LG Chem said Wednesday it has partnered with US materials producer Universal Display to improve the performance of key materials of organic light-emitting diodes.

The two companies signed a partnership agreement to develop the next-generation OLED emitting layer. It is comprised of a “host” that helps to emit light and “dopant” that emits a specific color. 

Through the partnership, both firms aim to find the best combination with LG Chem’s low-voltage, long-lived host and UDC’s high-efficient, high-performing phosphorescent dopant, the company said. They will also seek to develop products with wide-color gamut performance, which allows screens to display more “lifelike colors.”

“In line with the market expansion of OLED panels, we will produce emitting layers with much improved wide-color gamut performance and provide it to clients on time,” said Yoo Ji-young, vice president of LG Chem’s high-tech material business division.

UDC CEO Steve Abramson said product specifications are fast changing in line with the expansion of OLED panels. “We will provide high value to clients by developing high-performing products in partnership with LG Chem.”

According to industry tracker, IHS Markit, the global OLED material market is expected to grow from $1.03 billion in 2019 to $1.29 billion in 2022. 

By Shin Ji-hye (shinjh@heraldcorp.com)