Sputtering Target Market Size

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.