PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070402
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070402
The Sputtering Targets and Sputtered Films market is estimated to be worth US$ 690.4 million in 2020. Sputtering Targets and Sputtered Films market is expected to expand at a 5.2% CAGR during the forecast period.
Sputtering is a method of depositing thin films of various materials in integrated circuit fabrication that is widely utilized in the semiconductor industry. Sputtering is also used to produce antireflection coatings on glass for optical applications. Sputtering targets are high-value items used in the advanced materials industry to make thin films during sputtering, one of the most common coating techniques. Sputtering targets made of a variety of materials and with varied geometrical configurations have become available over time to meet the needs of a growing number of applications.
The global Sputtering Targets and Sputtered Films Market is primarily driven by the growing adoption of the sputtering targets in coating solar cells, growing demand for sputtering targets in the semiconductor and automobile industry is expected to provide significant opportunities to the global sputtering target and films market during the forecast period. One of the key drivers driving demand for these types of equipment over the projection period is the rising use of sputtering in the coating of components in the fast-growing semiconductor industry.
Artificial Intelligence's spread across several end-user industries, such as aerospace and electronics, is predicted to boost demand for semiconductors, propelling the market forward. Furthermore, the growing application of semiconductors for virtual reality in gaming is likely to fuel market growth. The majority of today's electronics contain critical components made with tantalum sputtering targets. Microchips, memory chips, print heads, and flat panel displays are examples.
The Sputtering Targets and Sputtered Films Market is segmented by film type, material type, application, regional distribution, and competitive landscape. Based on application, electronic products occupy the largest share of 33% of the global market. The global targeted market has grown in revenue as demand for stuttered thin film coating has increased due to the increased use of high-performance electronics. The need for sputtering targets has been spurred by the increased adoption of integrated circuits and other advanced technologies, including mobile computing, IoT, and smart gadgets. During the projected period, the sputtering target market is expected to be driven by consumer electronics industry expansion.
The sputtering target market is likely to be driven by an increase in the usage of sputtering targets in the production of electronic devices such as optical media, liquid crystal displays (LCDs), and magnetic media, as well as increased demand for consumer electronics. The growing electronic industry will provide various growth opportunities for the market. For instance, electronic gear manufacturing in India climbed from US$ 72 Bn in FY19 to US$ 89.38 Bn in FY20, according to the Retailers Association of India (RAI). India's demand for electronics hardware is estimated to exceed $400 billion by FY24.
The global Sputtering Targets and Sputtered Films market is dominated by a few players in the market. Because there will be a less immediate impact on their domestic operations and markets, Asian players are expected to benefit and dominate the global Sputtering Targets and Sputtered Films market. Manufacturers are increasingly rebalancing their product portfolios by assessing which applications and client segments are likely to see significant changes in the near future.
To attract more customers, key sputtering target providers are focusing on the development of cost-effective sputtering targets and films. For instance, in January 2021, Mitsubishi Corp. began mass manufacturing a new sputtering target (DIABLA) for blackening films. In addition to this, in November 2020, Mitsubishi Chemical Corporation agreed to transfer its light metal products business to Shanghai-based KFMI Firm TCPR and Konfoong Materials International Co., Ltd. in November 2020. This acquisition was made to enhance the company's portfolio of the sputtering targets.
The scope of this report covers the market by its major segments, which include as follows:
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FIGUREMaterial Type segment market share analysis, 2020 & 2027