Oxide TFT Market - Forecast(2024 - 2030)

The Oxide Thin Film Transistors (Oxide TFT) market size is forecast to reach USD 1.2 Billion by 2030, after growing at a CAGR of 14% during the forecast period 2024-2030. The oxide TFT market is anticipated to experience robust growth driven by the increasing demand for high-performance displays in consumer electronics, automotive, and other industries. It offers superior performance, higher operating temperatures, and lower power consumption than traditional amorphous silicon-based TFTs. Oxide TFTs have become a viable alternative to traditional TFTs, and have become increasingly popular in a variety of applications. Additionally, the lack of industry standards for producing oxide TFTs may hinder market growth. The increasing demand for high-resolution displays in consumer electronics, such as smartphones, tablets, and TVs, has been a major factor driving growth in the oxide TFT market. Additionally, the increasing adoption of oxide TFTs in automotive and other industries is also driving the market growth. 

The report “Oxide Thin Film Transistors Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Industrial Motors market.

By Type: Zinc Oxide Thin-film Transistors, Tin Oxide Thin-film Transistors, Others

By Product Type: N-Type Oxide Semiconductors, Oxide Dielectrics, P-Type Oxide Semiconductors

By Application: Television, Laptops, Smartphones & Tablets, Wearable Devices, Stretchable Displays, Electronic Circuits, Others 

By Geography:  North America, South America, Europe, APAC

Zinc Oxide Thin-film Transistors (ZnO TFT) are anticipated to dominate the oxide TFT market in 2023. Due to their high performance, simple fabrication processes, and low cost, zinc oxide (ZnO) thin-film transistors (TFTs) have numerous interesting applications in logic circuits, displays, ultraviolet detectors, and biosensors. For instance, in 2019, With an annual budget of $8.1 billion, the National Science Foundation (NSF) funds for discovery, learning, innovation, and research infrastructure to boost U.S. leadership in all facets of research and instruction in the fields of science, technology, engineering, and mathematics (STEM). Other federal agencies, however, fund research with a defined objective, including health, energy, or defence. ZnO TFT technology has an increasing impact on the electronics industry, and its market share has grown as a result. Other applications include high-definition imagers, UV sensors, highly sensitive biosensors, transparent conductive p-type transistors, transparent solar cells, CMOS ICs using oxide TFT, high-performance ICs, completely transparent high-definition displays, and so on. As technology has advanced and consumer behavior has changed, there has been an increase in demand for larger screens. The demand for ZnO TFT is anticipated to grow as a result of this requirement.

N-Type Oxide Semiconductors in Oxide Thin Film Transistors (OTFTs) dominated the market in 2023. These have become popular due to their low-voltage operation and simple fabrication process. This has led to the development of various types of N-type Oxide Semiconductors, such as ZnO, In2O3, and SnO2, which have been used to fabricate OTFTs. These materials have enabled the development of OTFTs with improved performance, such as lower operating voltage, higher current density, higher charge carrier mobility, and higher on/off current ratio. Furthermore, these materials have allowed for the development of novel device architectures, such as flexible and transparent OTFTs and nanoscale devices. These advances have been instrumental in developing various applications for OTFTs, including displays, sensors, and energy harvesting. Due to increasing demand, the development of n-type oxide semiconductors has been a major focus for semiconductor companies. Several major companies, such as Samsung, Toshiba, and Sharp, have announced new advancements in this field.

The Television sector dominated the oxide TFT market in 2023 and is estimated to grow at a CAGR of 12% over the forecast period 2024-2030. Oxide thin film transistors (Oxide TFTs) are used in modern televisions as part of display technology. According to BFI statistics, production of UK high-end TV (HETV) and film industries reached a record of £6.3BN ($7.8 Billion) in 2022 which is approx. 86% high records from 2019. Oxide TFTs are used to control the current flowing through the display, allowing for better picture quality, improved power efficiency, and faster response times. Oxide TFTs are also used to improve image clarity and reduce motion blur. They are typically made from a combination of indium tin oxide (ITO) and zinc oxide (ZnO), which makes them highly conductive. This allows them to quickly and accurately control the current running through the display. For instance, in 2019 Samsung Electronics Co. Ltd announced the global launch of the Wall Luxury which is the most recent version of Samsung's modular MicroLED screen with IGZO can be custom-tailored to any size and aspect ratio, enhancing the interior of the living space and ensuring customers can enjoy superior picture quality in the comfort of their own homes. As televisions become larger, ultra-high-definition and curved, the use of TFTs is estimated to increase as they are better suited to the demanding requirements of these displays.

Asia Pacific region will remain the largest region over the forecast period in the global oxide TFT market.  The growth of Chinese oxide thin film transistors is primarily driven by the growing demand for smaller, thinner, and more efficient electronics. Additionally, the increased focus on the development of advanced display technologies is also contributing to the market growth. For instance, in 2019, to support the local chip industry and close the technological gap with the United States, China established a new national semiconductor fund worth 204.2 billion yuan ($28.9 Billion). Additionally, the Indian government is reportedly working on a multi-billion-dollar capital support and production-linked incentive (PLI) plan to promote the manufacturing of semiconductors in the country. In addition, in 2021 the Japanese government approved funding for domestic semiconductor investment totaling 774 billion yen ($6.8 billion) which can be used for products such as analog chips and power management parts, for research and development, and also to increase the chip manufacturing capacity.

The advancement of consumer electronics is now propelling human civilization. Consumers who were previously passive have become socially connected through various electronic devices such as laptops, tablets, phablets, smartphones, and so on. All of these devices are rapidly becoming obsolete as technology advances. For instance, television technology was based on well-established cathode-ray tube technology in previous decades. However, with increasing technological advancements and shifting consumer behavior, demand for larger screen sizes have risen in recent years. This demand has resulted in the growing popularity of LCD and now LED display technology. The last decade saw a dramatic shift in the oxide TFTs market due to the introduction of active-matrix LCD (AM-LCD) and active matrix OLED (AM-OLED) devices, as well as Micro Electro Mechanical System (MEMS) technology (especially smartphones and tablets). Demand for high-resolution displays in consumer electronics is driving the oxide-thin film transistors market. 

Due to the increase in the demand for oxide TFT, major companies in the market have increased their production capacities by investing in machines specifically designed for producing oxide TFTs to help increase production capacity. As the electronics industry is growing rapidly, a repeatable and reliable process for fabricating stable oxide TFT is required. Hence the production. As the electronics industry matures, a repeatable and reliable process for fabricating stable, large-scale TFT for manufacturing and consumer demand is required. Hence, new manufacturing tools are being developed and automated services are also being increased to support the production of the oxide TFT.

The integration of oxide TFTs with other circuit elements is difficult due to the complexity of the fabrication process and the channel length of oxide TFTs is limited, making them difficult to fabricate and use in large-scale integrated circuits. Oxide TFTs are more expensive than conventional amorphous silicon TFTs due to the complexity and cost associated with the fabrication process. It even requires high-temperature annealing and deposition processes, which can often be expensive and difficult to scale. In addition, oxide TFTs require more complex fabrication processes compared to traditional silicon TFTs, which can add cost and time to the manufacturing process. And these TFTs are not always compatible with existing silicon-based processes, making it difficult to integrate them into existing manufacturing processes. Several elements may prevent the market from expanding.

Process temperature is one of the important factors in the mass production of TFTs, particularly those on flexible plastic substrates. Although several low-temperature approaches for fabricating n-type oxide films have been successful, they are difficult to apply to p-type oxides. To realize novel large-area and cost-effective applications such as foldable and printable displays, disposable smart labels, and smart packaging, vacuum processing technology must be replaced by continuous processes with higher throughput. Even though some computer-based material design simulations have been performed and reported, more computational studies should be conducted to identify potential p-type oxide materials with intrinsically higher hole mobility and ease of p-type doping. This time-consuming process decreases the production and supply of the product.

Technology developments, acquisitions, partnerships, and joint ventures are key strategies adopted by players in the Oxide TFT market. In 2023, the oxide TFT Market share has been consolidated by the top eight players accounting for 70% of the share. Major players in the oxide TFT market are Magnachip Semiconductor, Sumitomo Chemical Co., Semiconductor Energy Laboratory Co., Ltd., Fujifilm Holdings Corporation, LG Display Co. Ltd., Samsung, Sharp Corporation, Sony Corporation, Toshiba Corporation, BOE Technology Group Co., Ltd., and others.