Samsung has signed an agreement with specialty glass and ceramics manufacturer Corning to establish a new venture for the organic light emitting diode (OLED) device market.

Based in Korea, the newly-formed entity will supply OLED backplane glass substrates for Samsung Mobile Display. It will combine Corning’s Lotus Glass substrate technology and Samsung Mobile Display’s OLED display expertise for devices such as handsets, tablets and TVs.

According to a recent NPD DisplaySearch report, display revenues from the OLED market have been growing rapidly and will exceed $4bn in 2011, which is approximately four per cent of all flat panel display revenues. The figure is expected to reach more than $20bn by 2018.

“Samsung Mobile Display has led the global display industry by constantly seeking innovations and challenging current technologies’ limits. We are confident that combining our business powers with Corning’s technology leadership will deliver greater value to our clients,” said Soo In Cho, Samsung Mobile Display’s president and CEO.

Wendell P. Weeks, Corning’s chairman, CEO and president added that Corning and Samsung have had a long partnership in the display industry, dating back nearly 40 years.

“The strength of our business relationship is built on Corning’s ability to develop and make high-technology glass with the key attributes that enable Samsung’s next-generation displays,” he said.