Phosphorescent

Universal Display Corporation reported its financial results for Q4 2023, with revenues of $158 million, and a net income of $62 million. For the whole year (2023), UDC reproted revenues of $576 million and net income of $203 million. The company ended 2023 with $800 million in cash and equivalents, and has increased its quarterly dividend.

UDC says that the market still suffers from soft spending in smartphone and premium TVs. UDC, however, says that it believes that the OLED industry is starting a new and exciting multiyear investment cycle.

DSCC estimates that the market for OLED evaporation materials (i.e. OLED stack materials) will reach $1.7 billion in 2023, and will grow to $2.7 billion in 2027 (a 11% CAGR from 2023). If UDC will succeed to commercially introduce a blue phosphorescence material, revenues can even be much higher.

OLED materials used in TV applications (and other large-area applications) will grow from $305 million in 2023, to $492 million in 2027, a 13% CAGR. DSCC also sees very fast growth in material used to produce tandem-structure IT displays, which will grow at a 79% CAGR to reach $443 million in 2027.

Researchers from the University of Michigan developed a new OLED emitter system, based on a blue phosphorescence emitter, based on the polariton-enhanced Purcell effect. This new emitter systems offers high stability and high efficiency. 

The basic idea is to start with a light-blue (cyan) phosphorescence emitter (which offers a longer lifetime than a deep blue emitter), and placing it between two mirrors. The distance between the mirrors is controlled so that only deep blue light waves persist and are emitter from the mirror chamber. The researchers also tuned the optical properties of the OLED stack to the adjacent metal electrode which introduced a new quantum mechanical state called a plasmon-exciton-polariton, or PEP. This new state allows the organic material to emit light very fast, thus even further increasing the lifetime by decreasing the opportunity for excited states to collide and destroy the light-emitting material.

Merck KGaA is a pioneer in high performance OLED material development, supplying a range of materials for AMOLED makers since the industry’s inception.

To learn more about Merck’s materials and views on the OLED industry, we conducted an interview with Dr. Georg Bernatz, Merck Electronics’ Global Head of OLED Technical Marketing. Georg Bernatz has received a PhD in Physics from the Philipps-Universität in Marburg, Germany in 2000. In 2004, Georg joined Merck, where, over the years, he worked in various functions and on various topics in the field of Liquid Crystals for displays. In 2018, Georg changed to OLED, leading OLED Physics Product Research, and in 2020 he became responsible for all Physics & Application Labs in Darmstadt for Display materials. Since October 2023, Georg is heading Merck’s Global Technical Marketing for OLED materials.

Hello Dr. Bernatz. Can you bring us up to date quickly on Merck's current OLED material products? What do you offer to OLED display makers?

Merck KGaA, Darmstadt, Germany is very active in the design, development and production of a broad variety of high performing OLED materials, with a strong focus on hole and electron transport materials (HTM, ETM), host materials for phosphorescent emitters as well as activities in the field of high efficiency blue.

Researchers from Korea's Dongguk University developed a new green phosphorescent OLED emitter based on a manganese complex called MnBz. The green MnBz emitter offers high brightness and efficiency and low-cost fabrication without any heavy metals. The green emitter was also used to create a warm-white OLED device.

The new emitter is based on a a zero-dimensional manganese (Mn)-based complexes, produced via solution processing. The green phosphorescent OLED offers a record-breaking quantum efficiency of 11.42% and current efficiency of 56.84 cd A^-1. 

Universal Display announced that it signed a long-term OLED material supply and license agreements with BOE Technology Group. This is actually an extension of UDC's previous agreement with UDC (which was signed in 2017). UDC did not disclose the financial terms.

BOE recently announced that it shipped over 100 million AMOLED displays in 2023. 

Germany-based Credoxys has successfully completed its second funding round, led by deep-tech VC LIFTT and Melchers Group. The company says it will use the funds to commercialize its p-dopant technology in both the Korean and Chinese markets. The company already validated some product candidates with industry partners, and these are ready for customer qualification.

Credoxys is focused on developing novel materials for both the p- and n-sides of OLEDs and organic solar cells (OPVs). The company says its newly developed p-dopants surpass current standards by exhibiting extremely low absorption of visible light and low pixel cross-talk. The materials enable the doping of hole transport materials with deep HOMO levels, making them particularly suitable for phosphorescent blue OLEDs.

Universal Display is progressing with its blue PHOLED material, and earlier this month the company said it is on track to introduce the new material commercially in 2024. During a company seminar, UBI's Daejeong Yoon updated that according to their latest information, Samsung Display has decided to adopt a blue phosphorescence material in the second half of 2025 - a year later than expected.

Samsung is calling the new material stack B1, and it says that the new stack will increase the efficiency of its OLED device by more than 65% (which seems to be rather too much, maybe it means 65% of the power consumption of the current stack). UBI says that the blue OLED still suffers from low lifetime - the lifetime of the blue PHOLED stack is only 55% of the lifetime of its current fluorescence-blue stack, but regardless of that the company will introduce it commercially due to the power consumption efficiency.

Researchers from the University of Manchester, led by Prof. Alexander Romanov, developed a promising new Carbene-Gold-Arylacetylide (CMAc) OLED near UV emitter type. The researchers also detail a strategy to develop longer device lifetimes for such emitters.

The new emitter exhibits an efficiency of 1% EQE, and a lifetime of 20 minutes at a practical brightness of 10 nits (LT50). This is low compared to commercial OLEDs - but it is actually quite outstanding for such an emitter, and the researchers say that this is among the longest lifetimes for a near UV-OLED at a practical brightness ever reported. In addition, organic fluorescent and TADF emitters rarely exceed 1% EQE at practical brightness.