by The indium gallium zinc oxide market has witnessed significant growth owing to its increasing usage in manufacturing display panels. Indium gallium zinc oxide (IGZO) is an amorphous oxide semiconductor made from indium, gallium, zinc and oxygen. It is used to manufacture thin-film transistors that function as the backbone of modern display panels. IGZO offers higher electron mobility and lower power consumption compared to amorphous silicon and polycrystalline silicon. As a result, it allows the manufacturing of slimmer and more power efficient display panels for various consumer electronics.
The Global indium gallium zinc oxide market is estimated to be valued at US$ 2.64 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period between 2024 to 2030.
Key Takeaways
Key players operating in the indium gallium zinc oxide market are Hella, Valeo, Continental, Denso, Hyundai Mobis, Aptiv, Lear Corporation, Robert Bosch, ZF Friedrichshafen, Koito Manufacturing, Magneti Marelli, Samsung Electro-Mechanics, Infineon Technologies, Renesas Electronics, NXP Semiconductors, Texas Instruments, ON Semiconductor, STMicroelectronics, Intel, Maxim Integrated.
Key opportunities in the market include the growing demand for bendable and foldable display panels as well as increasing adoption of IGZO in automotive displays. The IGZO market is also witnessing significant expansion in Asia Pacific owing to the presence of major electronics manufacturing hubs in countries like China, Japan, South Korea and Taiwan.
The main driver for the indium gallium zinc oxide market is the growing demand for higher resolution display panels across various end-use verticals like consumer electronics, automotive, healthcare and industrial. IGZO based displays allow for manufacturing dramatically slimmer and more power efficient screens with higher pixel density. The use of IGZO in next generation flexible display panels is also fueling market growth.
Market drivers: The major driver for the indium gallium zinc oxide market is increasing demand for higher resolution display panels. IGZO based thin film transistors enable manufacturing of display panels with higher pixel density and resolution compared to conventional technologies. This is supporting growth across consumer electronics, automotive, medical and various other industries where visualization is important. IGZO based screens are also slimmer and more power efficient which is increasing their adoption.
PEST Analysis
Political: Regulations like Renewable Energy Standards in specific countries are positively impacting the Indium Gallium Zinc Oxide market. Governments are providing subsidies for investments in clean energy technologies.
Economic: Stable economic growth and higher consumer spending are fueling the demand for consumer electronics and automotive applications using IGZO technology.
Social: Increasing health and environment concerns are encouraging the adoption of energy-efficient products using transparent and flexible display technologies.
Technological: IGZO material exhibits high electron mobility and uniformity, enabling the manufacture of larger, brighter, and more energy-efficient displays. Miniaturization of semiconductor components is driving innovations.
Geographical concentration in terms of value
The Asia Pacific region currently accounts for the largest share of the global IGZO market value owing to the presence of leading consumer electronics manufacturers in countries like China, South Korea, Taiwan and Japan. This region holds a significant share of all major display panel and semiconductor manufacturing capacities worldwide.
Fastest growing region
North America is projected to experience the highest growth during the forecast period supported by increasing automotive production and demand for larger displays in various consumer products. Government policies promoting the adoption of energy-efficient technologies will also support the regional market for indium gallium zinc oxide. Rapid technology adoption in the US and growing electronics exports from Mexico are fueling the North American IGZO industry.
