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LED Phosphor Market size will be driven by increasing LED usage across various end-use industries such as automotive, mobiles, LCD, portable PC, lighting, etc. Symbiotic growth in these industries is likely to propel the LED phosphor demand in coming years. Rapidly growing global mobile production shall fuel the product demand during the forecast period. According to GSM Association, global mobile connected population in 2017 was more than 5 billion.The unique mobile subscribers’ number is projected to reach 5.9 billion by 2025. Emerging economies such as India, Indonesia, Pakistan and some sub Saharan counties will drive the mobile market as developed countries have reached to the saturation level. Moreover, increasing adoption of LED in lighting shall boost the LED phosphor market demand during the forecast timespan.
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Growing LED light adoption can be associated with its properties such as energy efficient and environment friendly which reduces CO2 emission. However, cost associated with it was the major obstacle in LED demand growth in recent past. Currently many countries such as China, India, Japan are giving subsidies on LED light to favor its adoption.
LED phosphor are generally made from materials such as copper-activated zinc sulfide and silver-activated zinc sulfide. Coper-activated zinc sulfide demand is likely to grow with a significant CAGR in coming years. Increasing product usage in LED technology and lighting will accelerate LED phosphor market size over the forecast period. Silver-activated zinc sulfide demand shall grow with a substantial CAGR in the coming years. Availability of the raw material and decreasing production cost is likely to fuel product demand from 2019 to 2025.
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Major application segments in LED phosphor market includes automotive, lighting, LCD, portable PC, mobiles, etc. Rising automotive production will help the market to grow further during the forecast timeframe. According to OICA’s recent reports, global automotive production in 2008 was 70,729,696 units, which increased to 95,634,593 units in 2018.
North America accounted for a prominent share in LED phosphor market in 2018 and shall grow with a healthy CAGR in the coming years. Large scale end-user industries and high advanced technology usage in the region were the major attributed behind it. However, saturation of end-use industries may hamper the LED phosphor demand during the forecast timespan. Asia Pacific LED phosphor market size is expected to experience the healthy growth numbers in coming years.
This can be attributed to the increasing purchasing power and rapidly growing end-use industries in the region. Large youth population is fueling the mobile and LCD demand in the region from past few years. In addition, increasing environmental regulations and subsidies provided by the regional countries on LED production will boost the product demand over the forecast period.
Many multinational and regional companies are operating in the LED phosphor market share. Some major players operating in the industry includes Citizen Electronics Co. Ltd., Avago Technologies, Nichia Corporation, Kingbright Elec. Co., Edison Opto Corporation, General Electricity Company, Osram Sylvania Inc., Stanley Electric Co. Ltd., Seoul Semiconductor Co. Ltd., Universal Display Corporation, Epistar Corporation, Cree Inc. and Philips Lumileds Lighting Company. Major manufacturers operating in the LED phosphor market are increasing their production capacity to cater the growing product demand.
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Moreover, increasing government support in form of subsidy and other facilities expected to result in high production in coming years. This increased production capacity and adoption of new production technologies is likely to reduce the LED phosphor prices in near future. These reduced LED phosphor prices may accelerate the product demand in over the forecast period.
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Website: https://www.gminsights.com/industry-analysis/led-phosphor-market
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