LED Materials Market Competitive Analysis, Emerging Trends and Demand Forecast up to 2024

Market Analysis:

The ****** LED Materials Market is predicted to touch USD 21,457.3 million at a 10.92% CAGR over the forecast period (2018-2024), states the new Market Research Future (MRFR) report. LED or light-emitting diode, simply put, is a semiconductor device which emits light the moment an electric current pass through it. It has some added advantage over stereotype bulbs such as non-splintery, high efficiency, and power saving. The efficiency, power consumption, frequency, and working of LED rests upon the material that is used for constructing LED.

Various factors are propelling the LED Materials Market Growth. These factors in accordance to the MRFR report, include growing use of LEDs in automotive and general lighting, growing adoption of technological advancements including automation, internet of things, and artificial intelligence, favorable government policies including various certification programs and labeling, and ban on the usage of incandescent bulbs in different countries.

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On the contrary, lack of awareness about LED Materials and short lifespan are factors that may impede the LED Materials Market growth over the forecast period.

Key Players:

Leading Players profiled in the LED Materials Market Report include Cree Inc., DOWA Electronics Materials Co. Ltd. (DOWA Materials Co., Ltd), Intematix, II-VI Incorporated, Plessey, OSRAM Opto Semiconductors GmbH, UBE INDUSTRIES LTD., MACOM, Sumitomo Electric Industries Ltd., Nichia Corporation, Epistar Corporation, AkzoNobel N.V., and EpiGaN. Major players are incorporating numerous inorganic and organic growth strategies in order to strengthen their position in the market including partnerships, joint ventures, agreements, expansions, new product launches, and mergers and acquisitions.

May 2019: DTM Print has introduced the DTM CX86e, the world’s smallest LED color label dry toner printer. It has been specially designed to assist companies in producing professional and versatile tags and color labels. This LED printer can help to produce full-color prints of high-quality which include labels for boxes and cardboards, loop ribbons, sleeves, pasted labels, promotion stickers and price, visitor badges, ID tags with photos, value-added receipts, coupons, and vouchers within seconds.

Market Segmentation:

The MRFR Report provides a complete Segmental Analysis of the LED Materials Market based on Application and Component.

Based on Component, the LED Materials Market is segmented into epitaxy material, phosphor, wafers, substrates/semiconductors, and others. The wafers segment is again segmented into silicon carbide, silicon, sapphire, and others. Of these, the silicon segment will have the largest share in the market over the forecast period. This is owing to the widespread use of wafers in microelectronic devices.

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Based on Application, the LED Materials Market is segmented into display and billboards, automotive interior lighting, general lighting, consumer electronics, healthcare, automotive exterior lighting, and others. Of these, the general lighting segment will dominate the market over the forecast period. It is predicted to touch USD 9650.6 million owing to the growing construction of infrastructural projects in residential areas.

Regional Analysis:

By Region, the LED Materials Market Report covers the latest trends and growth opportunities across Latin America, North America, Europe, the Asia Pacific, and the Middle East and Africa. Of these, the Asia Pacific will lead the market over the forecast period. It is predicted to touch USD 9,011.2 million at a 12.23% CAGR. This is owing to the growth of several end use industries including automotive, electrical and electronics, and construction, and increasing demand for energy-efficient lights in the construction sector. Moreover, the growing population base in China, South Korea, India, and Thailand are also boosting the market growth in this region.

The LED Materials Market in Europe is predicted to have the second-largest share in the market over the forecast period. It is predicted to touch USD 4,496.5 million. The market in this region is mainly driven due to increasing production of energy-efficient cars.

The LED Materials Market in North America is predicted to have a notable growth during the forecast period. This is on account of the burgeoning demand for high energy-efficient cars. It is predicted to reach USD 5056.9 million by 2024.

The LED Materials Market in the Middle East and Africa, and Latin America are predicted to have a steady growth during the forecast period.

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