LG to ramp up OLED lighting business
Reports in Korea suggest that LG is to significantly increase its focus on bringing more OLED lighting products to market.
We first saw LG’s OLED (Organic Light Emitting Diodes) technology in the form of flexible lamps in late 2017, followed by the introduction of OLED lighting brand Luflex in December.
LG’s Display division had acquired the OLED lighting business, human resources and patent rights from LG Chem in 2015 and has been producing OLED lighting products, which had been rolled out at the latter’s factory since the close of last year. The factory was said to produce the “world's first” fifth-generation (1000mm × 1200mm) OLED lighting board, which are cut and shaped into various different products after being made.
According to Business Korea, LG Display intends to bump up its production of OLED lighting by securing a production capacity of 15,000 sheets per month by the end of 2018. It is also has set an ambitious target of increasing sales from 10 billion won (roughly €8 million) last year to 100 billion won (around €80 million) by 2020.
OLED lighting boards had previously been produced and sold only by LG Display, but Panasonic and Osram are fully expected to enter the market soon to try and compete.
The OLED lighting market is forecast to grow from US$251 million last year to US$337 million in 2018 and reach US$ 1.619 billion by 2020, according to market research specialist UBI Research.
Source: Business Korea