New York, NY -- (SBWIRE) -- 08/01/2018 -- A light emitting diode or LED is a semiconductor device. LED produce incoherent narrow spectrum of light when it is in forward biased condition. The color of the light emitted depends on the composition of the semiconductor material used in manufacturing of LED. It is extensively used in an array of application such as displays devices on clock, digital watches, lighting bulbs, radios, and calculators. LEDs also find its applications in high definition television display, camera, camcorder, telecommunications, optical fiber communication, and TV remote controls. The application of LED is even exceeded to the Jewelry and Wearable's

On the basis of semiconductor material, the global LED material market can be broadly classified in four broad categories namely gallium arsenide (GaAs), gallium arsenide phosphide (GaAsP), gallium phosphide (GaP) and others. Gallium arsenide is the most widely used chemical in all major classes of led such as miniature led, high power led and application specific led. Gallium arsenide grasped the largest market share in 2013.

Based on the various precursor used during the metal organic chemical deposition vapor (MOCVD) the lead material can be classified as trimethylgallium (TMGa), trimethyl aluminum (TMA), trimethylindium (TMIn), triethylgallium (TEGa) and C2Mg2. trimethylgallium (TMGa) is the most widely used LED material and grasped the largest market share in 2013.

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The global LED material market is mainly driven by the rising application and demand of LED in energy efficient and high resolution displays in smart phones and high definition television. The rising application of LED in automotive lighting and display, home and industrial lighting requirement is further boosting the market of LED which in turn is driving the demand for LED materials. Moreover, favorable government policies including various labeling and certification programs are providing new growth opportunities for the LED industry. One of the major reasons for rapid adoption in LED lights is its relatively less power consumption as compared with normal lights. In certain cases, the power consumption is as low as one-third.

Countries such as the U.S., New Zealand, UK, Canada, Taiwan, Australia, Japan, and Brazil, and Venezuela have taken several initiatives to replace tradition less durable, high power consuming bulbs with energy efficient LED bulbs in order to save power and to meet environmental sustainability by reducing the green house gases emission.

Asia Pacific is the largest market for LED material followed by North America and Europe, The demand for LED material in Asia Pacific is mainly driven by the large scale LED manufacturing industries located in China, South Korea, and Taiwan. Moreover with growing emphasis on information technology industry, strengthening power generation and distribution infrastructure of emerging economies and decreasing prices of LED mainly due to the advancement in manufacturing technology is expected to provide a higher growth rate during the forecasted period. The growing application of LED in various display technology is expected to provide moderate growth to LED material market in North America and Europe.

Some of the major companies operating in global agrochemicals market include, Dow Chemicals Company, Intematrix, DuPont, and Sabic, Cree, Inc., OSRAM, Opto Semiconductors and Seoul Semiconductor.

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