MagnaChip reported its financial results for Q1 2016, and the company says the demand for AMOLED drivers is "exceptionally strong". There was a surge in AMOLED display driver demand in Q4 and this carried over to Q1 - and continues to gather momentum.

MagnaChip's AMOLED revenue in Q1 grew 42% from Q1 2015 and 63% from Q4 2015. This was driven from demand by smartphone makers in China. Magnachip believes it is the world's second largest AMOLED display driver supplier, and its AMOLED drivers has been designed into 28 smartphone models. The company is also starting to produce AMOLED drivers for two VR headset makers.

MagnaChip's is only the latest company to state its confident in the OLED market. A few days ago Orbotech's CEO said he sees "clear evidence that OLED is increasing its penetration across the industry", and Coherent's CEO said that he sees a large buildup of OLED capacity, and that he is "very excited about the OLED ramp".

Earlier this year MagnaChip announced that since 2007 it has shipped over 160 million AMOLED driver ICs. Most of these ICs went to smartphones, but MagnaChip says they also shipped drivers to digital cameras and tablets. MagnaChip also shipped over 6 million OLED TV driver ICs.