PEDOT Market is Estimated to Witness High Growth Owing to...

PEDOT Market is Estimated to Witness High Growth Owing to Increasing Demand from Photovoltaics Industry

Posted 2024-01-19 10:24:42

PEDOT or poly(3,4-ethylenedioxythiophene) is a conductive polymer that is widely used as a hole transport material in applications like photovoltaics, displays, biosensors and LEDs. In photovoltaics, PEDOT is used as a hole transport and buffer layer in organic and perovskite solar cells. It facilitates the extraction of holes from the active layer and transport them to the electrode. PEDOT provides advantages like improved stability, conductivity and transparency compared to other organic materials. The global photovoltaics industry has been witnessing significant growth over the past few years owing to supportive government policies and declining prices of solar panels. This increasing demand for solar panels in turn drive the demand for PEDOT, which is a crucial material used in perovskite and organic photovoltaics.

The global PEDOT Market is estimated to be valued at US$ 4.43 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The PEDOT market is driven by the increasing demand from the photovoltaics industry owing to rising solar power installations globally. As per the report, the key driver for this market is the supportive government policies and incentives for solar power adoption across major countries. Countries like China, India, Japan and several European nations have introduced renewable purchase obligations, feed-in-tariffs and tax credits to encourage the use of solar energy. This is positively impacting the growth of the global photovoltaics industry which in turn is fueling the demand for PEDOT. The material finds wide application as hole transport and buffer layers in organic and perovskite solar cells. Moreover, its properties like high conductivity, transparency and stability makes it a preferred material for such applications.

SWOT Analysis

Strength: PEDOT has excellent electrical conductivity, optical transparency, environmental stability, and solution processability which makes it suitable for a variety of applications in displays, solar cells and biomedical devices. Its ability to transport charge carriers across the organic material interfaces allows its use in various optoelectronic devices. Its dopants help tune the electronic properties of the base polymer material according to specific application needs.

Weakness: PEDOT has low-to-moderate charge mobility which restricts its use where high charge mobility is essential. It has limited solubility in common organic solvents which constrains its processing into thin films for certain applications.

Opportunity: Growing demand for flexible and printed electronics in diverse fields will spur opportunities for PEDOT. It can replace conventionally used indium tin oxide as a transparent conductor thereby reducing material costs. Increasing R&D towards developing new PEDOT derivatives with optimized electronic properties can widen its application potential.

Threats: Stiff competition exists from other novel organic and inorganic transparent conductor materials which can challenge PEDOT adoption if they demonstrate clear benefits. Economical and mass-scale production of pure PEDOT with consistent properties needs to be established to pose strong competition to incumbent technologies.

Key Takeaways

Global PEDOT Market Size is expected to witness high growth over the forecast period supported by expanding flexible electronics sector. The global PEDOT Market is estimated to be valued at US$ 4.43 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.

Regional analysis: The Asia Pacific region is projected to maintain its leading position during the forecast period on account of rapid growth of consumer electronics market in India and China. Both countries have emerged as major manufacturing hubs for electronic products which spurs local PEDOT demand. Countries like Taiwan and South Korea are also major exporters of OLED display panels and touchscreen devices thereby contributing significantly to regional market.

Key players: Key players operating in the PEDOT market are ADM (US), Cargill, Incorporat, BASF (Germany), Chr. Hansen (Denmark), DuPont (US), Colorcon (US), Croda International (UK), and AJINOMOTO (Japan). ADM and Cargill are leading suppliers of various emulsifiers to food processors across the globe.