LG Display to invest $7 bn into OLED panels for smartphones: report

South Korea: LG Display has confirmed to invest about an additional $7 billion in company’s plant to produce OLED panels for smartphones than just restricting itself to producing large-size OLED display for televisions, reported The Wall Street Journal. With the move, the firm is seeking to challenge Samsung Display’s dominance in the OLED market.

According to a report by research firm IHS markit, the OLED market is growing and is expected to reach $25.2 billion this year. Their research cites that most of the growth is concentrated in smaller-size OLED panels, which is currently being lead by Samsung Display. Where Samsung unit holds 97.1 per cent of the market share, LG’s monopoly is large-size OLED panels for television.

The smartphone industry has witnessed an unarguable demand for OLED panels, shifting from the previously used LCD screens.

From the announced amount, LG will use about two-third of the investment for small-size OLED panels dedicated for smartphones, and the rest for larger-size OLEDs, reported the WSJ.