LED Phosphor Materials Market Snapshot (2023 to 2033)
According to Future Market Insights, the global led phosphor materials market is projected to increase at a CAGR of 3.69% in the forecast period from 2023 to 2033 where the market size of phosphor materials in 2023 was US$ 250 million, and in 2033 was US$ 359.5 million. Relatively the market size in 2022 was US$ 235 million.
Since LED is the first choice of customers in lighting technology that owes to higher efficiency and intense light, where the sales have increased over the years with a decline in the prices notably.
Data Points
Key Statistics
Expected Market Value of LED Phosphor Materials in 2022
US$ 235 million
Expected Market Value of LED Phosphor Materials in 2023
US$ 250 million
Expected Market Value of the led phosphor materials market in 2033
US$ 359.5 million
Growth rate
3.69%
Forecast period
2023 to 2033
LED has increased the standards of discharge of energy generation due to the very limited availability of raw materials and the harmful impact of fossil fuels. Therefore, to increase the standards of energy discharge and provision of focus on using LEDs have also increased. Due to this, the sales have also increased thus creating a boom in opportunities for driving the demand for LED phosphor materials. The continuous limitations in the generation of energy due to the finite availability of raw materials & fossil fuels and the usage of high energy-efficient products have been promoted to alleviate the demand-supply gap for the future. Key sectors such as hospitals, healthcare institutions, etc are adopting LED lights which have largely created demand and have thus boosted the demand for LED phosphor materials.
The growth in demand for energy-efficient lighting solutions, and government initiatives are therefore promoting the use of LED lights, and increasing the of LED phosphors in application areas like automotive and healthcare are the major opportunities in this market.
Due to the difference in various efficiency-related factors, the sales of LEDs have also increased exceptionally all over the world in a very short period of time and this increase in trend is expected to therefore follow in the near future. Since LED phosphor is the key ingredient used in the radiation of light, thus, its sales is also expected to create important growth as well as a rise in demand. Applications of LEDs can be found in various types of buildings and infrastructures, wherein, in the case of the residential construction industry, it is one of the fastest-growing industries all across the globe. Lastly, growth in the construction industry thus leads to a growth in the global sales of LEDs anticipated to thus rise at a healthy CAGR during the forecast period.
USA and India are said to have the largest market of LEDs globally. This is so because the USA has a big market for LED phosphor materials that have significant production facilities whereas India owes to a high population which is why the demand for lighting solutions rises to promote the rise in infrastructure and growth in the construction industry for promoting its demand across the country.
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LED Phosphor Materials Market: Key Players
Some of the key players are-
Philips Lumileds Lighting
Challenges-
Rapid innovation is an expansion of product offerings and a shortening of product lifecycles. This not only raises the consumption of the world’s natural resources but also encounters the availability of spare parts.
Success-
For users, it creates an issue: LED lighting comes out with the promise of a long life with lower costs, and service and spare parts, that are presumed to be available throughout the lifetime of the product. If not, the total cost of ownership starts to rise– which acts the opposite of what LED technology promises.
LED Phosphor Materials Market Overview
According to the latest study, the LED Phosphor materials market is projected to witness the growth of over 8% CAGR during the assessment period of 2021 to 2031. LED has become the first choice for consumers in lighting technology owing to greater efficiency and brighter light.
LED sales have been increased notably over the past years, while costs have declined noticeably. Growth in global sales of LED is creating potential demand and this growth trend is expected to carry the market during the forecast period.
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What is Driving demand for LED Phosphor Materials?
Light Emitting Diodes (LED) are widely used for producing luminescent light. It became most preferred product for lighting over some recent years. To increase in standards of energy discharge and provision focus on using LEDs have been increased. Owing to this factor global LED sales have been increased significantly and this increases is likely to create robust opportunities to drive the demand for LED phosphor Materials.
Moreover, owing to the continuous limitations in energy generation due limited availability of raw materials & harmful impact of fossil fuels, use of high energy efficient products has been promoted to mitigate demand-supply gap for future. LEDs being more energy efficient than any other alternative available in the market witnessed remarkable growth in demand.
Various key sectors such as hospitals, health care institutions, and manufacturing facilities, commercial and residential buildings, and automotive vehicles are adopting LEDs for lighting purpose. This has created huge demand for LED and which in turn will boost the demand for LED phosphor Materials to a very limit.
However, there various challenges faced by LED manufacturers as unpleasant warmth and coolness emitted by LED, variation in colour temperature by varying viewing angle, and poor colour rendering. Many research and development activities are going on to overcome these challenges.
Growth in LED Sales is Expected to Create Demand for LED Phosphor Materials
Due to the various efficiency related factors LED sales have been increased remarkably across the globe over some recent years and this trend is also expected to be followed in near future. LED phosphor is key material used in manufacturing of LED. The product is responsible for illumination of light in LED, and hence, the product is a key ingredient. Owing to growth in LED sales is expected to create significant rise in demand.
LEDs can find its applications in various types of buildings and infrastructure like hospitals, street lightings, decorative lightings, and various commercial and residential buildings. Also, residential construction Industry is one of fastest growing industries across the globe.
Since LED market is connected to construction industry, with the growth in construction industry the global LED sales are also expected to rise at healthy CAGR during the forecast period.
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The USA & India LED Phosphor Materials Market Outlook
The USA market requires energy-efficient lighting solutions due to high energy prices in the country. LEDs are better alternatives in terms of energy efficiency, which creates a great consumer base in the country. Moreover, various government regulations can also be found in the country about the use of energy-efficient products.
Owing to such factors, the USA is one of the largest markets for LEDs which in turn makes the USA a big market for the LED Phosphor materials market too as significant production facilities are located in the country.
India is one of the fastest-growing markets in the world. Owing to the high population across the country. India has great demand for lighting solutions. The rise in infrastructure and the growing construction industry is promoting the demand across the country. These factors are making India a lucrative market for LED manufacturing and for also phosphor product.
East Asia Demand Outlook of LED Phosphor Materials
East Asia is one of the most promising region across the globe. A vast demand has been created from the region especially from the countries like China and Japan. Owing to vast population in the region and manufacture friendly governmental regulations towards production attracts manufacturers to invest in the region.
Moreover, various governmental initiatives like banning various conventional light source especially in china is promoting the growth of LED and which in turn boosting the sales of LED phosphor materials across the region.
Who are the Manufacturers and Suppliers of LED Phosphor Materials?
Some of the leading manufacturers and suppliers includes
Avago technologies
Citizen Electronics co. ltd.
Epistar Corporation
Everlight Electronics Co. ltd.
General Electric Company
Edison Opto Corporation
Universal Display Corporation
Osram Sylvania Inc.
Philips Lumileds Lighting.
Manufacturer are engaged in research and development activities in order to overcome various longstanding challenges in the market. This can be very beneficial in overall growth of the companies. Moreover, Various expansion strategies like mergers, collaborations, and acquisitions are adopted to increase geographical footprints of the company.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Technology:
ELC
Modular Light Engine
Thin Film
Remote phosphor
Direct Contact
By Application:
Mobiles
Portable PCs
Automotive headlamps
Televisions
Lighting Devices
By End Use:
Mobile and Telecommunication
Consumer Electronics
Automotive Lighting
Building & Construction
Others
By Region:
North America
The USA & Canada
Latin America
Brazil, Mexico, and Others
Europe
Germany, Italy, France, United Kingdom, Spain, BENELUX, Russia, Nordics, Others
East Asia
China, Japan, South Korea
South Asia Pacific
India, ASEAN Countries, Oceania
Middle East and Africa
GCC Countries, Turkey, Northern Africa, South Africa
