LED Phosphors Market Outlook:
LED Phosphors Market size was valued at USD 1.9 billion in 2024 and is projected to reach a valuation of USD 6.1 billion by the end of 2037, rising at a CAGR of 8.7% during the forecast period, i.e., 2025-2037. In 2025, the industry size of LED phosphors is evaluated at USD 2.2 billion.
The growth of the LED phosphors market can be attributed to the rising demand for energy-efficient solutions for lighting. The report published by the U.S. Department of Energy (DOE), the utilization of solid-state lighting leads to remarkable energy savings in various applications. There has been increased support from the government to reduce energy consumption and adopt energy-efficient solutions. China is the key player in the LED phosphorus market, consuming 81% of the global supply of phosphorus raw materials. The sovereignty of the production causes concerns for the vulnerabilities in the supply chain, and a requirement for diversification.
In this direction, the government in the U.S. has emphasized strategies to ensure a reliable and secure supply of the crucial minerals. The Producer Price Index has shown fluctuations, demonstrating the dynamic nature of the raw material costs. Manufacturers are constantly spending on thermally stable phosphor materials such as quantum dot phosphors to fulfill the industry requirements. As the LED technology is becoming a worldwide standard for display and lighting purposes, phosphorus is projected to remain a crucial enabler of the versatility in applications.
