Market Research Future (MRFR) reports the global market for LED materials is expected to touch USD 21,457.3 million at a prodigious CAGR of 10.92 % during the forecast period (2018–2024). The demand for LED materials by construction, electrical, and electronics industries in developing as well as developed countries can spur the market growth.
The global market growth has been majorly influenced by the adoption of advanced technologies such as artificial intelligence, Internet of Things (IoT), and automation globally. Moreover, rapid urbanization can also boost the market growth. The thriving automotive industry in developing regions with growing expendable incomes of consumers is fueling the market growth.
The adoption of LED Materials Market in smartphones and HD televisions is further driving the market growth globally. Moreover, government policies including certification and labeling programs are offering growth opportunities for the LED industry. However, the short lifespan LED materials can deter the market growth globally.
The Global LED Materials Market can be segmented on the basis of type, application, and region.
BY type, the market is segmented into substrates, wafers, epitaxy material, phosphor, and others. Among these, the wafers segment has accounted to hold 40 % of the market share in 2017. It was valued at USD 4,184.7 million in the same year. This segment is anticipated to grow at 11.77 % CAGR through the assessment period owing to the growing demand for energy and cost-effective lights from several end-use industries such as electrical and electronics, automotive, and construction.
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Substrates are projected to hold the second position and expects to grow at 10.98 % CAGR over the review period owing to the growing demand for fabrication of integrated circuits from the electrical and electronics industry. Wafers have been sub segmented into silicon, silicon carbide, sapphire, and others, where sapphire has been projected to hold the largest market share and expected to grow at 8.25% CAGR during the assessment period. Similarly, the substrates segment is sub-segmented into aluminum gallium arsenide, gallium phosphide, gallium nitride, indium gallium nitride, gallium arsenide, and others where gallium arsenide accounted for the largest market share in 2017. Gallium nitride is also anticipated to grow at the highest rate over the assessment period due to its high energy efficiency, high mobility, and cost-effectiveness.
The market has been segmented into healthcare, displays and billboards, automotive exterior lighting, consumer electronics, specialty lighting, general lighting, automotive interior lighting, and others based on application. Among these, the general lighting segment has accounted to hold 42 % of the market share and is anticipated to grow at 12 % CAGR over the assessment period owing to the increasing commercial and residential construction globally. Consumer electronics segment is also accounted to hold the second-largest market share and touted to grow at 9.48 % CAGR over the review period. The general lighting segment has been segmented into I&I, residential, outdoor, and others where the residential segment has accounted for the largest market share owing to the growing residential constructions in developing countries.
The market is highly fragmented and several players are establishing themselves as market influencers. EpiGaN, Epistar Corporation, OSRAM Opto Semiconductors GmbH, Intematix, Plessey, AkzoNobel N.V., Nichia Corporation, and others are some of the prominent players operating the global market for LED materials.
Geographically, the market for LED materials has been segmented into Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa.
With a market share of 39 % in 2017, Asia Pacific has emerged as the largest market and expects to touch a projected size of USD 9,011.2 million by 2024. The market is expected to grow at 12.23 % CAGR over the assessment period owing to the growth of end-use industries like electrical and electronics, construction, and automotive. The market is influenced by the increasing demand for energy efficient lights majorly in the construction industry along with a growing population base in countries such as South Korea, India, Thailand, and China.
North America holds the second-largest position for LED materials due to the increasing demand for high energy efficient vehicles. It is expected to reach USD 5,056.9 million by 2024.
The European market was valued at USD 2,388.4 million in 2017 and likely to touch USD 4,496.5 million by 2024 owing to the growing production of energy efficient vehicles. Moreover, Latin America along with the Middle East and Africa are foreseen to showcase a moderate growth rate due to increasing disposable income and rising industrial base.