LED Phosphors Market Research, 2031
The LED phosphors market was valued at $14.22 million in 2021, and is projected to reach $30.44 million by 2031, growing at a CAGR of 8.0% from 2022 to 2031.
LED phosphor is a photo luminescent material that can absorb the energy of violet and blue light from gallium nitride and other LED chips in order to transform it into visible light. Phosphors are widely deployed in this technology as they greatly determine the LED's stability, efficiency, and light quality.
The increase in preference for LED lighting technologies over conventional lighting systems is expected to serve as a crucial growth factor for the LED phosphors market. In addition, the rise in popularity of white LEDs has further propelled the LED phosphors market. Further, the automotive sector is expected grow with the rise in focus on automotive lighting in the production of different auto parts. Over the years, there has been a substantial rise in demanding performance expectations, including intense heat and light characteristics in the newest designs for headlights within vehicles. LED phosphor technology provides digitization of automotive headlights, delivering entirely new functionalities such as advanced driving beam (ADB). The growth in need for myriad of color requirements for headlights and booming automotive production are projected to bolster the demand for LED phosphors in automotive industry during the forecast period.
However, the high initial price and temperature dependence are anticipated to hamper the growth of the LED phosphors market. On the contrary, increased demand for LED phosphors in the electronics industry is expected to generate lucrative opportunities for the global LED phosphors market.
The LED phosphors market is segmented into type, application, and region. On the basis of type, the market is categorized into phosphate, garnet, silicate, nitride, and others. On the basis of application, the market is categorized into automotive, portable PCs, smartphones, flat panel TVs, signage, lighting, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The LED phosphors market share is analyzed across all significant regions and countries.
The major players operating in the global LED phosphors market include Beijing Yuji International Co., Ltd., Edison Opto Corporation, General Electric Company, Harvatek Corporation, Intematix Corporation, Leuchtstoffwerk Breitungen GmbH, Lumileds Holding B.V., Luming Technology Group Co.,Ltd., Materion Corporation, Mitsubishi Signage Corporation, Nichia Corporation, Nippon Electric Glass Co.,Ltd., OSRAM GmbH, PhosphorTech Corporation, and Tailorlux GmbH.
Region-wise, Asia-Pacific is projected to register a robust growth during the forecast period. In Asia-Pacific market, LED Phosphors is used in applications such as illumination, indicators, and backlights for liquid crystal displays. LED lighting is used in a wide range of residential and industrial devices in the domestic sector. Further, the increase in demand for Samsung electronics in Asia-Pacific is expected to propel the LED Phosphors market in the region in coming years.
On the basis of type, the nitride segment dominated the global LED phosphors market in terms of revenue, in 2021. Nitride LED phosphors are often used in wafer form. They have outstanding blue emissions and can withstand high voltages without degrading. Nitride LED phosphor materials have the potential to be highly beneficial in lighting applications such as residential, workplace, and street lights, where a white color light is required for greater visibility. Such demand for nitride LED phosphor is anticipated to drive the LED phosphors market in the upcoming years.
On the basis of application, the lighting segment dominated the global LED phosphors market in 2021. LEDs consume far less electricity than incandescent bulbs and decorative LED. LEDs are much cooler than incandescent lights, reducing the risk of combustion or burnt fingers. Recessed LED down lights are also high in demand and are commonly used in residential kitchens, hallways & bathrooms, and in a number of office & commercial settings. Thus, the growth in demand for decorative lights is anticipated to boost the LED phosphors market during the forecast period.
COVID-19 Analysis:
- The COVID-19 pandemic negatively impacted the end-use sectors including consumer electronics and automotive. The LED phosphors industry was also considerably affected by the pandemic as it witnessed the plunged demand and supply from the consumer electronics and automotive sectors. Furthermore, consumers have reduced their spending on expensive products, such as OLED TVs and smartphones.
- The COVID-19 pandemic has had a swift and severe impact on the globally integrated automotive sector. Symptoms include a disruption in Chinese parts exports, large-scale manufacturing interruptions across Europe, and the closure of assembly plants in the U.S. As per the global automotive industry statistics, the global automotive industry employs 14 million people in Europe, 8 million in the U.S. and 5 million in China. The restrictions, introduced in 2020, have resulted in factory closures, substantial delivery delays and measurable financial losses for multiple companies. The automotive sector in the UK has shrunk by up to 29% in just one year. According to global automotive industry analysis the automotive industry in Europe will need about 10 years to reach the size of 2019. However, the automotive sector in China has seen smaller losses, becoming the highest market with a production rate of 48.9 cars per minute after quickly recovering from the pandemic.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the led phosphors market analysis and led phosphors market forecast from 2021 to 2031 to identify the prevailing led phosphors market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the led phosphors market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global led phosphors market trends, key players, market segments, application areas, and market growth strategies.
LED Phosphors Market Report Highlights
| Aspects | Details |
 By Application |
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 By Type |
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 By Region |
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 Key Market Players | Nippon Electric Glass Co.,Ltd, Materion Corporation, Intematix Corporation, Nichias Corporation, Tailorlux GmbH, PhosphorTech Corporation, Luming Technology Group Co.,Ltd., Beijing Yuji International Co., Ltd., Harvatek Corporation, OSRAM GmbH, Mitsubishi Gas Chemical Company, Leuchtstoffwerk Breitungen GmbH, Lumileds Holding B.V., General Electric, Edison Opto Corporation |
Analyst Review
According to the perspective of the CXOs of leading companies, the LED phosphors market is anticipated to grow in near future due to its extensive use in applications such as automotive, portable pcs, smartphones, flat panel TVs, signage, lighting, and other applications. Asia-Pacific is projected to register a robust growth during the forecast period.
An increase in demand has been witnessed for the LED lighting technology as it provides higher color rendering index and efficiency for existing lighting system. These features are the major driving forces to adopt LED lighting technology over conventional lightning systems such as florescent light sources. Owing to demand for LED lightning, there is growth in demand for LED Phosphor, as it is used to manufacture the LED lights. Phosphor is used for the production of “white LEDs” to manufacture LCD backlighting units. Thus, the increase in inclination toward LED lighting technologies over conventional lighting systems along with growth in the electrical & electronics industry is predicted to drive the LED phosphor market during the forecast period. However, the high initial price and temperature dependence is predicted to hinder the LED phosphors market growth during the forecast period.
The LED phosphors market was valued at $14.22 million in 2021, and is projected to reach $30.44 million by 2031, growing at a CAGR of 8.0% from 2022 to 2031.
Region-wise, Asia-Pacific is projected to register a robust growth during the forecast period.
The increase in preference for LED lighting technologies over conventional lighting systems is expected to serve as a crucial growth factor for the LED phosphors market. In addition, the rise in popularity of white LEDs further propels the LED phosphors market.
Lighting is the leading application of LED Phosphors Market
The major players operating in the global LED phosphors market include Beijing Yuji International Co., Ltd., Edison Opto Corporation, General Electric Company, Harvatek Corporation, Intematix Corporation, Leuchtstoffwerk Breitungen GmbH, Lumileds Holding B.V., Luming Technology Group Co.,Ltd., Materion Corporation, Mitsubishi Signage Corporation, Nichia Corporation, Nippon Electric Glass Co.,Ltd., OSRAM GmbH, PhosphorTech Corporation, and Tailorlux GmbH.
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