ITO Sputtering Target Material Market Size, Share, Growth, and Industry Analysis, By Type (Plane Target and Rotating Target), By Application (Flat Panel Display, Solar Energy, and Others), and by Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The global ITO sputtering target material market size was USD 997.1 million in 2022. As per our research, the market is expected to reach USD 1159.7 million in 2028, exhibiting a CAGR of 2.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the ITO sputtering target material market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

ITO sputtering target material refers to a type of material used in the process of sputter deposition, which is a common technique in thin film deposition for various applications, including electronics, optics, and coatings. Further, ITO stands for "Indium Tin Oxide," and it is a transparent conducting oxide. ITO is primarily used as a transparent electrode in devices such as liquid crystal displays (LCDs), organic light-emitting diodes (OLEDs), touchscreens, solar cells, and smart windows. 

These ITO sputtering targets are crucial in achieving high-quality, uniform, and controlled deposition of ITO thin films. These thin films are then used in various electronic and optical devices, as mentioned earlier. The sputtering process allows for precise control over the thickness, composition, and properties of the deposited films, which is essential for achieving the desired performance in the end products.

COVID-19 Impact: Industrial Shutdown Affected the Demand for the Material

The market experienced a downfall in the demand for ITO sputtering target materials during the COVID-19 pandemic. The lockdown restrictions on entire business industries impacted the market which caused disruption in supply chains, lower demand for electronic devices, and shutdown of manufacturing units. As a result, the closure of industries and decreased demand for the material halted the market growth. However, at the end of the year 2022, the market started to gain momentum in industrial operations due to ease of limitations, and it is anticipated that the market will grow during this projection timeframe due to a hike in demand for electronic gadgets.

Latest Trends

"Flexible and Foldable Displays Stretch the Market Scope"

The market is witnessing an excellent demand for ITO materials due to the ongoing trend of flexible and foldable displays. These types of displays are in trend, contributing to the higher demand for ITOs. As flexible and foldable displays become more prevalent in consumer electronics, the demand for sputtering target materials suitable for these applications may have increased. In respect of this, developments in this area could drive the need for novel ITO formulations. Besides, the concept of transparent electronics is gaining traction, where electronic devices are integrated into transparent surfaces. This trend could lead to unique material requirements for transparent conductive coatings beyond traditional applications which is anticipated to fuel the demand for such materials over this forecast period.

Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Plane Target and Rotating Target.

• By Application Analysis

Based on application, the market can be divided into Flat Panel Display, Solar Energy, and Others.

Driving Factors

"Mounting Demand for Consumer Electronics to Lift the Growth of the Market "

The increasing demand for consumer electronics, including smartphones, tablets, laptops, and displays, drives the demand for transparent conductive materials similar to ITO which is one of the primary key driving factors to enhance the ITO sputtering target material market growth. As these sputtering target materials are used in touchscreens and displays due to their combination of transparency and conductivity.

"Emerging Display Technologies to Propel the Demand for ITOs"

Another major driving factor of the market is the evolving display technologies such as OLEDs, microLEDs, and flexible displays that require transparent conductive materials to achieve high-quality visuals and designs. Due to its features and quality, the ITO is often used in these applications which is contributing to market growth.

Restraining Factors

"Indium Supply and Price Volatility Can Hamper the Market Progress"

Along with driving factors, there are some potential constraints that can curb the expansion of the market such as the unstable price of Indium. Indium is a key component of ITO, and its availability and pricing can impact the cost of ITO sputtering target materials. As indium is relatively rare and subject to supply fluctuations, which can lead to price instability and affect the cost-effectiveness of ITO. Also, with technological advancements, researchers are exploring alternative transparent conductive materials that may compete with or replace ITO, which can be a better alternative for this material that may cause a challenge for the market growth.

Regional Insights

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"Asia Pacific Leads the Market Due to the Presence of Major Electronics Manufacturers "

According to a market review, the Asia-Pacific region has historically been a dominant player in the electronics and display industries. Countries such as China, South Korea, Japan, and Taiwan are home to major electronics manufacturers and display panel producers. Resulted, these manufacturers require significant amounts of ITO sputtering target materials for applications, for instance, smartphones, TVs, laptops, and other consumer electronics. Therefore, the region is predicted to hold the highest ITO sputtering target material market shares globally.

Key Industry Players

"Key Players Strive to Stay Ahead of Emerging Trends to Offer Materials for Next-Generation Applications "

With regard to key players, to establish a strong presence and drive market growth in the ITO sputtering target materials sector, leading companies focus on product quality, innovation, and customer engagement. They also build reliable supply chains, engage with customers to understand their needs, and offer tailored solutions. Furthermore, collaborating with distributors, forming strategic partnerships, and active participation in industry associations, support them to expand market reach.

List of Market Players Profiled

• Mitsui Mining & Smelting
• JX Nippon Metals and Mining Corp
• Corning
• Tosoh SMD
• LT Metal
• Advanced Nano Products
• Umicore
• CUPM
• CNYEKE
• Sigmatechnology
• Omat
• Enamcn
• CNMNC

Report Coverage

This report defines the ITO sputtering target material market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.