LED Phosphor Market size will experience a dynamic growth between 2023 and 2032 propelled by the growing popularity of LED lights for residential and commercial applications.
Over the past few years, government bodies worldwide have introduced policies with the aim of turning LEDs into mainstream lighting technologies to reduce emissions. LED lighting is both cost and energy-efficient, enabling residential users to curb emissions and energy consumption. This is likely to add impetus to the demand for LED lighting technologies to achieve net zero scenario by 2025.
Additionally, the recent breakthroughs in advanced remote phosphor LED technology is providing the benefits of improved features, such as greater efficiency, glare reduction, reduced heat & color shift, and lifecycle enhancement. Thus, innovative remote phosphor LED fixtures are experiencing an uptick in demand across utility cases, such as security lighting, warehouse/factory units, retail sales facilities, high-detail inspection settings, auto dealerships, and automated lighting systems, boosting industry growth.
In terms of material, the LED phosphor market remuneration from copper-activated zinc sulfide is anticipated to rise significantly over 2032 owing to the surging adoption of LED lighting technology. In the recent past, copper-activated zinc sulfide materials have gained prominence in LED manufacturing considering their non-toxic and low-cost synthesis capabilities. With appealing color-changing characteristics, these photochromic materials are experiencing rising application across smart adaptive windows, further driving market demand.
With regards to end-use, the automotive sector is poised to hold notable share of the LED phosphor industry by 2032 due to the increasing demand for luxury automobiles worldwide. The automotive sector has undergone substantial transformation over the past few decades, accelerating the emphasis on advanced automotive lighting enabled by next-generation technologies such as AI and IoT. The foray of automation is also set to spur the demand for LED phosphor technology for the digitization of automotive headlights, supporting novel functionalities such as advanced driving beams (ADM).
Regionally, Asia Pacific LED phosphor market is projected to witness notable expansion from 2023-2032 driven by the booming consumer electronics sector in the region. With rapid urbanization and growing disposable incomes, the consumption of products such as LCD TVs, portable PCs, and lighting has increased dramatically, thus accelerating the need for LED components. Moreover, the growing emphasis on energy-efficient systems in line with stringent emission control policies will propel the expansion of the LED phosphor industry in APAC.
The competitive landscape of the global LED phosphor market includes Stanley Electric Co. Ltd., Avago Technologies, Osram Sylvania Inc. (Osram, OSRAM GmbH), General Electricity Company, Edison Opto Corporation, Kingbright Elec. Co., Universal Display Corporation, Nichia Corporation, Epistar Corporation, Philips Lumileds Lighting Company, Seoul Semiconductor Co. Ltd., Citizen Electronics Co. Ltd. (Citizen Watch), and Cree Inc. These companies are focusing on innovations and new product developments to gain competitive advantages.
However, the Russian invasion of Ukraine is predicted to change the global trade scenario. The war introduced dynamic economic changes, inflation, and loss of critical trade relations. Several surrounding economies have imposed harsh sanctions on Russia, affecting the supply chain and product demand of the LED phosphor market to a considerable extent.