Global demand for organic light-emitting diode (OLED) TV panels will increase to 6.7 million units by 2020 from 2.9 million units this year, market researcher IHS Markit predicted on Nov. 19.
Currently, LG Display is the only panel maker in the world that has successfully commercialized OLED TV panels.
“LG Display is operating its OLED panel plant as fully as possible, but supply will be tight in the next few years," the market researcher said.
Riding on the growing demand for OLED TV panels, LG Display achieved a surplus in the OLED TV panel business in the third quarter of this year for the first time.
According to IHS Markit, the company’s OLED TV panel sales will grow about 70% from last year’s 1.7 million units. Its sales volume was only 200,000 units in 2013.
LG Display has been making a big bet on its OLED business. The company plans to raise the proportion of OLEDs to 40% of its sales from the current 10% by investing a total of 16 trillion won by the end of next year.
LG Display is expected to accelerate its shift to OLEDs as supply will not be able to keep pace with demand. Currently, OLED panels are produced at LG Display's production line in Paju near Seoul. The display giant aims to mass produce OLED panels in Guangzhou in China starting in the second half of next year.
The company is also considering converting an 8th-generation LCD production line in the Paju factory into an OLED production line.