1. Overview of the Display Panel Industry The display panel industry is a crucial pillar in the electronics and information sector, encompassing multiple segments such as glass substrates, liquid crystal materials, and polarizers. It involves interdisciplinary fields like optoelectronics, microelectronics, and chemistry, with a long industrial chain that drives upstream and downstream development. Display panels, as core midstream products, integrate components like glass substrates, liquid crystals, and polarizers, significantly influencing market demand. The industry chain is divided into upstream materials, midstream assembly, and downstream products. After precision processing, display panels are assembled with other components into display modules, widely used in smartphones, tablets, and other end products. The trend toward thinner and lighter products has spurred innovations like integrated touch displays (e.g., On-Cell and In-Cell technologies), propelling industry growth.
The industry has evolved through four major technological phases: CRT, LCD, plasma, OLED, and now Mini/MicroLED.
2. Market Conditions and Development Trends The display panel market is expected to grow steadily, driven by trends toward larger screens and next-gen technologies like OLED and MiniLED. In 2024, global display panel shipments reached approximately 263 million square meters, with a market size of $133.8 billion, reflecting year-on-year growth of 6% and 13%, respectively. By 2030, the market is projected to reach $148.7 billion, with shipments totaling 4.08 billion units.
Key trends include: - **Global Panel Industry Restructuring**: Japanese and South Korean manufacturers, such as LG and Samsung, are exiting the LCD market to focus on OLED, accelerating the shift of production capacity to China. China's LCD panel production share rose from 69% in 2022 to 74% in 2024, expected to reach 76% by 2025. - **Rising Mini/MicroLED Adoption**: Applications span RGB direct displays and backlight solutions. The global MiniLED market surged from $150 million in 2021 to $2.32 billion in 2024, with a CAGR exceeding 140%. Leading companies like BOE and TCL have launched MiniLED products for gaming monitors, TVs, and automotive displays. - **Glass Substrate Advantages**: Glass-based circuit boards offer superior thermal conductivity and cost efficiency, enabling high-brightness and high-partition displays. Hisense’s glass-based MiniLED backlight technology, used in its G9 monitor, exemplifies this trend.
3. Competitive Landscape Key domestic players in display panel processing include: - **Wuhu Token Sciences Co., Ltd. (300088.SZ)** - **Triumph Science & Technology Co., Ltd. (600552.SH)** - **Shenzhen Laibao Hi-Tech Co., Ltd. (002106.SZ)** - **Holitech Technology Co., Ltd. (002217.SZ)**
These companies specialize in glass covers, touch display modules, and backlight units, leveraging early-mover advantages in scale and market share.
4. Industry Barriers - **Technology & Process**: Requires expertise in etching, cutting, and lamination, with high barriers for new entrants. - **Talent**: Demands skilled labor for R&D and precision manufacturing. - **Capital**: High upfront costs for equipment and R&D, with long payment cycles. - **Scale**: Large-scale production is essential for cost competitiveness. - **Client Resources**: Long certification cycles and stable client relationships are critical.
5. Market Forecast The report covers global and regional market dynamics, supply-demand data, competitive analysis, and investment strategies for 2026-2032. Emerging sectors like smart cities, VR/AR, and automotive displays present growth opportunities, while technological advancements and cost reductions will shape the industry’s future.
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