Market Insight-Global Fine Metal Mask (FMM) Precursor Market Overview 2025
Global FINE METAL MASK Market Was Valued at USD 1424.12 Million in 2024 and is Expected to Reach USD 5120.73 Million by the End of 2033, Growing at a CAGR of 15.28% Between 2025 and 2033.– Bossonresearch.com
Fine Metal Mask (FMM) is a metal material board that is thinner than paper, and is a consumable core component for the production of organic light-emitting diode (OLED) displays. FMM has many microscopic holes that are invisible to the naked eye. Its main role is to deposit RGB organic substances and form pixels during the AMOLED production process to ensure the resolution and yield of the panel. It is a core and challenging technology in the production of UHD displays, and it is expected to have high growth potential as a new market in the future.
The Fine Metal Mask (FMM) market is primarily driven by the rapid growth of OLED display production across smartphones, TVs, laptops, tablets, and wearable devices, as FMMs are essential for precise organic material deposition. The trend toward larger panel sizes in Gen 8 and above OLED lines has further increased demand for high-precision, large-area masks, while the push for higher resolutions and pixel densities, such as WQHD and 4K/8K displays, requires finer apertures and higher PPI, supporting the development of advanced FMM technologies.
There are three main methods for producing FMM: etching, electroforming, and multi-material (metal + resin) composite.
(1) Etching:
This method mainly involves etching Invar sheets. Currently, major FMM suppliers for OLED panels, such as DNP, Toppan Printing, and Dayun, all use etching technology. FMM produced by this method can achieve a minimum thickness of approximately 20 μm and reach WQHD-level resolution.
(2) Electroforming (Electroforming Metal):
FMM produced using this method can achieve very thin thicknesses. Companies using this technology include Athene Japan and Hitachi Maxell. These companies have already controlled sheet thickness to around 5 μm and are developing FMM products capable of WQHD resolution.
(3) Multi-Material Composite:
This method primarily uses a combination of resin and metal materials to produce FMM to manage thermal expansion. V-Technology currently has the capability to produce FMM with a thickness of 5 μm and film positional accuracy of 2 μm (moving towards 1 μm).
Invar alloy is a key material in FMM manufacturing. It can be processed into a substrate, coated with PI material, and then precisely drilled. This requires Invar alloy thicknesses below 30 microns. FMM is the core component that forms pixels in OLEDs. Higher-performance OLEDs require thinner FMMs, and therefore require higher-precision Invar alloys. Currently, FMMs manufactured using etching methods use Invar foil, typically formed by cold rolling or tempered cold rolling, which places extremely high demands on thickness and uniformity.
Figure 1. Figure Global FINE METAL MASK Market Size (M USD)
Source: Bossonresearch.com, 2025
Key Development Trends
Trend Toward Larger Sizes
As more display panel manufacturers invest in Gen 8 OLED production lines, the size of FMM, a key upstream material, is trending larger. The industry has accelerated the development of the G8.6 FMM, a key mold for medium- and large-size OLED displays.
With panel makers building Gen 8 OLED lines to economically cut large screens for notebooks and tablets, the enlargement of fine metal masks (FMM) has become an irreversible trend. However, scaling up is not a simple geometric adjustment; it presents extremely high technical barriers. It requires ultra-Invar alloy foils to maintain extreme thinness (~20 μm), ultra-high flatness (micron-level variation), and extremely low thermal expansion over an area exceeding 1.5 meters to resist sagging caused by gravity during evaporation processes and to ensure precise alignment of millions of micro-holes.
This trend significantly increases the manufacturing difficulty of FMM and further solidifies DNP’s monopoly across the full supply chain in Japan, strengthening its technological moat. Meanwhile, it compels other companies to accelerate localization efforts and drives the industry to actively explore next-generation FMM-free display technologies (such as OLEDoS, MLA) to overcome these physical bottlenecks for the future development of large-size OLEDs.
FMM-Free Technology
FMM-free orthogonal OLED technology aims to reduce capital expenditure (CapEx) and overall product costs by eliminating the traditional use of FMM in OLED production. This method also enhances protection during manufacturing, reducing defect rates and improving yield. Inkjet-printed OLED technology is highly efficient in material usage, offers flexible patterning, and is suitable for large-area OLED production.
Orthogonal development involves evaporating HIL/HTL and the emissive layer after forming the PDL, then delaying evaporation of the remaining stack (EIL/ETL/cathode) until all three colors are patterned. Orthogonal’s patents specify that before applying the “orthogonal” photoresist layer and patterning the OLED layers using photolithography, a slit-coated fluoride protective layer is applied to shield the OLED layers. After completing the device, ETL/EIL/cathode layers are evaporated, followed by one encapsulation step and three additional fluoride protective layer coatings to prevent damage from photoresist, oxygen, and moisture.
Global FINE METAL MASK Market: Competitive Landscape
Previously, FMM (Fine Metal Mask) production was highly monopolized by Japanese companies, while South Korean material firms began aggressively entering the competition. Initially, DNP, which held a 95% share of the FMM market, announced plans to invest 20 billion yen (approximately 1 billion USD) to expand its Japanese factory capacity, aiming to start producing large-size FMMs for Gen 8 OLED panels in 2024. Shortly after, South Korean material company Poongwon Precision announced the completion of the introduction and installation of equipment for Gen 8 FMM production. Another Korean display equipment manufacturer, Olum Material, also announced plans to develop FMM for Gen 8.5 OLED panels, with thinner masks capable of improving panel resolution.
One of the core barriers in FMM production lies in materials. Historically, the key FMM substrate, Invar (nickel-iron alloy), has been mainly supplied by Japanese company Hitachi Metals. Hitachi Metals and DNP maintain a bundled partnership, with Hitachi Metals exclusively supplying DNP with high-quality Invar for FMM production. According to the latest strategic agreement between DNP and Hitachi Metals reached in December 2022, many industry experts expect that for at least the next seven years, Hitachi Metals will continue to exclusively supply DNP with Invar material below 50 μm.
With the support of high-quality Invar material, FMM produced by DNP not only achieves the thinnest thickness but also reaches a PPI exceeding 520—an accomplishment no other manufacturer can currently match. Samsung Display has also maintained an advantage in small- and medium-sized OLED panels by sourcing high-quality FMM from DNP.
Since 2022, market concentration has slightly declined. In addition to South Korean companies, Chinese companies have also made breakthroughs in FMM and its upstream raw materials. Companies such as Zhonhling Technology, Magic Star Technology, and Nanjing TOPTO Materials are actively entering the FMM market. Magic Star Technology has built China’s first Gen 6 FMM production line and has integrated it into domestic AMOLED panel production lines.
To overcome Invar material supply constraints, reduce material costs, and mitigate supply risks, material companies worldwide are seeking alternative base steels for FMM production. For example, Magic Star Technology is cooperating with relevant European material companies to diversify its supply chain, while also testing products from domestic raw material suppliers on experimental lines. Currently, domestically produced Invar material in China can achieve thicknesses of 15–40 μm, breaking DNP’s monopoly over 50 μm Invar.
Taiyuan Iron & Steel (TISCO) can mass-produce thin Invar strips with a width of up to 400 mm, precise thickness control of 25 μm, and uniformity within ≤0.7 μm, meeting mainstream FMM industry specifications. In the future, FMM product widths are expected to expand to 500–600 mm, with thickness potentially reduced to around 15 μm to meet the requirements of larger and higher-resolution OLED displays.
Key players in the FINE METAL MASK Market include:
Dai Nippon Printing (DNP)
Toppan Printing Co., Ltd
Darwin
Sewoo Incorporation
Poongwon
Athene
Shandong AOLAI Electronic Technology
Lianovation
APS Holdings
Zhejiang Atapex
Hansong
Olum Material
Magic Star Technology
Nanjing TOPTO Materials
Lemeng Precision Technology
Others
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