Indium Gallium Zinc Oxide Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Indium Gallium Zinc Oxide market in 2021?

The global market size of the Indium Gallium Zinc Oxide (IGZO) market in 2021 was estimated to be USD 829.5 million. With a Compound Annual Growth Rate (CAGR) of 6.8% from 2021 to 2028, the market is projected to reach USD 1,329.7 million by the end of the forecast period.

COVID-19 Impact on the Indium Gallium Zinc Oxide Market

The COVID-19 pandemic significantly impacted the Indium Gallium Zinc Oxide market. The global supply chain disruptions led to a temporary halt in manufacturing activities, causing a decrease in product availability and slowing down market growth. However, the increased demand for electronic devices during the pandemic, such as laptops, tablets, and smartphones, boosted the demand for IGZO-based displays, positively impacting the market.

Indium Gallium Zinc Oxide Dynamics

The Indium Gallium Zinc Oxide (IGZO) market is driven by the growing adoption of IGZO in various applications, including displays, semiconductors, and sensors. The superior electrical properties of IGZO, such as high electron mobility and low leakage current, make it a preferred choice for next-generation electronics. Technological advancements and research in the field of IGZO materials are further fueling market growth.

Segments and Related Analysis

The Indium Gallium Zinc Oxide market is segmented based on application areas, such as displays, semiconductors, sensors, and others. The display segment holds the largest market share due to the increasing demand for high-resolution and energy-efficient displays in devices like smartphones and tablets. The semiconductor segment is also witnessing significant growth with the rise in demand for advanced integrated circuits.

By Region Analysis

In terms of regional analysis, North America dominated the Indium Gallium Zinc Oxide market in 2021, followed by Asia Pacific and Europe. The presence of key market players, technological advancements, and increasing investments in research and development activities contribute to the market growth in these regions. Asia Pacific is expected to exhibit the highest CAGR during the forecast period, driven by the growing consumer electronics industry.

Key Market Players and Competitive Landscape

Some of the key players in the Indium Gallium Zinc Oxide market include Sharp Corporation, Samsung Display Co., Ltd., LG Display Co., Ltd., Innolux Corporation, and BOE Technology Group Co., Ltd. These companies focus on product innovation, strategic partnerships, and mergers to strengthen their market position. The competitive landscape of the market is intense, with players competing based on product quality, pricing, and technological advancements.

Recent Happenings in the Indium Gallium Zinc Oxide Market

The Indium Gallium Zinc Oxide market has witnessed several recent developments, such as collaborations between key players to enhance product offerings and expand market reach. For example, Sharp Corporation partnered with other leading electronics manufacturers to develop innovative IGZO-based displays for smartphones and televisions. Additionally, ongoing research and technological advancements in the field of IGZO materials are driving market growth and opening new opportunities for market players.