LED Materials Market Industry Leaders Research Insight & New Revenue Pockets

New product launches and expansions are the key strategies adopted by the industry players to achieve growth in the LED materials market between 2016 and 2021. Development of cost-effective products and more innovative features have led various manufacturers to focus on LED materials, thus leading to an increase in its demand. This has encouraged companies to adopt strategies such as new product launches, expansions, and agreements. Some of the key players, such as Sumitomo Electric Industries, Ltd. (Japan), Hitachi Metals, Ltd. (Japan), Nichia Corporation (Japan), and Epistar corporation (Taiwan) have adopted these strategies to develop their businesses globally. These strategies also accounted for a significant share of the overall growth strategies adopted by the players in the market between 2015 and 2017. 

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Nichia Corporation (Japan) is one of the leading players in the LED materials market. As a part of its business strategy, Nichia focuses on new product developments and expansions. The company focuses on manufacturing high-quality products by employing the latest state of the art technology and improving the efficiency of its operations. In 2016, Nichia Corporation introduced the LED family 757G series which is designed for general lighting. These LEDs can be used in panel lights, bulbs, downlights, ceiling lights, high bays, tube lights, and ceiling lights.

Epistar Corporation (Taiwan) is a key manufacturer in the global LED materials market. The company aims to expand its market share and become one of the most innovative companies in the world. Epistar Corporation and Cree, Inc. agreed on a global patent cross-license agreement for LEDs to grow in the LED lighting and LED bulb market. This agreement also allowed the companies involved to use other's nitride LED chip LED patents. In addition, each company was granted certain rights to non-nitride patents as well. This allowed more innovation in the field of LED related products.

Companies such as Sumitomo Electric Industries, Ltd. (Japan), Hitachi Metals, Ltd. (Japan), Nichia Corporation (Japan), Epistar corporation (Taiwan), Cree, Inc. (U.S), Koninklijke Philips N.V. (Netherlands), and OSRAM Licht AG (Germany) are the most active players in the LED materials market.

There has been an increase in the usage of LED materials across various end-use applications, such as general lighting, automotive lighting, backlighting, and others. LEDs are used for various applications in these applications and the adoption rate is increasing at a rapid pace. This will fuel the demand for new LED materials to benefit from the various properties of LEDs in the aforesaid different applications.

This report estimates the market size for LED materials in terms of value. The LED materials market is projected to grow at a CAGR of 9.9% from 2016 to 2021, in terms of value. The trend of using economical and innovative LED materials in various end-use industries is projected to drive the LED materials market.

The developed regions, such as Europe and North America, are relatively mature markets as compared to Asia-Pacific, Middle East & Africa, and South America. The LED materials market in Asia-Pacific is projected to grow at the highest CAGR from 2016 to 2021. The high GDP growth rate in this region is fueling the growth of LED materials market in the region. In Asia-Pacific, the LED materials market in China is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. Though China has been an export-oriented country, the increasing domestic demand is expected to increase the domestic consumption of LEDs. Government incentives, along with the ban on incandescent light sources in public offices, are expected to drive the growth of the LED materials market.

The general lighting segment is projected to grow at the highest CAGR from 2016 to 2021. The demand from general lighting segment will be driven by the increasing use of LEDs in residential applications. Various factors, such as better overall efficiency, practical design, and consistent performance are driving the demand for LED materials in residential applications. In addition, the growing awareness about savings on energy consumption bills using LEDs for lighting has generated a lot of demand from other segments as well.