Flexible displays are electronic visual display devices that can be manufactured on flexible plastic or silicon substrates instead of conventional glass substrates. Flexible displays are thin, lightweight, and break resistant. They find application in electronic devices such as e-readers, notebook computers, smartphones, television sets, smart wearable devices, and other consumer electronics.

The global flexible display market is estimated to be valued at US$ 16.14 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising adoption of wearable devices is the primary driver fueling growth of the flexible display market. Wearable devices such as smartwatches, smart glasses, smart bands, and smart fabrics require displays that can be folded, bent, rolled, stretched, and twisted without affecting functionality or performance. Conventional rigid and fragile glass displays are not suitable for wearable devices. Flexible displays provide better ergonomics, comfort, and design freedom for wearable devices. Flexible displays bend to contours of wrist or body parts like glasses, providing increased functionality, comfort, and versatility compared to regular displays. For instance, according to Coherent Market Insights analysis, the global wearable devices market was valued at US$ 95.03 Bn in 2021 and is expected to grow at a CAGR of 19.3% during the forecast period. This rapid growth of wearable devices acts as a high impact rendering driver for the flexible displays market. Moreover, technological advancements in manufacturing process and materials used for producing flexible displays is further fueling market growth. For example, Researchers have developed new substrates such as flexible plastic, metal foils, and papers that now allow for durable, high resolution displays.

Key players: Key players operating in the flexible display market are LG Display Co. Ltd, Samsung Electronics Co Ltd, BOE Technology Group Co. Ltd, Chunghwa Picture Tubes Ltd, Huawei Technologies Co. Ltd, Sharp Corporation, Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, and Others. Samsung and LG have commercialized foldable OLED panels and are scaling up manufacturing. BOE is also investing heavily in Gen 6 flexible AMOLED production to expand its share.

Regional analysis: The Asia Pacific region holds the largest share of the global flexible display market currently accounting for over 45% of the total sales in 2024 led by China, South Korea and Japan. These countries are major manufacturing hubs for consumer electronics and have established flexible display production capabilities. China alone contributes to over a third of the regional market assisted by the presence of panel makers like BOE, Tianma and Visionox catering to domestic smartphone and tablet brands. North America and Europe are other major markets driven by consumer demand for foldable devices in countries like the US, Germany and UK.

SWOT Analysis
Strength: Flexible displays offer advantages over traditional displays including improved portability, durability, and versatility. They can be rolled, folded or bent without damage. This makes them ideal for applications where space is limited or ruggedness is required. Flexible displays are also lightweight and potentially lower cost to manufacture compared to rigid displays.
Weakness: The image quality and resolution of flexible displays is currently lower than traditional LCD or OLED displays. Issues around durability and lifespan also need improvement as flexible displays may be more susceptible to damage from bending, creasing or scratching over time. Flexible display technology is relatively new with high production costs which limits widespread commercial usage.
Opportunity: There is growing demand for large format, curved and foldable displays in applications like smartphones, tablets, TVs and digital signage. This wide applicability across industries provides scope to drive sales volumes. Advances in materials and manufacturing can help reduce costs and improve performance overtime expanding the viable markets.
Threats: Stiff competition exists from established display technology companies investing heavily in flexible displays. Technology obsolescence is a threat as newer, more durable and energy efficient display alternatives may emerge. Dependence on a limited number of suppliers for specialty materials like substrates can impact supply stability and pricing.

Key Takeaways
The global flexible display market is expected to witness high growth over the forecast period supported by growing demand for innovative form factors in consumer electronics.