May 18, 2023 – In a recent development, South Korean panel manufacturers, driven by Samsung Display and LG Display, are gearing up to regain their dominance in the global panel market by making substantial investments in the next five years.
According to reports from international sources, the South Korean Ministry of Trade, Industry, and Energy revealed on Thursday that the country’s panel manufacturers, including Samsung Display and LG Display, are planning to jointly invest over 65 trillion Korean won by 2027. This ambitious investment aims to ensure technological innovation and reclaim the top position globally.
The reports indicate that South Korean panel manufacturers are strategizing to increase their global market share to over 50% by 2027, a significant improvement from last year’s 37%, through the development of next-generation panel technologies and the expansion of OLED panel production lines.
Furthermore, in addition to market share expansion, South Korean panel industry players intend to enhance their self-sufficiency in terms of materials, components, and equipment required for panel production. Their goal is to achieve an 80% self-sufficiency rate, compared to last year’s 65%.
The South Korean Ministry of Trade, Industry, and Energy announced this significant investment plan after a meeting with executives from various panel companies, including CTOs from Samsung Display and LG Display, as well as vice presidents from Samsung Electronics and other key industry leaders.
Since the beginning of the 21st century, South Korea’s panel industry has experienced remarkable growth. It surpassed Japan and became the world’s largest panel producer from 2004 to 2020, maintaining its position for a significant period.
This renewed investment initiative signifies South Korea’s commitment to reclaiming its position as a global leader in the panel industry, focusing on technological advancements and production capacity expansion in the coming years.