The global LED phosphors market size was US$ 14.2 million in 2021. The global LED phosphors market size is estimated to reach US$ 28.3 million by 2030, growing at a compound annual growth rate (CAGR) of 8.0% during the forecast period from 2022 to 2030.
LED phosphor is a photoluminescent material that can absorb the energy of violet and blue light from gallium nitride and other LED chips to convert it into visible light. Phosphors are widely deployed in this technology as they determine the stability, efficiency, and light quality of the LED.
Factors Affecting Marketing Growth
The growth in preference for LED lighting technologies over conventional lighting systems is expected to drive the growth of the global market.
The high initial price and temperature dependence are expected to hinder the growth of the global market.
The increase in popularity of white LEDs has further driven the growth of the global market.
Impact on COVID-19 Analysis
COVID-19 negatively impacted the end-use sectors including consumer electronics and automotive. The LED phosphor industry was also considerably affected by the pandemic as it witnessed the plunged demand and supply from the consumer electronics and automotive sectors. Also, consumers have reduced their spending on expensive products, such as OLED TVs and smartphones. Thus, COVID-19 had a negative impact on the growth of the global market.
Asia-Pacific is projected to register vital growth during the forecast period. LED Phosphors are 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 growth in demand for electronics is expected to drive the growth of the global market.
The prominent players in the global LED phosphors market are:
Nippon Electric Glass Co. Ltd
Mitsubishi Gas Chemical Company
Luming Technology Group Co. Ltd
Lumileds Holding B.V.
The global LED phosphors market segmentation focuses on Application, Type, and Region.
Segmentation on the basis of Application
Flat Panel TVs
Segmentation on the basis of Type
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America