A phosphor is a substance that emits light upon exposure of an electron beam or ultraviolet radiation. Phosphors are useful materials in the manufacture of LEDs. The chemistry and composition of phosphor largely determine the light quality, stability and efficiency of an LED. The LED technology is widely being used in illumination applications in automotive and households. LED bulbs consume lesser energy while producing a light having intensity higher than that of incandescent bulbs. Also, LED lights last longer than CFLs and even surpass them in terms of energy efficiency.

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The LED phosphors market is anticipated to grow in the forecast period owing to strong government initiatives encouraging the use of LEDs coupled with increased adoption of smart homes. Moreover, reduced energy consumption and fuller intensity promotes its applicability in several industrial and commercial uses including street lightning, thereby, further fuelling the market growth. However, competition by quantum dots in solid-state lighting sector is a major restraint for the LED phosphors market. On the other hand, focus on improving the light quality and development of new composition preferably warmer white shades are key opportunities for the LED phosphors market and the key players involved during the forecast period.