Organic Semiconductor Market Forecast 2023 - 2031

Report ID : CBI_1330 |  Category : Semiconductor And Electronics   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Material Polyethylene, Poly Aromatic Ring, and Copolymer
By Application OLED, Photovoltaic Cells, Sensors, Transistors, and Others
By End-User Consumer Electronics, Healthcare, Automotive, Energy, and Others
By Region Asia-Pacific, Europe, North America, Latin America, Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 22.3%
Forecast Year: 2023 - 2031
Revenue 2022: $119.07 Bn
Revenue 2023: $142.81 Bn
Revenue 2031: $712.76 Bn

Organic Semiconductor Market Forecast 2023 - 2031

Market Overview :

Organic Semiconductor Market is estimated to reach over USD 712.76 Billion by 2031 from a value of USD 119.07 Billion in 2022 and is projected to grow by USD 142.81 Billion in 2023, growing at a CAGR of 22.3% from 2023 to 2031.

Market Definition :

Organic semiconductors are materials composed of pi-bonded molecules or polymers, that are made up of hydrocarbons along with heteroatoms including sulfur, nitrogen, and oxygen. Organic semiconductors are primarily found as amorphous thin films or molecular crystals. Moreover, organic semiconductors offer a range of benefits including ease of fabrication, lightweight, mechanical flexibility, processability, and low cost among others. The aforementioned benefits of organic semiconductors are key determinants for increasing the utilization in consumer electronics, healthcare, automotive, energy, and other industries.

Organic Semiconductor Market :

Organic Semiconductor Market

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Market Dynamics :

Organic Semiconductor Market Dynamics

Drivers :

  • Rising utilization of organic semiconductor in consumer electronics industry is driving the market growth

    Organic semiconductors are primarily used in the consumer electronics industry, particularly in smartphones, television, computers, gaming consoles, and other consumer devices. Also, organic semiconductors are utilized as active elements in organic light-emitting diodes (OLED) that are used for creating digital displays in electronic devices.

    Factors including the growing adoption of laptops, smartphones, and other consumer devices, increasing adoption of IoT and AI, and rising popularity of smart wearable devices are vital aspects driving the growth of the consumer electronics sector.

    According to the Association of German Banks, the manufacturing and sales of electronics in Germany depicted a growth of 10% in 2021 as opposed to 2020. Furthermore, according to GSM Association, the adoption of smartphones in Germany is projected to reach 84% by 2025, witnessing an increase from 80% in 2021.

    Thus, the growth of consumer electronics sector is driving the adoption of organic semiconductors for application in OLED displays integrated in consumer devices, in turn proliferating the market growth.

  • Growing solar energy sector is spurring the market growth

    Organic semiconductors are used in the solar energy sector for applications in photovoltaic cells. Organic semiconductor is a thin film and is often sandwiched between two metal electrodes of aluminum and indium tin oxide for formation of organic photovoltaic solar cell. Moreover, organic semiconductors are also used as the photoactive layer in the solution processable organic solar cells that are further utilized in generation of solar energy.

    Factors including the rising demand for renewable sources for power generation, prevalence of green energy targets, and government incentives and tax rebates for installation of solar panels are key prospects driving the growth of solar energy sector.

    For instance, according to Solar Energy Industries Association, approximately 23.6 GW of solar capacity was installed across the United States in 2021, depicting a growth of 19% in comparison to 2020. Moreover, solar energy accounted for 46% of all new electricity generating capacity added in the United States in 2021.

    Therefore, the rising deployment of solar energy is increasing the utilization of organic semiconductors for application in solar cells, in turn driving the growth of the market.

Restraint :

  • Limitations and operational challenges associated with organic semiconductors is restraining the market growth

    The implementation of organic semiconductors is associated with certain limitations and operational challenges, which is a key factor limiting the market growth.

    For instance, the primary limitation of organic semiconductors is the relatively limited charge carrier mobility in comparison to inorganic semiconductors, which makes the utilization challenging for high-speed electronics applications that require high mobility. Moreover, organic semiconductors have several other limitations including Lower electrical conductivity, shorter lifetime, and greater sensitivity to environmental factors such as humidity, temperature, and light exposure.

    Additionally, organic semiconductor also has issues associated with stability and grain boundaries, which disrupts the charge transport and affect device performance over time. Therefore, the aforementioned limitations associated with organic semiconductors are restraining the growth of the market.

Opportunities :

  • Rising adoption of electric vehicles is expected to promote potential opportunities for market growth

    The rising adoption of electric vehicles is expected to present potential opportunities for the growth of the organic semiconductor market. Organic semiconductors are often used in the production of organic light-emitting diodes (OLED) that are further utilized in taillights, infotainment systems, and digital instrument clusters.

    Factors including the progressions in electro mobility, availability of a broad range of models, eco-friendliness, and accessibility to subsidies and tax rebates are driving the adoption of electric vehicles.

    For instance, according to the International Energy Agency (IEA), the sales of electric cars in the United Kingdom reached up to 312,000 units in 2021, witnessing a significant growth of 78.3% as compared to 175,000 units in 2020. Additionally, according to IEA, electric car registrations in China reached 3.3 million units in 2021, re in 2020.

    Hence, the rising adoption of electric vehicles is anticipated to increase the utilization of organic semiconductor in modern EVs for application in OLED displays integrated in EV infotainment systems and digital instrument clusters, in turn promoting opportunities for market growth during the forecast period.

 

Organic Semiconductor Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2031
Market Size in 2031 USD 712.76 Billion
CAGR (2023-2031) 22.3%
By Material Polyethylene, Poly Aromatic Ring, and Copolymer
By Application OLED, Photovoltaic Cells, Sensors, Transistors, and Others
By End-User Consumer Electronics, Healthcare, Automotive, Energy, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Merck KGaA, LG Chem, Novaled Gmbh, BASF SE, Samsung, Sony Corporation, Sumitomo Chemical Co. Ltd.

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Market Segmentation :

By Material :

Based on the material, the market is bifurcated into polyethylene, poly aromatic ring, and copolymer. The polyethylene material segment accounted for the largest revenue share in the year 2022. Organic semiconductors based on polyethylene offer high electron mobility and can be manufactured using low cost methods. Moreover, polyethylene-based organic semiconductors offer several benefits including flexibility, large-area coverage, solution processability, and lower cost among others. Additionally, polyethylene-based organic semiconductors are deployed in various applications including sensors, OLED, and photovoltaic cells among others.

For instance, according to Solar Energy Industries Association, solar PV installations in Texas, United States reached 6,060 MW in 2021, representing a significant growth of 76.8% in comparison to 3,426 MW in 2020. Thus, the rising solar PV installations is among the prime factors driving the utilization of polyethylene-based organic semiconductors for application in photovoltaic cells such as solar cells, in proliferating the growth of the market.

The poly aromatic ring segment is anticipated to register the fastest CAGR growth during the forecast period. Poly aromatic ring-type organic semiconductors are composed of molecules that have a closed-ring structure. Moreover, poly aromatic ring-type organic semiconductors offer high performance and low manufacturing costs. Additionally, poly aromatic ring-type organic semiconductors are used in OLED displays, solar cells, and other related applications.

For instance, in January 2023, LG introduced its third-generation OLED TV panel that is capable of delivering superior picture quality. The OLED display is capable of attaining 60% brighter images, 30% wider viewing angles, and improved energy efficiency as compared to conventional OLED displays. Thus, the increasing innovations associated with OLED displays are driving the adoption of poly aromatic ring-type organic semiconductors, in turn fostering the growth of the market during the forecast period.

By Application :

Based on the application, the market is segregated into OLED, photovoltaic cells, sensors, transistors, and others. The OLED segment accounted for the largest revenue share in the year 2022. Organic semiconductors are commonly used in the production of OLED (organic light-emitting diodes). Moreover, an OLED consists of one or more organic semiconductor layers that are inserted between suitable contacts. Organic semiconductors are utilized as active elements in organic light-emitting diodes (OLED) that are used for creating digital displays in consumer electronic devices, automotive, and medical devices among others.

For instance, in June 2023, Samsung launched its new Odyssey OLED G9 gaming monitor integrated with next-level AI upscaling technology. The new OLED monitor is integrated with a vivid display, faster response time, and 240Hz refresh rate. Hence, the increasing innovation associated with OLED displays is a prime factor fostering the growth of the market.

Photovoltaic cells segment is expected to witness the fastest CAGR growth during the forecast period. Organic semiconductors are used in photovoltaic cells to absorb light and convert it into electricity. Additionally, organic semiconductors are also used as the photoactive layer in organic solar cells that are further deployed in generation of solar energy.

For instance, in December 2022, researchers at Indian Institutes of Technology, Kanpur, developed organic solar cell devices comprising of a combination of PCBM as an acceptor and organic polymer PTB7 as a donor. Thus, the rising research and development activities associated with organic solar cells is anticipated to boost the market growth during the forecast period.

By End-User :

Based on the end-user, the market is segregated into consumer electronics, healthcare, automotive, energy, and others. The consumer electronics segment accounted for the largest revenue share of 37.91% in the year 2022. Factors including growing adoption of smartphones, computers, and other consumer devices, rising popularity of smart wearable devices, and increasing integration of energy efficient displays in consumer devices are driving the growth of the consumer electronics segment.

According to Atradius, the consumer electronics industry in Spain observed a growth of 3.5% in 2021 in contrast to 2020. Additionally, according to GSM Association, the adoption of smartphones in Italy is projected to reach 81% by 2025, witnessing an increase from 77% in 2021. Organic semiconductors are primarily used in the production of OLED displays integrated in smartphones, television, computers, gaming consoles, and other consumer devices. Thus, the growing consumer electronics sector is increasing the utilization of organic semiconductors, in turn driving the market growth.

Energy segment is expected to witness fastest CAGR growth during the forecast period. The growth of energy segment is primarily driven by multiple factors including prevalence of green energy targets, rising demand for renewable sources for power generation, and government incentives and tax rebates for installation of solar panels among others.

For instance, according to the International Energy Agency, solar PV installations reached up to 18 GW in India in 2022, depicting a growth of nearly 40% as compared to 2021. Thus, the growing solar energy sector is driving the adoption of organic semiconductors for application in photovoltaic cells, in turn contributing to market growth during the forecast period.

Global Organic Semiconductor Market, By End-User, 2022

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 
North America Organic Semiconductor Market, 2022 (USD Million)

Regional Growth Insights

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Asia-Pacific is expected to grow with a CAGR of 22.7% and is estimated to reach over USD 277.83 Billion by 2031 from a value of USD 45.03 Billion in 2022 and is projected to grow by USD 54.15 Billion in 2023. In addition, in the region, the China accounted for the maximum revenue share of 32.8% in the same year.

The market growth for organic semiconductors in the Asia-Pacific region is driven by the growth in industries including consumer electronics, automotive, and others. Moreover, the increasing integration of organic semiconductors in OLED displays integrated in consumer devices are among the significant factors driving the market growth in the region.

For instance, according to the India Brand Equity Foundation, the consumer electronics sector in India was valued at USD 9.84 billion in 2021, while it is estimated to grow at a significant rate to reach USD 21.18 billion by 2025. The above factors are driving the utilization of organic semiconductors for application in OLED displays installed in consumer devices, in turn driving the market growth in Asia-Pacific region. Furthermore, the increasing investment in the field of electric vehicles is projected to drive the market growth in Asia-Pacific during the forecast period.

Europe is expected to register a CAGR growth of 22.8% during the forecast period. The increasing pace of industrialization and development is promoting growth aspects for the market in the region. In addition, factors including the growth of various industries including healthcare, solar energy, automotive, and others are driving the market growth for organic semiconductors in the European region.

For instance, according to the European Medical Technology Industry, the medical device industry in Germany accounted for 25.8% of the total share of the medical device sector in Europe in 2021, followed by France, UK, and Italy with 14.3%, 10.4%, and 9% respectively. Organic semiconductors are often used in portable medical devices integrated with OLED displays for depicting patient information including oxygen saturation, heart rate, blood pressure, and others. Thus, the growing healthcare sector in Europe is expected to drive the utilization of organic semiconductors, thereby proliferating market growth in the region during the forecast period.
 

North America Organic Semiconductor Market, By Countries (2022)

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Organic Semiconductor Market Competitive Landscape:

The organic semiconductor market is highly competitive with major players providing organic semiconductors to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in organic semiconductor market. Key players in the organic semiconductor market include-

  • Merck KGaA
  • LG Chem
  • Novaled Gmbh
  • Dow Chemical
  • Clariant
  • Huntsman
  • Eastman Chemical
  • Chemsavers Inc.
  • Vineeth Precious Catalysts Pvt. Ltd.
  • Triveni Chemicals

Recent Developments :

  • In April 2021, Samsung announced that its S.LSI developers are targeting on the development of semiconductors that are capable of supporting ultra-high definition 8k TV technology. The company has constantly been involved in the development of Samsung's own interface and organic semiconductor for application in consumer devices.
 

Frequently Asked Question

What is organic semiconductor?+

Organic semiconductors are materials made of pi-bonded molecules or polymers composed of hydrocarbons along with heteroatoms including sulphur, nitrogen, and oxygen.

What specific segmentation details are covered in the organic semiconductor report, and how is the dominating segment impacting the market growth?+

For instance, by material segment has witnessed polyethylene as the dominating segment in the year 2022, owing to the increasing adoption of polyethylene-based organic semiconductors in various applications including sensors, OLED, and photovoltaic cells among others.

What specific segmentation details are covered in the organic semiconductor market report, and how is the fastest segment anticipated to impact the market growth?+

For instance, by end-user segment has witnessed energy as the fastest-growing segment during the forecast period due to rising adoption of organic semiconductor in solar energy sector for application including photovoltaic cells.

Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031? +

Europe is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as healthcare, solar energy, automotive, and others.