In terms of volume, the global rare earth phosphors market was valued at US$ 6581.70 Tons in 2020 growing at a CAGR of 3.6% over the forecast period (2021 – 2029), with increasing demand for LED lighting.
Lighting application to hold largest market share in 2020
According to Absolute Markets Insights report, lighting accounted for the major market share in 2020 and is projected to maintain its dominance over the forecast period (2021-2029) in the rare earth phosphors market. The growth in this segment can be attributed to high efficiency coupled with low costs of LED luminaries. The evolution of luminescent materials has observed high rate of advancement in research and development. Phosphors being able to exhibit phenomenon of luminescence, the product finds its major application in display and lighting markets. Most of the LEDs include coating of blue, red, green, or yellow phosphors which is designed to absorb blue light in diode and further emit filtered blue light which is perceived as white to the human eye. Performance of white LEDs in conjunction with its reliability and luminous efficacy has driven the demand for LED lighting, which subsequently has increased the consumption of rare earth phosphors market in the recent past.
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From lighting industry standpoint, the momentum created by phasing out of halogen and incandescent lamps has created lucrative opportunities for LED manufacturers in the recent past. Increasing incorporation of LED lighting in residential and commercial sector drove the demand for rare earth phosphors market in 2020. According to International Energy Agency (IEA), in 2020, LEDs accounted for 51% of global lighting sales in 2020. Additionally, net zero coalition has pushed various markets by regulating and mandating the sale of high efficiency LED lamps. Such indicators are targeted towards sustenance by ensuring all countries to sell only LEDs by 2025. The aforementioned factors emphasize the strong demand for LEDs which is subsequently leading for the growth of rare earth phosphors market.
Global display industry is another major sector which drove the growth of rare earth phosphors market. The display sector revenue emphasizes consolidated total of numerous types of display centric hardware products such as smartphones, televisions, monitors, notebooks, tablets, automotive displays etc. According to Indian Cellular and Electronics Association (ICEA), the display industry size in 2020 was around USD 104 billion and the projected revenue in 2024 was USD 126 billion. Above mentioned trend indicates the growth of digital signage applications along with advent of foldable/flexible displays. Such factors are projected to foster the product demand and drive rare earth phosphors market growth.
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Mobile phone manufacturing in Asia Pacific projected to foster rare earth phosphors market demand
The transition of 5G network experience has driven the production of mobile phones. According to China Academy of Information and Communications Technology (CAICT), mobile operators in China are likely to invest around USD 210 billion in the industry by 2025. As of 2020, China, Taiwan, Japan, and Korea have combined 39 operational display fabrication units involved in mass production. Moreover, 13 more display fabrication units in China are likely to be established by 2024. Furthermore, according to ICEA, in 2020, domestic display demand in India was around USD 4.5 billion and is projected to reach USD 8.3 billion by 2025. Trend signifies high growth in Asia Pacific mobile industry which is likely to propel the product demand in display applications in the extended run.
Competitors
The market participants in the global rare earth phosphors market are:
- Beijing Yuji International Co., Ltd.
- Denka Company Limited
- Edgetech Industries LLC,
- Intematix Corporation
- Nemoto &Co., Ltd.
- Nichia Corporation
- OSRAM GmbH
- Phosphor Technology
- PhosphorTech Corporation
- TOKYO KAGAKU KENKYUSHO CO., LTD.
- Other Market Participants
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Global Rare Earth Phosphors Market:
By Type:
- Blue
- Green
- Red
- Yellow
- Others
By Application:
- Display
- Cathode Ray Tubes (CRT)
- Field Emission Display and Plasma Displays Panels (FED and PDP)
- Others
- Lighting
- X-Ray
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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