The global LED material market is mainly driven by the rising application and demand of LED in energy-efficient and high resolution displays in smart phones and high definition television. The rising application of LED in automotive lighting and display, home and industrial lighting requirement is further boosting the market of LED which in turn is driving the demand for LED materials. Moreover, favorable government policies including various labeling and certification programs are providing new growth opportunities for the LED industry. One of the major reasons for rapid adoption in LED lights is its relatively less power consumption as compared with normal lights. In certain cases, the power consumption is as low as one-third.
Countries such as the US, New Zealand, UK, Canada, Taiwan, Australia, Japan and Brazil, and Venezuela have taken several initiatives to replace tradition less durable, high power consuming bulbs with energy-efficient LED bulbs in order to save power and to meet environmental sustainability by reducing the green house gases emission.
Asia Pacific is the largest market for LED material followed by North America and Europe, The demand for LED material in Asia Pacific is mainly driven by the large scale LED lighting manufacturing industries located in China, South Korea and Taiwan. Moreover with growing emphasis on information technology industry, strengthening power generation and distribution infrastructure of emerging economies and decreasing prices of LED mainly due to the advancement in manufacturing technology is expected to provide a higher growth rate during the forecasted period. The growing application of LED in various display technology is expected to provide moderate growth to LED material market in North America and Europe.