Global Market for Sputtering Targets and Sputtered Film to Reach $4.2 Billion by 2023
Expansion Attributed to Increased Interest from the Textile, Life Science and Sensors Industries
WELLESLEY, Mass., February 19, 2019 (Newswire.com) - Due to an expansion of industry segments such as renewable energy, energy storing, optoelectronics, transportation and construction, the global market for sputtering targets and sputtered film is expected to surpass $4 billion in the next five years.
In 2018, the global market for sputtering targets and sputtered film was worth $3.2 billion. A new report by BCC Research, “Sputtering Targets and Sputtered Films: Technology and Markets,” estimates that the market will reach a value of $4.2 billion by 2023, indicating a compound annual growth rate (CAGR) of 5.1%.
- Overview of the industries that use sputtering targets and sputtered film, such as electronics, optoelectronics, energy, optical coatings, mechanical/chemical, life sciences sensors and instrumentation.
- Market analysis of segments of the sputtering target industry. For example, the electronics sector represents the second-largest share of the market, at 27.0% of the total in 2018.
- The effect of end-user trends on the industry. For example, the lower growth rate in units compared to the higher CAGR for target material consumed is due to the trend toward the use of larger targets (i.e., fewer but larger targets). This reflects a change in the product mix related to the growth of applications such as flat panel displays, optical coatings, solar cells and declining demand for small targets used in manufacturing circuit devices and data storage media.
“BCC Research has followed the market for sputtering targets for 17 years, reporting on key developments related to production methods, materials, and applications for sputtering targets,” said BCC Research analyst Margareth Gagliardi in the report. “During this period the market has expanded at a healthy CAGR of 8.0% for the period 2001 through 2018. With this study, BCC Research continues its commitment to monitoring the market for sputtering targets.”
Other Drivers of Sputtering Target and Sputtered Film Market
There have been several factors that have pushed the sputtering target and sputtered film market to where it is today. For example, generally favorable economic conditions, new opportunities in fields such as artificial intelligence, solid-state batteries, and transparent displays, high levels of related R&D activities, and increasing market penetration of sputtering processes in developing countries have all played a role in getting the overall industry off the ground.
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Source: BCC Research
Categories: Material Sciences