Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Sputtering Target Market size was valued at USD 6.23 billion in 2024 and is likely to cross USD 7.96 billion by 2037, expanding at more than 1.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of sputtering target is estimated at USD 6.42 billion.
This growth of the market is projected to be influenced by the growing demand for renewable energy. Hence, in 2022, the capacity of renewable energy was increased to about 7% globally. Hence, the use of sputtering target is on the rise, since it is extensively utilized in preparing thin-film solar cells. Moreover, sputtering is a technique used to coat materials to increase their durability. The magnetron sputtering technology is applied to the hardening of drill bits as well as anti-corrosion and anti-seize coatings, tools, and other procedures.
Additionally, the surge in construction activities is also set to have an influence on the sputtering target market. This is owing to the ability of sputtering target to manufacture low-radiation coating glass which is also known as Low-E glass. Further, this glass aims at saving energy, controlling light, and giving an aesthetic look to the house. Hence, construction industries highly prefer this glass which further boosts the demand for supporting targets. Moreover, in X-ray optics, multilayers are crucial since they are utilized in many different fields, such as synchrotron radiation, free electron lasers (FELs), medical optics, and space-borne X-ray telescopes. Hence, the demand for sputtering target is growing. Furthermore, in many data storage devices, magnetron sputtering is employed. The production of CDs, DVDs, laser discs, hard discs, floppy discs, and micro-electric flash memory is all possible with it. Additionally, it can be applied to the production of nanostructured materials.
Sputtering Target Market: Growth Drivers and Challenges
Growth Drivers
- Growth in Demand for Consumer Electronics
Various consumer electronics such as smartphones, laptops, and more are experiencing a drive in their demand. For instance, in 2023, the total number of smartphone users in the globe is set to be about 5 billion, representing approximately 85% of the global population. Due to this, the demand for sputtering target is also anticipated to grow. This is since, integrated circuits and thin-film transistors, that are utilized in electronic devices such as smartphones, laptops, and televisions, are produced utilizing sputtering target in large quantities.
- Rising Demand for Rare Earth Materials
Over the few decades from 2023, the rare earth material demand is poised to grow to about 500% or more globally. Rare earth elements typically have unique electrical and optical properties, and hence they are frequently utilized as sputter targets.
- Surge in the Use of Sputtering Target in Automotive Production
Various automotive components such as auto headlights & taillights, drive train components, and auto trim components make use of sputtering target technology to be manufactured. Hence, with the growing production of these components, the utilization of this technology by automotive industries is also projected to be influenced.
Challenges
- High Price of Sputtering Target - The price of the final product is directly correlated with the costs of technical development, the intricate production process, and the targets used in the machinery, tools, or systems. The price final product is estimated to rise owing to this increase. These limitations might therefore prevent the sputtering target market from expanding.
- Damage to Some Plasma
- Surge in the Use of Alternative
Sputtering Target Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
1.9% |
|
Base Year Market Size (2024) |
USD 6.23 billion |
|
Forecast Year Market Size (2037) |
USD 7.96 billion |
|
Regional Scope |
|
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Customize this ReportSputtering Target Industry- Regional Synopsis
North American Market Forecast
North America industry is predicted to dominate majority revenue share of 30% by 2037, backed by the growing production of aircraft. For instance, the general aviation fleet was projected to have about 204,404 aircraft in the United States in 2021, a growth from the previous year. Hence, the market demand in this region growing since sputter targets is been used as a coating application in aerospace.
APAC Market Statistics
The sputtering target market in the Asia Pacific region is slated to have noteworthy expansion over the forecast period. The major factor driving the growth of the market in this region is the growing public interest in consumer electronics. Moreover, in the Asia Pacific region, the market in China is estimated to be dominating since the demand for automotive, significantly electric vehicles are high.
Top Featured Companies Dominating the Sputtering Target Market
- JX Nippon Mining & Metals Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Praxair Technology, Inc.
- Plansee SE
- Mitsui Mining & Smelting Co, Ltd.
- Hitachi, Ltd.
- Honeywell International Inc.
- Sumitomo Chemical Co., Ltd.
- ULVAC, Inc.
- Materion Corporation
- GRIKIN Advanced Material Co., Ltd.
In the News
- Hannover 96 of the German Bundesliga and Mito HollyHock of the Japan Professional Football League (J. League) have inked partnership agreements with TANIOBIS GmbH, a group company of JX Nippon Mining & Metals Corporation.
- Hitachi, Ltd. in India announced a partnership with M/s NASH INDUSTRIES, a pioneer in providing solutions with distinctiveness in Design, Precision Sheet Metal Stamping, Fabrication, and Assemblies, to provide controllers for Brushless DC motors with Integrated Single Chip ICs produced at Hitachi Power Semiconductor Device, Ltd. Japan.
Author Credits: Abhishek Verma
- Report ID: 5018
- Published Date: Dec 20, 2024
- Report Format: PDF, PPT
