Global LED Materials Market is projected to register 10.92% CAGR to reach USD 21,457.3 million by the end of 2024.
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LED materials are used in the manufacturing of LED lights and can be categorized into substrates, wafers, and phosphors, among others. LED materials find applications in general lighting, automobile lighting, displays and billboards, consumer electronics, and specialty lighting, among others. The growth of the global LED materials market is mainly driven by the increasing demand for energy-efficient lights in residential and commercial construction activities.
According to the analysis, the global LED materials market is projected to register 10.92% CAGR to reach USD 21,457.3 million by the end of 2024. On the basis of type, the global market has been segmented into wafers, substrates/semiconductors, epitaxy materials, phosphor, and others. The wafers segment accounted for 40% of the global market share in 2017 and was valued at around USD 4184.7 million; it is expected to exhibit a CAGR of approximately 11.77% during the forecast period. The growth is due to the increasing demand for cost-effective and energy-efficient lights from numerous end-use industries, such as construction, automotive, and electrical and electronics. The substrates segment is expected to be the second-largest and is projected to reach USD 5387 million by 2024. The wafers segment has further been divided into sapphire, silicon, silicon carbide, and others. The sapphire sub-segment accounted for the largest market share, while the silicon is expected to be the fastest growing sub-segment due to its growing use as wafer layers.
Based on application, the general lighting segment accounted for the largest market share and was valued at around USD 4393.9 million in 2017 and is expected to reach about USD 9650.6 million by 2024. The increasing number of residential and commercial construction activities across the globe is expected to drive the segment’s growth. The consumer electronics segment accounted for the second-largest market share and is expected to register a CAGR of approximately 9.48% during the review period.
Some of the trends noticed among the market players include product development using new LED materials to meet the demand for LED lights from various industries. For instance, in 2015, CrayoNano AS, a research leader for ultraviolet short wavelength light emitting diodes (UV-C LEDs), developed a new technology for substrate layering the aluminum gallium nitride nanowires on graphene using Veeco Instruments Inc.’s metal organic chemical vapor deposition (MOCVD) system.
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Geographically, the global LED materials market has been studied across five key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The Asia-Pacific market dominated the global market with a share of 39% in 2017 and is expected to register a high CAGR of 12.23% during the forecast period. This is attributed to the growing automotive and electronics industries in the region. China was the leading country in the region with a market share of 37% in 2017 owing to the large consumer base and increasing consumption of LED materials in energy-efficient lights and consumer electronics. The North American market was the second-largest valued at USD 2,626.9 million in 2017 and is projected to exhibit a substantial CAGR of 9.91% in the coming years. The US accounted for the largest market share of 77% in 2017 due to increased adoption of LED materials in energy-efficient lights used in buildings to obtain LEED certification. The European market held a significant market share of 23% and is expected to reach USD 2,388.4 million by the end of 2024 owing to the expanding automotive industry in the region. Germany held a significant market share of 26.7% in 2017 owing to technological advancements and product innovation. The Middle East & Africa market was valued at USD 639.2 million in 2017 and is expected to register a CAGR of 11.31% during the forecast period. Turkey held the largest market share of 36% in 2017 owing to the growing demand for the product in major end-use industries. The Latin American market was valued at USD 763.7 million in 2017 and is expected to exhibit a steady CAGR of 10.73% during the review period. Brazil dominated the regional market and is expected to register a healthy CAGR of 10.04% during the forecast period owing to the increasing demand for the product in the automotive and consumer electronics industries.
The global LED materials market has been segmented on the basis of type, application, and region.
Based on type, the global market has been categorized into wafers, substrates/semiconductors, epitaxy materials, phosphor, and others.
By application, the global market has been divided into general lighting, automotive exterior lighting, automotive interior lighting, consumer electronics, specialty lighting, displays and billboards, healthcare, and others.
The global LED materials market has been analyzed across five major regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Some of the key players operating in the global LED materials market are AkzoNobel N.V. (The Netherlands), Intematix (US), OSRAM Opto Semiconductors GmbH, OSRAM (Germany), Nichia Corporation (Japan), Epistar Corporation (Taiwan), EpiGan (Belgium), Plessey (UK), Sumitomo Electric Industries, Ltd (Japan), Cree, Inc. (North Carolina), MACOM (US), UBE INDUSTRIES, LTD (Japan), DOWA Electronics Materials Co., Ltd (Tokyo), and II-VI Incorporated (US).
The report covers a brief analysis of geographies such as:
• North America
o Rest of Europe
o South Korea
o Australia & New Zealand
o Rest of Asia-Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o North Africa
o Rest of the Middle East & Africa
• As per analysis, the global LED materials market was valued at USD 10,461.7 million in 2017 and is estimated to reach USD 21,457.3 million by 2024 at a CAGR of 11.88% during the forecast period.
• The wafer type has emerged as the most promising segment, acquiring 40% of the global market in 2017; it is estimated to register a high CAGR of 11.77% during the forecast period.
• The general lighting application segment accounted for a 42% share of the global market and is projected to be the major revenue-generating segment, exhibiting a moderate CAGR of 12% during the forecast period.
• Asia-Pacific has consistently remained the largest market since the past few years and accounted for around 39% of the global market share in 2017.
• The increasing demand for LED lights from numerous industries as a result of cost-effectiveness and less energy consumption is likely to drive the market growth in the coming years.
• Product developments using new LED materials and technological advancements to meet the growing demand for high quality, energy efficiency, and multifunctionality are the growing trends in the global market.
• LED Materials Manufacturers
• Raw Material Suppliers
• Traders and Distributors of LED Materials
• Production Process Industries
• Potential Investors
• Government Bodies
DC – Description
• energy-efficient lights
• gallium nitride
• silicon carbide
Major Points From Table Of Contents:
Global LED Materials Market - Forecast 2024
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global LED Materials Market, By Type
7 Global LED Materials Market, By Application
8 Global LED Materials Market, By Region
9 Competitive Landscape
10 Company Profiles
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