supply constraints. Dependence on few manufacturers for key manufacturing equipment increases risks. Technological obsolescence is a threat as newer display technologies emerge.
Key Takeaways
The global indium gallium zinc oxide market is expected to witness high growth. 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.
The Asia Pacific region currently dominates the market owing to presence of key manufacturers and growing electronics industry in countries like China, Japan, South Korea and Taiwan. Rapid economic development and rising disposable incomes fuel demand for consumer electronics driving adoption of IGZO displays in the region.
Key players operating in the indium gallium zinc oxide market are Hella, Valeo, Continental, Denso and Heliatek. IGZO technology allows manufacture of thinner and more energy efficient displays compared to mainstream LCDs. Major electronics brands are engaged in developing flexible and foldable devices utilizing IGZO panels. Automotive segment is another key application area with focus on advanced driver assistance systems and infotainment displays.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it