LED Materials Market Analysis | 2023-2028

“The LED Materials Market is expected to grow at an excellent CAGR of 10.5% in the long run, to reach US$ 25.28 billion by 2028.”

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Market Dynamics

Introduction

LEDs (Light-Emitting Diodes) are semiconductor devices that emit light when passed through an electric current. Unlike traditional bulbs, they do not have filament or gas-filled tubes. Instead, it consists of semiconductor materials made of gallium arsenide, gallium nitride, or other compound semiconductors. When compared to traditional lighting technologies, it possesses various advantages like better energy efficiency, a longer lifespan, and is highly durable & resistant to shock & vibration.

LEDs will be the future of lighting & display technology as it continues to replace the current lighting system. LED material-based on materials can be majorly classified into 4 major materials - substrate, wafer, epitaxy, and phosphor. These materials are used in multiple applications, with some of them being general lighting, automotive lighting, and backlighting.

Market Drivers

Multiple factors are driving the LED materials market, some of them are the ban on the usage of incandescent bulbs in multiple countries which will directly lead to shifting to LEDs, increasing adoption of new technologies is giving rise to the adoption of LEDs in cameras, high-definition television, camcorder, etc., and increasing usage of LEDs in general and automotive lightings. The only restraining factor is the lack of awareness of LED advantages by the consumer.

COVID-19 Impact

Due to the COVID-19 pandemic, the LED materials market suffered majorly due to disruptions in the supply chain across the globe. The demand for LED materials fell drastically as demand for various industries like residential and commercial buildings fell in both developed and developing nations. However, after the pandemic, once the manufacturing and supply chain restarted, the market was set to bounce back from this decline. 

Segments Analysis

By Material Type

“Wafer LED material dominates the market during the forecast period.”

The market is segmented into substrate, wafer, epitaxy, phosphor, and others. Wafer LED material will remain the dominant type in the LED materials market. The reason for this is that the material is highly used in microelectronic devices. Also, these materials with the size of 6 & 8-inch sizes are highly cost-effective. And lastly, the yield of large-diameter wafer materials is far better than any other material. Hence, the dominance of these materials in the LED materials market.

By Application Type

“General lighting dominates the market during the forecast period.”

The market is segmented into general lighting, automotive lighting, backlighting, and others. General lighting will be the largest application as well as the fastest-growing application type in the overall LED materials market during the forecasting period. The dominance of general lighting is because of the huge demand for LEDs in energy-efficient lighting. And because they give more light per power output, they are finding very high applications in streetlights, downlights, track lights, and other such applications for residential and commercial purposes.

Regional Analysis

“Asia-Pacific is expected to remain the largest market, with more than 35% share of the market during the forecasting period.”

The region has seen increased usage of LEDs in general illumination. Also, the surging use of semiconductor devices and the increasing transportation sector will drive the dominance of the region. Also, Asia-Pacific is expected to be the fastest-growing market for LED materials over the forecast period as the region has fast expanding infrastructure over the forecast period. Also, the region is a manufacturing hub of LEDs with multiple companies planning expansion of LEDs for automotive and other such applications. 

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Key Players

The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. 

The following are the key players in the LED materials market (arranged alphabetically).

• Addison Engineering, Incorporated
• Akzo Nobel N.V.
• ams-OSRAM International GmbH
• Coherent Corporation
• Dowa Electronics Materials Co., Ltd.
• Epistar Corporation
• Intematix Corporation
• Macom
• MTI Corporation 
• Nichia Corporation
• UBE Corporation
• Wolfspeed, Incorporated

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s LED materials market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]