The Global LED Materials Market is expected to exhibit a robust 10.92% CAGR over the forecast period from 2018 to 2024, according to a recent research report from Market Research Future (MRFR). The Global LED Materials Market is primarily driven by the growing demand for LED lighting in residential and automotive applications. The growing government support to the environmentally viable LED lighting is also likely to remain a key driver for the Global LED Materials Market over the forecast period.
The growing residential construction in emerging regions and the consequent rise in the demand for lighting products is likely to be a major driver for the Global LED Materials Market over the forecast period. The rapid urbanization in Asia Pacific and the Middle East has driven the demand for new residential construction and, consequently, for residential fittings such as electric lighting. The energy efficiency of LED light, as well as the fact that they provide white light in contrast to the yellow light provided by traditional incandescent lights, has been a key driver for the adoption of LED lighting in these residential buildings. This is likely to remain a key driver for the Global LED Materials Market over the forecast period.
The growing automotive industry and the growing adoption of LED lighting in automotive applications is also likely to be a major driver for the Global LED Materials Market over the forecast period. Due to the fact that LED lights emit white light, they have become increasingly popular in automotive exterior lighting applications, as they provide a clear light that allows the driver to see farther than with conventional yellow lighting. Their lower carbon footprint has also made LED lights popular in automotive applications and is likely to drive their demand over the forecast period.
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Leading players in the Global LED Materials Market include EpiGaN, AkzoNobel N.V., DOWA Electronics Materials Co. Ltd., Nichia Corporation, II-VI Incorporated, Ube Industries Ltd., OSRAM Opto Semiconductors GmbH, Cree Inc., MACOM, Intematix, Sumitomo Electric Industries Ltd., Plessey, and Epistar Corporation.
In April 2019, researchers at the Catalonia Institute for Energy Research at the University of Barcelona came up with two computational methods to allow solid-state lighting to self-adjust its intensity and other parameters based on the ambient conditions. This could represent a major breakthrough in lighting technology in the coming years.
By Component, the LED Materials Market has been segmented into wafers, substrates/semiconductors, epitaxy material, phosphor, and others. The wafers segment is sub-segmented into silicon, silicon carbide, sapphire, and others. The sapphire segment is expected to expand at a CAGR of 8.25% during the forecast period. The silicon segment is also likely to experience rapid growth due to its growing usage in microelectronics.
By Application, the LED Materials Market is segmented into general lighting, consumer electronics, automotive interior lighting, automotive exterior lighting, healthcare, display and billboards, and others. The residential lighting segment is anticipated to reach a valuation of USD 9,650.6 million by 2024 owing to the growing scope of the construction industry in emerging regions.
Asia Pacific is likely to dominate the Global LED Materials Market over the forecast period due to the rapid growth of the automotive and construction industries in the region. The construction industry in the region has been driven by the growing urbanization in the region, which has driven urban immigration at a rapid pace. The demand for new residential construction to accommodate the new emigrants is likely to lead to a rising demand from the LED Materials Market over the forecast period. The increasing disposable income of consumers in Asia Pacific has also led to a growing demand for more plush, luxurious residences, which is also likely to drive the demand from the LED Materials Market over the forecast period.
The automotive industry in Asia Pacific has also grown rapidly over the last decade and more and is likely to exhibit steady growth over the forecast period, leading to a rapid growth in the demand for LED materials in the region.
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