Seoul, Jan 13 (IANS): South Korea's exports of organic light-emitting diode (OLED) displays are expected to jump nearly 20 per cent (on-year) to an all-time high in 2021 on growing global demand, sources said on Wednesday.

Overseas shipments of OLED panels are projected to soar 19.6 per cent on-year to $13 billion this year, accounting for more than 70 per cent of overall display exports, according to the industry ministry and the Korea Display Industry Association.

Bolstered by the sharp increase, South Korea's overall display exports are forecast to come to $18.4 billion this year, up 2.4 percent from the previous year.

The expected increase reverses the downtrend for the past three years. South Korea's display exports fell to $18 billion last year from $20.5 billion in 2019 and $24.7 billion in 2018, reports Yonhap news agency.

Last year, OLED display exports rose 6.4 perc ent on-year to a new high of $10.9 billion, reaching the $10 billion mark for the third year on end. South Korea also retained the top spot in the global OLED market in 2020.

OLED is highlighted by self-illuminating pixels that do not require a separate light source, allowing manufacturers to produce lightweight, thin and flexible display products.

The rosy outlook comes as the global display market is projected to post resilient growth this year amid the coronavirus pandemic.

According to market researcher Omdia, the world display market is likely to grow 13.8 per cent to $139.8 billion this year.