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Sputtering Target Market Projected To Rise At A CAGR Of 5.5% During The Forecast Period Set Between 2021 -2031

Transparency Market Research delivers key insights on the global sputtering target market. In terms of revenue, the global sputtering target market is estimated to expand at a CAGR of 5.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global sputtering target market.

The global sputtering target market is broadly affected by several factors, including increase in the adoption of sputtering target in solar panels.

Sputtering Target Market: Dynamics

Sputtering target is a new type of coating material (compared to evaporation materials) that is critical for thin-film solar cell coatings in the solar industry.

A thin-film solar cell is a second-generation solar cell that is made by depositing one or more thin layers, or thin-film (TF) of photovoltaic material on a substrate, such as glass, plastic, or metal. Sputtering targets are important source materials in the deposition process. CdTe (cadmium telluride) sputtering target, CIGS (copper indium gallium diselenide) sputtering target, and silicon sputtering target are used in the solar cell thin-film coating.

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According to SEIA (Solar Energy Industries Association) in the U.S., in the last decade alone, solar has experienced an average annual growth rate of 42%. Presently, more than 97 gigawatts (GW) of solar capacity is present due to strong federal policies such as the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sector for clean electricity. This, in turn, is boosting the adoption of sputtering target in coating solar cells.

Sputtering Target Market: Prominent Regions

The sputtering target market in Asia Pacific is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and expansion of the semiconductor and automotive sectors in the region. The sputtering target market in Asia Pacific is projected to expand further due to significant rise in the demand for consumer electronics devices.

Furthermore, innovations in the field of electronics and increase in rate of adoption of advanced technology are projected to fuel the Asia Pacific market to cross value of US$ 3.59 Bn by 2031. The sputtering target market in North America is likely to expand at a notable CAGR of 4.9% during the forecast period, owing to the presence of significant number of players manufacturing sputtering targets in the region.

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Sputtering Target Market: Key Players

Key players operating in the global sputtering target market are Honeywell International, Inc., Heraeus Holding GmbH, Hitachi Metals, JX Nippon Mining & Metals Corporation, Kamis Incorporated, Konfoong Materials International Co., Ltd., Buhler Leybold Optics, Matsurf Technologies Inc., Mitsubishi Corporation, Praxair International, Inc., Sumitomo Chemicals Co., Ltd., Testbourne Ltd., Tosoh Corporation, ULVAC, Inc., and Vacuum Engineering and Materials Co.

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