Sputtering Target Market Trends

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	2022
Forecast Year	2023-2035
CAGR	~2%
Base Year Market Size (2022)	~ USD 6 Billion
Forecast Year Market Size (2035)	~ USD 8 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growth in demand for consumer electronics, rise in demand for rare earth materials, and surge in the use of sputtering target in automotive production.

The market size of sputtering target is anticipated to attain a CAGR of ~2% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are JX Nippon Mining & Metals Corporation, Praxair Technology, Inc., Plansee SE, Mitsui Mining & Smelting Co, Ltd., and more.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by material, application, sputtering method, and by region.

The pure metal targets segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The surge in the use of alternatives, the high price of sputtering target, and damage of some plasma are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Sputtering Target Market Trends