Organic Semiconductor Market Highlights:
The organic semiconductor market 2020 is supposed to gain momentum. It is anticipated to earn considerable revenue this year. Organic semiconductors are made from non-metallic materials that exhibit semiconducting properties. The product is gaining popularity over the inorganic semiconductors on account of rising awareness about the benefits. It is presumed to drive the growth rate of the organic semiconductor market in the years to come. A report has been published by Market Research Future (MRFR), which presents an assessment of the organic semiconductor market based on past data and ongoing trends. It underscores that market is supposed to strike 22.4% CAGR over the forecast period 2019 to 2024. The report further highlights that the valuation of the market is presumed to be USD 179.4 Bn by the close of 2024, rising from USD 53.3 Bn in 2018.
The product facilitates bringing down the cost of the products that use it for production. This factor is assessed to be the primary driver of the organic semiconductor market. The mechanical flexibility of the product is expected to boost its demand over inorganic semiconductors. It is also presumed to influence the organic semiconductor market greatly over the next couple years. The lightweight of the product is also expected to facilitate market proliferation in the foreseeable future. These advantages of the product are supposed to increase applications, thus, expediting the growth rate of the Organic Semiconductor Market.
Organic semiconductors are gaining much popularity at a rapid rate due to its biodegradable nature. Rising focus on the use of eco-friendly products across industries is expected to catapult the organic semiconductor market on upward trajectory. Furthermore, the product is used for diverse applications, In the healthcare industry, it is used for skin cancer treatment. Increasing patient population is prognosticated to augment the organic semiconductor market in the upcoming years. The rising popularity of OLED displays is also expected to increase the growth rate of the organic semiconductor market over the assessment period. However, the possible shorter lifespan of the product due to environmental factors is presumed to act as a restraint in the upcoming years.
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BASF SE (Germany), Koninklijke Philips N.V. (Netherlands), Bayer AG (Germany), Merck & Co. (US), Samsung (South Korea), Novaled GmbH (Germany), Sony Corporation (Japan), Universal Display Corporation (US), LG (South Korea), and Sumitomo Corporation (Japan) are few of the major participants of the organic semiconductor market. Other important players of the market are Dupont (US), Sigma-Aldrich (US), AU Optronics (Taiwan), and Toyota Riken (Japan), among others.
- By type, the organic semiconductor market has been segmented into polyethylene, copolymer, and polyaromatic ring.
- On the basis of application, the organic semiconductor market has been segmented into organic RFID tags, system component, OLED lighting, organic photovoltaic (OPV), printed batteries, and display applications.
The regional assessment of the global organic semiconductor market is covered in the report for the following regions – North America, Asia-Pacific, the Middle East and Africa (MEA), Europe, and Central and South America. These regional segments are assessed on the basis of countries to present a detailed geographic evaluation.
Asia-Pacific is supposed to dominate the global market. Rising demand for electronics in the industry is supposed to drive the growth of the organic semiconductor market in the region. Taiwan, South Korea, and China are few of the major country-level markets of APAC. Increasing demand for RFID tags in different industries is also expected to drive the growth of the organic semiconductor market over the prognosis period. North America is also expected to earn considerable revenues by 2024.
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