Indium gallium zinc oxide (IGZO) is a semiconductor material used in applications such as thin-film transistors (TFTs) for active-matrix organic light-emitting diode (AM-OLED) displays and active-matrix liquid-crystal displays (AMLCDs). IGZO provides higher electron mobility compared to amorphous silicon and is more affordable than using alternatives like LTPS. It enables the fabrication of thinner, lighter and more power-efficient electronic displays. IGZO is increasingly being used in touch-enabled consumer electronics owing to its multi-touch capabilities along with excellent optical and electrical properties.
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 from 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. The growing demand for energy-efficient displays in consumer electronics and automotive industry is fueling the growth of IGZO market. Major players are expanding their IGZO manufacturing facilities globally to cater to the rising needs of touch-enabled devices.
Market key trends
The adoption of IGZO Market in foldable smartphones and tablets is one of the key trends in the market. IGZO allows for flexible and bendable displays offering different form factors. SGIO finds increasing application in automotive displays mainly used for rear-seat entertainment and dashboard touchscreens. The superior properties of IGZO enables automakers to develop innovative interior designs. Rising electronic content in modern vehicles is propelling the demand for advanced TFT backplanes.
Porter’s Analysis
Threat of new entrants: The high production costs involved in entering this market acts as a barrier for new entrants. Bargaining power of buyers: As there are only a few large players in the market, buyers have less bargaining power due to high switching costs. Bargaining power of suppliers: The raw materials required are not easily available, giving existing suppliers higher bargaining power. Threat of new substitutes: There are no close substitutes for IGZO technology currently. Competitive rivalry: Being a specialized technology, competition is intense between existing players to gain market share.
Geographical regions of concentration: Currently, North America accounts for the largest share of the global IGZO market value due to high adoption of advanced displays in the region. Demand is also high in countries such as Japan, South Korea and China due to presence of leading display and semiconductor manufacturers.
Fastest growing region: The Asia Pacific region excluding Japan is expected to witness the highest CAGR during the forecast period driven by growing electronics and automotive industries in China and India coupled with technological advancements in display technology. Increased investments by international as well as domestic players to establish manufacturing facilities will further fuel the IGZO market growth in Asia Pacific region.