Growing use of LED materials in general lighting is a prime factor driving the growth of the LED materials market.”
The global LED materials market is projected to reach USD 12.55 billion by 2031, at a CAGR of 9.9% from 2022 to 2031.
The growth is fueled by the rising demand for LED materials for LED for residential LED applications under the general lighting application segment.
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Volatility in raw material prices resulting in lower demand for LED materials and high initial cost of LEDs can curtail the growth of the LED materials market.
“Wafers is the fastest-growing material type segment during the forecast period”
Wafers segment is the fastest-growing LED material segment, in terms of value, in the LED materials market. Typically, gallium arsenide and gallium nitride are used to develop wafers. Gallium nitride LEDs are based on thin layers of gallium nitride grown on other materials such as silicon or sapphire. Many manufacturing companies are moving towards the production of 6-inch and 8-inch wafer production as it is more cost-effective compared to the production of 4-inch wafer production.
“Rising demand in Asia-Pacific is the major driver of the LED materials market“
Asia-Pacific is the fastest-growing market for LED materials, in terms of value. Growing manufacturing industries, high economic growth rate, cheap labor, and increasing foreign investments make it a manufacturing hub of the world. The growth of various industries such as automotive and building & construction in Asia-Pacific will boost the demand for LEDs.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The breakdown of primary interviews is given below.
• By Company Type: Tier 1 – 57%, Tier 2 – 28%, and Others – 15%
• By Designation: C level – 42%, Director level – 21%, and Others – 37%
• By Region: North America – 28%, Europe – 22%, Asia-Pacific – 20%, Middle East & Africa – 13%, and South America – 17%
The key companies profiled in this market research report are Sumitomo electric (Japan), Hitachi Metals (Japan), Cree, Inc. (U.S.), Seoul Semiconductors (South Korea), Nichia Corporation (Japan), Epistar Corporation (Taiwan), Koninklijke Philips N.V. (Netherlands), OSRAM Licht AG (Germany), II-VI incorporated (U.S.), and AkzoNobel (Netherlands).
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The market is segment based on type, application, end-use industry, and region. This report covers the LED materials market, in terms of value, and forecasts its market size till 2031. The report also provides company profiles and competitive strategies adopted by the key players in the global LED materials market.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the LED materials market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. It will help stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. It will help stakeholders to understand the competitors and gain more insights to improve their position in the business. The competitive landscape section includes new product developments, partnerships, and mergers & acquisitions.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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Shibuya Data Count
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