The OLED emissive materials market grew 7.1% in 2025 to $2.2 billion, according to UBI Research. You would not guess it from the suppliers' financial results, though. Universal Display's material sales fell from $365.4 million to $353.0 million over the same year, and then dropped 25% year-on-year in Q2 2026 to $66 million. DS Neolux's revenues have gone nowhere in five years: 191 billion Won in 2021, 164 billion Won in 2023, and back above the 2021 level only in 2024. The company's headline 62% jump in 2025 came from consolidating a nuclear pump and gas compressor maker, not from OLED.
Solus Advanced Materials' OLED segment was flat at about $86 million across 2024 and 2025, then fell 15% in Q2 2026. Hodogaya Chemical reported OLED sales below plan for its year ending March 2026. The market grew; the established suppliers did not.
The reason is a shift in both who buys OLED materials and who makes them. China passed 50% of global OLED material consumption by customer country for the first time in 2025, replacing Korea as the market leader. More importantly, Chinese panel makers are increasingly buying from Chinese suppliers. Counterpoint puts Chinese material makers at roughly 33% of the materials revenue spent by Chinese panel makers in 2024, rising toward 43-46% by 2029, with LTOM (Shaanxi Lighte) expected to break into the global top ten.
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