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Thin Film Encapsulation Market
The thin-film encapsulation is the most promising technology and is expected to grow at a CAGR of 25.1% over the forecast period. The key factors driving the growth of the global thin film encapsulation market include the need for the thin-film barrier is flexible and organic devices, the need to prevent moisture, oxygen, and dust in electronic devices, the increasing trend for thin film encapsulation using inkjet printing technology, increase in usage of flexible OLED displays for smartphones and smart wearables, and advantage of thin film encapsulation.
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The COVID-19 pandemic has affected various industries automotive, medical & healthcare, consumer electronics, clothing & textile, food & beverage, manufacturing, aerospace & defense, oil & gas, construction, agriculture, and others. The thin encapsulation market is also affected as industry players had to temporarily shut down the production facility to protect employees and visitors while minimizing the risk of disruption to the business.
LG Chem and Idemitsu Kosan collaborated to share patents relating to OLED technology. The firms pool their OLED materials, technology, and knowledge, and collaborate on the development of novel materials and material testing. They also employ their evaluation and production facilities in tandem.
Based on application, the growing flexible OLED Lighting market provides an opportunity for the suppliers of thin-film encapsulation material, equipment, and technology. These OLED lightings are used in automotive applications and are anticipated to have a high CAGR during the forecast period. OLED lighting solutions have better efficiency as compared to conventional incandescent lighting.
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The Asia Pacific is anticipated to dominate the global thin-film encapsulation market during the forecast period as a large number of manufacturers of thin-film encapsulation operate in this region such as Samsung, LG, Japan Display (JDI & JOLED), Sharp, AU Optronics, etc. The industry players in this region are focused on developing new technology in thin-film encapsulation which will boost the market growth during the forecast period.
Some of the major players in the thin film encapsulation market include Samsung SDI, Applied Materials, LG Chem, 3M, Universal Display Corp. (UDC), Veeco Instruments, Toray Industries, Aixtron, Kateeva, BASF SE, AMS Technologies, Meyer Burger, Bystronic Glass, and Angstrom Engineering.
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