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2018 LED output value and market demand, development trend analysis
As one of the highest barriers in the LED industry chain, LED chips have been occupied by overseas companies. Only a few companies such as Sanan Optoelectronics enter the field in China, but in addition to headlights in the field of visible light LED chips. In 2018, the output value of China's LED chips continues to increase, accounting for one-third of the global LED. The LED is the abbreviation of the English name of the light-emitting diode. The wavelength of the light covers all visible light and other wavelengths such as infrared and ultraviolet. As one of the highest barriers in the LED industry chain, LED chips have been occupied by overseas companies. Only a few companies such as Sanan Optoelectronics enter the field in China, but in addition to headlights in the field of visible light LED chips. The technical thresholds for high-power products are slightly lower, and 85% of the market is being accelerated by domestic chip companies. The market size is 40-500 billion yuan, and the output value of China's first-line chip factories is far from this scale. The packaging and application links in the middle and lower reaches have led the chip segment to take the lead in the transfer to mainland China, driving the rapid growth of China's LED chip market demand. China's LED companies have not stopped expanding production. In 2011-2016, they purchased 60% of global MOCVD, and the output value increased year by year. In 2016, the output value reached 14.5 billion yuan, and the global share accounted for 32%. With the expansion of chips beyond 2017, only the first-tier manufacturers in mainland China are expected to produce half of the world's LED chips in 2018, and the market share of the top ten chip companies will increase from 77% in 2016 to over 90%. Figure: China's LED chip production value continues to increase Figure: China's LED chip production value accounted for 32% of the world (2016) 2018 China's LED packaging and application output value accounted for more than half of the global LED packaging and application links, due to entry threshold is not too high Unlike the core technology of the upstream chip link, which is mainly in the hands of European and American Japanese companies and huge investment, China's LED packaging and application development is the fastest, with the highest proportion in the world. In 2016, China's packaging output value accounted for nearly 60% of the world's total, and the fastest growth rate among countries in the world, the average annual output value of developed countries' packaging output is reduced by nearly 10%, while China's three major enterprises include Mulinsen, Hongli Zhihui and Guoxing Photoelectric Year. The average growth rate is over 30%. In the application fields such as lighting and display, Chinese enterprises have great cost advantages. With the maturity of mainstream market products, developed countries have gradually lost their competitive edge and gradually divested LED application business or outsourced to Chinese enterprises for OEM production. Figure: China's LED packaging output continues to increase Figure: China's LED packaging output accounted for 58% of the world (2016) Figure: China's LED application output continues to increase Figure: China's LED application output accounted for 53% of the world (2016) 2018 downstream application market continues Growth, upstream chips are in short supply in 2016, LED small pitch, general lighting, automotive lighting and other markets continue to grow, demand for LED chips increased. LED chip manufacturers have repeatedly raised product prices to cope with market conditions that are in short supply. Figure: LED application market composition in 2016 Figure: Global LED general lighting market is growing rapidly (100 million US dollars) After many years of reshuffle in the LED industry, small and medium-sized enterprises that have not accumulated technology to improve production efficiency are gradually being eliminated. From the second half of 2015 to the beginning of 2016, the market was fiercely competitive. The big manufacturers with leading technology and low cost actively cut prices, and small factories were forced to shut down production lines. These small factories are old and have no ability to upgrade equipment and technology, and the cost is high, only exiting the LED industry. There are only a few companies that can continue to make profit in the domestic LED chip segment. In the face of the continuous growth of demand in the middle and lower reaches, the leading companies in the leading technology will make the decision to expand production, and the industry concentration will be further enhanced. Figure: China's LED chip industry concentration rises Figure: China's LED chip market share distribution - 2016