LG Chem is scheduled to launch several OLED lighting devices for the mass consumer market in March, including OLED reading lamps. Other Japanese peers such as Mitsubishi Chemical and Pioneer are also optimistic about the market prospects, and have begun mass production of OLED lighting equipment. The global OLED lighting market currently generates $83 million in revenue each year, and UBIResearch, a Seoul-based research firm specializing in the OLED industry, expects market revenues to expand to $4.7 billion by 2020, with great growth potential. At present, LG Chemical has a market share of 20 in the global OLED lighting market, leading the industry in Japan and other countries. Although the overall lighting market is still dominated by Philips, Osram and Singular Electronics, LG Chemical believes that the development of OLED lighting technology will bring the company closer to European and American manufacturers. The biggest advantage of OLED lighting panels is that they are light and thin and have flexural elasticity. They are only one-tenth the thickness of LED panels and weigh one-fifth of the weight of LED panels. OLED panels release less heat and consume only 10 of the traditional lighting. They have been used in smart phones and tablet screens, and are expected to be used in the future to manufacture lighting in cars, airplanes or submarines. Although European and American lighting manufacturers questioned that the expensive manufacturing cost of OLED lighting equipment is difficult to push the market to take off, Japanese companies including Konica Minolta, Mitsubishi Chemical, and Pioneer have started mass production of OLED lighting equipment since last year.
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