LG Display said that it will invest 3.3 trillion won to build more of production capacity for small-and medium-sized OLED panels for smart phones and tablet PCs.
The spending spree is the latest in LG’s bet to catch up with market leader Samsung Display in the small-and medium-sized OLED panel market.
Especially, it will help LG Display to compete with Samsung in the plastic foldable OLED market for foldable smart phones.
LG revealed in its regulatory filing that it will invest through August 2024 to expand production capacity at its 6th generation fabrication facilities that use 1,500mm x 1,850mm glass substrates.
According to market research firm Omdia, LG grabbed a 15% of the 9-inch and smaller OLED panel market in the first quarter, far lagging behind market leader Samsung’s 70% share.
Ironically, LG is undisputed market leader in the large-sized OLED panel market for TVs with a market share of 84.4%.
Market analyst here said that LG’s long-term capacity expansion plan will likely help better serve its main customer Apple Inc. as the iPhone maker is adopting more of OLEDs in its smart phone and tablet PC models