According to a recent research, the global red phosphor market size was valued at USD 486.68 Billion in 2020 and is forecast to reach USD 686.77 Billion in terms of revenue, delivering a CAGR of 4.3% over 2021-2028. The market growth is driven by extensive application of red phosphor in the manufacturing of LED lights, semi-conductors, and electronic products.
Red phosphorus is also used as a flame retardant in many thermosetting plastics and thermoplastics. It is also used in the manufacturing of fertilizers. Growing focus on enhancing prop yield and associated demand for fertilizers and other red phosphor-based agricultural products such as LED plant lamp (LED-pl) and Light Conversion Film (LCF) and will favor red phosphor market expansion. Also, increasing adoption of LED lights owing to their high lighting efficiency, long lifespan, and less power consumption, will provide market growth opportunities. Furthermore, rising investments in R&D of red phosphor-based applications may foster red phosphor market size through 2028.
Key Highlights of Report
- Based on application, the red phosphor market is segmented into chemical, electronics, metallurgical, agricultural, and others (explosives and pyrotechnics). The electronics segment is expected to gain major traction over the analysis period owing to extensive usage of red phosphor in the production of semi-conductors. The agricultural segment is also expected to showcase considerable growth due to rising demand for fertilizers globally.
- In the regional landscape, the Asia Pacific region is expected to offer lucrative opportunities for red phosphor market growth through 2028. The robust growth can be attributed to the presence of agriculture-based countries in the region, coupled with increasing demand for fertilizers, light conversion film, led plant lamp, and others agriculture-related products.
- Key players contributing towards the global red phosphor market include BASF SE, Changzhou Junlin Chemical Co., Ltd., Celestin Petroleum Co. Ltd., Clariant AG, Guangzhou Chemicals Co., Ltd., Nippon Chemical Industrial Co., Ltd., RIN KAGAKU KOGYO Co., Jinding Group Co., LTD., Prasol Chemicals Private Limited., Ltd., Smart-elements GmbH, Rasa Industries Ltd., Taj Pharmaceuticals Limited, UPL Ltd., Wylton (China) Chemical Co., Ltd. and Spectrum Chemical Mfg. Corp., among others.
- The industry players are adopting several strategies such as mergers, collaborations, acquisitions, capacity expansion, new product development, and others thereby supporting overall growth of the global red phosphor market. For instance, Nichia Corporation, a Japan-based chemical engineering and manufacturing company announced in November 2020 that it will start licensing GE Current’s TriGain technology and utilize it in LED chip for improving efficacy of LEDs by improving color rendering.
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; 2018–2028)
- General Purity
- High Purity
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Others (Pyrotechnics and Explosives)
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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