08 October 2012 13:33 [Source: ICIS news]
BUDAPEST (ICIS)--Like many specialty chemicals producers, US-based Chemtura is waiting for the big LED light to come on, an executive said on Monday.
Energy-saving LEDs (light emitting diodes) are a mainstay of television displays and electronics, but heavy penetration in the industrial and residential light markets is still a few years off, said Chet Cross, Chemtura executive vice president, group president, engineered and performance industrial products.
“The next big thing is industry and home lighting,” Cross said on the sidelines of the 46th annual European Petrochemical Association (EPCA) meeting in Budapest.
“It is really kind of hard right now because an LED light bulb costs $20 [€15.40] and people are not going to spend 20 bucks on a light bulb,” he said. “But when it gets down to $4-5 and it lasts you 10 times as long [as a conventional light bulb] I think you’ll see the market take off.”
Cross said he sees the ascendancy of LEDs in industrial lighting markets in the next three to five years.
“It is available now – some municipalities are doing it [for street lighting] because the costs are very beneficial,” he said.
Home lighting may not be too far behind. Home furnishing retailer IKEA recently announced it plans to sell only LED lights by 2016.
Chemtura has a joint venture with UP Chemical of South Korea for the production and sale of high-purity metal organic precursors for the LED market.
The EPCA meeting runs from 6-10 October.
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