Vancouver, British Columbia, Feb. 24, 2021 (GLOBE NEWSWIRE) — The global red phosphor market is expected to reach a market size of USD 686.77 Billion by 2028 and register a CAGR of 4.3% over the forecast period, according to latest analysis by Emergen Research. Red phosphor is widely used in the production of fertilizers, pesticides, semiconductors, safety matches, pyrotechnics, smoke bombs, incendiary shells in organic synthesis reactions, and certain flame retardants. It is also used in electroluminescent coatings. High investment in research and development of red phosphor-based electronics and rising demand for fertilizers, pesticides, and other red phosphor-based agricultural products are key factors expected to support market growth going ahead.
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Demand for LED lights has been increasing in the past year due to rising consumer preference driven by high efficiency and less power consumption attributes of this technology. This in turn has been leading to rising demand for red phosphor used as lining in LED lights. Continuous product expansions and enhancements across lighting, agriculture, flame retardants, and automotive industries is contributing significantly to market growth. Phosphor-converted white-light-emitting diodes (pc-WLED) have become the next-generation solid-state lighting source in both indoor and outdoor lighting applications. Shift towards more energy efficient lighting technologies such as LED in developed and developing countries is expected to support market growth going ahead.
Key Highlights of Report
- In May 2019, Institute for General, Inorganic, and Theoretical Chemistry at the University of Innsbruck developed a new red phosphor, which increases the efficiency of LEDs by around one-sixth, making them more perceivable by the eye.
- Clariant AG has recently launched a new product line of halogenated additive flame retardants. These can expand usage in a range of thermoset resin and is suitable both for coating and reinforced materials.
- Increase in demand for fertilizers and LED lightings are some growth driving factors. Revenue from the electronics segment is expected to expand at a steady CAGR during the forecast period.
- Europe accounted for largest revenue share contribution to the global red phosphor market in 2020. Revenue increase is expected to remain steady over the forecast period, which can be attributed to shift towards more energy efficient lighting systems, and rising demand for red phosphor from the automotive industry in countries in the region.
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For the purpose of this report, Emergen Research has segmented the global red phosphor market on the basis of product type, application, and region.
- Product type Outlook (Revenue, USD Billion; 2021–2028)
- General Purity
- High Purity
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Electronics
- Chemical
- Agricultural
- Metallurgical
- Others (Pyrotechnics and Explosives)
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- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- North America
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