Sputtering Target to Reach US$ 6.77 Bn by 2031, Increase in Demand in Solar Panel Applications to Drive Global Market - TMR Insights

 - Evolving consumer electronics sector to present ample opportunities; R&D to satisfy production requirements of optical devices

 - The sputtering target market is expected to grow at a CAGR of 5.5% during the forecast period, from 2021 to 2031.

ALBANY, N.Y., Nov. 17, 2021 /PRNewswire/ -- Global Sputtering Target Market: Overview

In order to keep businesses running, chipmakers in the global sputtering target market are switching production capacity to healthcare applications. As there would be less direct impact on their domestic operations and markets, Asian firms are expected to benefit. Manufacturers are increasingly adjusting their product portfolios by evaluating which applications and client groups are likely to witness significant changes in the near future.

In comparison with evaporation materials, sputtering target is a relatively new form of coating material that is important for thin-film solar cell coatings in the solar industry. A thin-film solar cell refers to a second-generation solar cell created by placing one or more thin layers of thin-film (TF) or photovoltaic material over a substrate such as metal, plastic or glass.  In the deposition process, sputtering targets are essential source materials.

The solar cell thin-film coating makes use of silicon sputtering targets, CIGS (copper indium gallium diselenide) sputtering targets, and CdTe (cadmium telluride) sputtering targets. The increased use of sputtering targets in solar panels is likely to propel the global sputtering target market. The global sputtering target market is expected to grow at a CAGR of 5.5% during the forecast period, from 2021 to 2031.

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Key Findings of Market Report

• Use of PVD Coatings in Making Customized Precious Metal Sputter Target Forms

In order to meet demanding applications, manufacturers must adhere to stringent production requirements. Thus, to generate consistent thin film coatings, each thin film coating application needs a unique mix of method and substance. The source material is carefully developed with an exact alloy composition, finer grain size, and constant phase content to create coatings with reproducible, reliable characteristics. Materion Corporation is working on a high-quality   physical vapor deposition (PVD) coating that will be utilized to create bespoke precious metal sputter target designs.

• Research and Development Activities to Support Manufacturing of Optical Devices

Businesses in the global sputtering target market are increasing their production capacity for optical film goods. JX Nippon Mining & Metals is ramping up production of materials utilized in sputtering targets for optical films used to create DVDs, Blu-ray Discs, and other optical discs.

Participants in the global sputtering target market are recognizing the value of R&D activities in developing goods that meet consumer needs in terms of thermal conductivity, refractive index, environmental resistance, and various other factors. OLED (Organic Light-Emitting Diode) screens, optical films, and optical sensors are all benefiting from advancements in optical disc materials. Companies are honing their quality-control skills in order to provide sputtering targets that can be relied on.

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Sputtering Target Market:Growth Drivers

• The global sputtering target market is projected to be driven by rise in the usage of sputtering targets in the manufacture of various electronic devices such as magnetic media, optical media, and liquid crystal displays (LCDs). Rise in demand for consumer electronics is further likely to boost market in the years to come.
• Increased demand for stuttered thin film coating, mainly due to the surge in usage of high-performance electronics, has driven revenue in the global sputtering target market. The need for sputtering targets has been fuelled by the usage of integrated circuits and other sophisticated technologies such as smart gadgets, IoT, and mobile computing.

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Sputtering Target Market: Key Competitors

Some of the key market players are

• Konfoong Materials International Co., Ltd.
• JX Nippon Mining & Metals Corporation
• Vacuum Engineering and Materials Co.
• Sumitomo Chemicals Co., Ltd.
• Matsurf Technologies Inc.
• Honeywell International, Inc.

Sputtering Target Market: Segmentation

Application

• Optical Disk
• Solar Cells
• Hard Coatings
• Flat Panel Displays
• Semiconductor
• Optical Communications

Type

• Single-pole Sputtering Target
• Multi-pole Sputtering Target

Material

• Pure Metal Targets
• Alloy Targets
• Compound Targets

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