Sputtering Target Market size was valued at USD 6.11 Billion in 2023 and is projected to cross USD 7.81 Billion by the end of 2036, expanding at more than 1.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sputtering target is estimated at USD 6.21 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.
Growth Drivers
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.
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.
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
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
1.9% |
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Base Year Market Size (2023) |
USD 6.11 Billion |
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Forecast Year Market Size (2036) |
USD 7.81 Billion |
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Regional Scope |
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Material (Pure Metal, Compound, Alloy, Isotope, Oxide Targets)
Sputtering target market from the pure metal targets segment is set to generate the highest revenue by the end of 2036. This growth is poised to be influenced by a surge in the use of pure metal targets in different configurations including planar, circular, rectangular, and more for the process of sputter and evaporation. The rise in the production of high-index films for infrared filters, ferromagnetic thin films, semiconducting films, photoconductive films, and lubricating films using these targets also contributes to this segment’s revenue gain.
Sputtering Method (Radio Frequency, Direct Current, Reactive, Magnetron, Gas Flow, Ion-assisted Sputtering)
The magnetron sputtering segment in the sputtering target market is expected to have significant growth shortly. This is owing to the use of magnetron sputtering methods in various industrial applications including the production of corrosion-resistant and low-friction coatings.
Our in-depth analysis of the global market includes the following segments:
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Material |
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Application |
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Sputtering Method |
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North American Market Forecast
North America sputtering target market is poised to have the largest growth by the end of 2036, 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.
Author Credits: Abhishek Verma
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