IGZO Target Market

IGZO TARGET MARKET REPORT OVERVIEW

The Global IGZO Target Market size was USD 60.9 million in 2024 and the market is projected to touch USD 99.68 million by 2032, exhibiting a CAGR of 5.0% during the forecast period.

IGZO, short for Indium Gallium Zinc Oxide, is a state-of-the-art semiconductor material that has brought about a shift in display technology. These targets are instrumental in forming highly defined panels for smartphones, tablets, and television screens. These targets are applied in a procedure named sputtering, through which IGZO material is applied as a thin layer on a substrate that forms the active layer of a transistor. IGZO transistors are better in electron mobility than amorphous silicon, which makes it possible to attain faster response time, less power consumption, and high pixel density. Also, IGZO has high transparency as a material, which is suitable for the transparent display and the touchscreen applications.

GLOBAL CRISES IMPACTING IGZO TARGET MARKET - COVID-19 IMPACT

"Market Growth Restrained Due To Imposition Of Strict Lockdowns"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

This market faced some negative changes due to the COVID-19 pandemic measures. First, due to the imposition of long and strict lockdowns and restrictions, there were disruptions of manufacturing and supply chains, which affected production timeliness and product availability of these targets. Secondly, the pandemic caused a decline in global trade, affecting consumer spending and demand for IGZO-displayed smartphones and TVs. This decrease in demand then flowed down to the demand for these targets. Also, policies of travel ban and social distancing reduced business functionality; it affected research and development processes and cooperation between business and market and may have a negative impact on the speed of innovation and market development.

LATEST TRENDS

"4K, 8K Screens to Propel the Market"

Firstly, there is a rapidly increasing resolution in devices such as TVs, monitors, and mobile phone screens in 4K, 8K, and more. IGZO requirements electron mobility to meet these. Secondly, the emergence of flexible and foldable displays is a new opportunity for IGZO, as its thin film has potential for their use. Thirdly, IGZO is gradually applied to new applications that require high frame rates and low power consumption, such as augmented reality (AR) and virtual reality (VR) devices. Further, research and development is underway to fine-tune the performance of IGZO and cut costs of manufacturing and to identify fresh uses of IGZO in segments like touch sensors, memory devices, and photovoltaic cells.

IGZO TARGET MARKET SEGMENTATION

By Type

Based on type the market can be categorized into In:Ga:Zn=1:1:1, In:Ga:Zn=2:2:1 & Other

• In: Ga: Zn = 1: 1: 1: It simply means the atomic proportion of indium to gallium to zinc is 1:1:1. It is typically used for the MX option when stability of thin-film transistor (TFT) characteristics is critical in applications such as ITO. Screens using such a type of IGZO often have high picture quality and long working hours. This composition is versatile in many displays and can be used in smartphones, tablets, and monitors, among others.

• In:Ga:Zn = 2:2:1: The ratio of indium and gallium to zinc present in this composition is higher as compared with the other two compositions. It generally offers higher electron mobility than the 1:A one-to-one ratio of the cells significantly reduces the response time of and likely the amount of power needed by the computer. This makes it ideal for high-resolution applications, which are desirable in high-definition consumer electronics, including TVs and the VRs and ARs. The 2: It is also used in displays with characteristics such as a 2:1 composition, but the even better electrical characteristics make it attractive for memory devices and sensors.

By Downstream Industry

Based on application the market can be categorized into Flat Panel Display, Touch Screen Panel & Other

• Flat Panel Displays: High electron mobility of IGZO facilitates the fabrication of high-resolution displays such as 4K and 8K and high refresh rates, which make images sharper and movements smoother. Thanks to its high transmittance, this means that it transmits more light, thereby producing a brighter and more energy-efficient screen. IGZO is vital for the range of flat panel display technologies, such as LCD and OLED, to name but a few, where it increases their standards. This segment includes a wide variety of devices such as TVs, computer displays, laptops, tablets, and smartphones for which picture quality is critical.

• Touch Screen Panels: The thin-film nature and high transmittance of IGZO make it very suitable for use in touch sensor applications on displays. It allows for better and more precise touch identification, helping to improve the general experience in touchscreen gadgets. Touch technologies that can be supported by IGZO touch screen panels include capacitive touch and in-cell touch screen panels in which the touch sensors are embedded in the display layers. This segment is critically important for gadgets, such as smartphones, tablets, and interactive displays where touch input is predominant.

MARKET DYNAMICS

Market Dynamics Include Driving and Restraining Factors, Opportunities and Challenges Stating the Market Conditions.

Driving Factors

"Growing Demand for High-Resolution and High-Performance Display to Expand the Market"

One of the key driving factors of IGZO Target Market growth is the Growing Demand for High-Resolution and High-Performance Displays. There is a continuous trend across the consumer base toward craving better picture quality, deeper colour gammas, higher resolutions including 4K and 8K and beyond, higher refresh rates, and better power efficiency. The high electron mobility of IGZO compared to typical amorphous silicon makes it possible to realise transistors that could satisfy such measures. Such need can be attributed to more uses of high-definition content, the devolvement of gaming and graphics utilities and performance-related aspects, and an increase in screen size inclusion in devices such as TVs and monitors. This reason makes it possible for the manufacturers to make the use of IGZO technology in a bid to provide the society with better visualisation on what is produced.

"Rise of Advanced Display Technologies and Applications to Advance the Market"

Ongoing and future IGZO applications embrace new displays, including flexible and folding displays, and new applications, including AR/VR devices. These applications include the use of IGZO for displays that are flexible, bendable, rollable, or curvy since IGZO’s thin-film nature makes it perfect for these uses. Of these devices, AR/VR especially well exploits IGZO’s high refresh rates and low power consumption, which are critical parameters for an application that aims to deliver an engaging consumer experience. IGZO’s continued development as well as integration into devices is therefore contributing strongly to the expanding demand for these technologies, hence supporting its market growth.

Restraining Factor

"Expensive Manufacturing Technique to Pose Potential Impediments on this Market"

There are a few factors that have restrained the growth of the IGZO Target Market share and materials from taking off. The primary one is the relatively expensive manufacturing technique in comparison with the already existing proven technologies such as amorphous silicon (a-Si). However, as a material, IGZO provides higher electron mobility and other parameters; on the other hand, its use involves more complicated technological processes and often equipment. This is to mean that there will be higher costs of entering into the market by display manufacturers intending to use IGZO technology. The deposition of the IGZO thin film by using the sputtering process might be more complex than the deposition of the a-Si thin film. Third, most of the raw materials, especially indium, could be sensitive to fluctuating prices, which contributes to the total cost sensitivity.

Opportunity

"Flexible and Foldable Displays to Create Opportunity in this Market"

One of the biggest opportunities for this market is the continually growing area of flexible and foldable displays that has the potential to completely change how humans use electronic devices. These world-leading technologies are especially suitable for IGZO, firstly, because of IGZO’s thin-film characteristics, and, secondly, its flexibility. IGZO’s properties stand out from the traditional amorphous silicon, as the latter material can easily crack when bent even for only once as compared to IGZO, which proves capable of handling the stress yields by constant folding and flexing. This has become imperative for the generation of foldable smartphones and other forms of smart devices, such as rollable tablets, among others. Therefore, as the use of these new and diverse client apparatus arises, the use of IGZO also increases. Continued progress in roll-to-roll technologies could easily improve the efficiency and economies of scale related to IGZO production for use in flexography. 

Challenge

"Approportionate Cost Reduction and Sustainable Improvements to Pose Potential Challenge for this Market"

One major threat that applies to this market is the capability to sustain improvement while at the same time reducing the costs of competing displays, especially LTPS, and to some extent, advancement in amorphous silicon (a-Si). Compared with a-Si, the LTPS needs a more complicated manufacturing process; however, its electron mobility is generally equivalent to or even superior to IGZO in some ways, especially in the scale of mid and small devices such as smartphones. This creates a direct threat to IGZO technology since LTPS has already been embedded in the premium smartphone segment. LTPS also helps minimise costs through economies of scale because it is now used by a wider number of users and hence priced more competitively.

IGZO TARGET MARKET REGIONAL INSIGHTS

• North America

North America, for example, is a major driving force behind embracing new and sophisticated display solutions. It also has large tech companies, research institutes, and universities that are currently engaged in IGZO research and development. A drive for high-performance displays in applications including LED TVs, gaming displays, and professional workstations is supportive of the IGZO market in North America. The United States IGZO Target Market is an important market for IGZO since it is an innovating nation that often adopts new technologies.

• Europe

Europe is the biggest market for IGZO, attributed to the region’s emphasis on energy-efficient technologies. Considering the growing concern of manufacturers of displays in Europe to develop gadgets that consume minimal power, IGZO’s ability to consume much power is a major selling point for this material. The Asia-Pacific region, where most manufacturers operate, also imposes many environmental standards and policies, which encourages the manufacture of IGZO-based displays. Europe also represents several of the top research institutions and universities currently conducting research into IGZO technology and its improvement.

• Asia

The IGZO industry has emerged with a regional base in Asia due to the presence of key display manufacturers and a vast population. The major players participating in the display technology market are the Far East countries such as China, Japan, and South Korea, as they host most of the manufacturers of displays and electronic devices. The desire for high-quality displays is an increasing trend in the region due to higher levels of economic growth and the higher levels of disposable income in real incomes.

KEY INDUSTRY PLAYERS

"Key Players Transforming the IGZO Target Market through Research and Development"

This market is influenced profoundly by key industrial stakeholders in various aspects relating to this market. These players, which are material suppliers, display manufacturers, equipment providers, and research institutions, continue to invest in research and development, and this will lead to the improvement of IGZO materials, manufacturing processes, and display technologies. The planning they have implemented in the operation process affects market variables, the distribution networks, and competitors. Manufacturers of displays, for example, by deciding to incorporate IGZO in their offerings, generate markets for these targets and materials and hence determine overall market growth.

List of Market Players Profiled

• ULVAC (Japan)
• Mitsui Kinzoku (Japan)
• JX Nippon Mining & Metals (Japan)
• ANP Materials (Korea)
• ENAM Optoelectronic Material (India)

INDUSTRIAL DEVELOPMENT

February 9, 2022: On February 9, 2022, BOE released that it has developed new technology for the production of monitors with the world’s first 500Hz gaming monitor. This accomplishment proves that IGZO is capable of providing far higher refresh rates, which are vital for fast response gameplay. Consequently, this development is a major leap towards display innovation and points to the possibilities of IGZO as a solution to the high-performance requirements of applications such as gaming.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global IGZO Target Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.