Pune, India, April 10, 2023 (GLOBE NEWSWIRE) -- The global thin film material market size was valued at USD 12.45 billion in 2021. The market is projected to grow from USD 12.91 billion in 2022 to USD 17.46 billion by 2029, exhibiting a CAGR of 4.4% during the forecast period.
Thin film is coated using Chemical Vapor Deposition (CVD) and Physical Vapor Deposition (PVD) using multiple materials, including Cu, Al, Fe, and a few high-tech materials such as CIGS, CdTe, and a-Si. Demand for film material in nanotechnologies is projected to aid market development. Fortune Business Insights™ shares this information in its report titled “Thin Film Material Market Size, Share and Regional Forcast, 2022-2029.”
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List of Key Players Profiled in the Thin Film Material Report
- Vital Materials Co., Limited (China)
- Umicore (Belgium.)
- Indium Corporation (U.S.)
- JX Nippon Mining & Metals (Japan)
- Kyoto Thin-Film Materials Institute (Japan)
- GEOMATEC CO., LTD (Japan)
- Ferroperm Optics A/S (Denmark)
- Ascent Solar Technologies (U.S.)
- Cicor Group (Switzerland)
- Hanergy (China)
Competitive Landscape
Expansion of Geographical Presence to Propel Market Development
The market has various thin film material players operating and adopting various business strategies for the expansion of their business capacity. In April 2022, JX Nippon Mining & Metals acquired a plot of land worth USD 29 million in Arizona. The acquisition is set to increase the establishment of the company in the U.S.
Key Industry Development
- January 2022- Umicore announced that its electroplating and thin film products will be considered under the metal deposition. The purpose of such announcement is to attract new end-use industries.
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Segments
A-Si to Lead Due to Increasing Use of the Material in PV Solar Cells
On the basis of type, the market is divided into CdTe, CIGS, and a-Si. The a-Si segment is anticipated to lead as it is widely used in various end-use industries. They are used to make photovoltaic solar cells as they have a better tendency to convert light into electricity. The growth of the segment is associated with the increasing use of the material in PV solar cells.
Photovoltaic Solar Cells to Lead Due to Dependency on Alternative Energy Sources
On the basis of the end-use industry, the market is segmented into photovoltaic solar cells, electrical & electronics, optical coating, and others. The photovoltaic solar cells segment accounted for the largest part due to increasing demand for an alternative to traditional electricity production. The off-grid areas have limited access to electricity connectivity and such areas are highly dependent on secondary sources such as solar energy.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the key players of thin film material.
Drivers and Restraints
Rising Demand for Photovoltaic Solar Cells to Propel the Demand for the Product
Rising demand for photovoltaic solar cells is anticipated to drive the thin film material market growth. Thin films can have 300 times smaller than silicon solar panels and enable the lightest weight panel available. Governments in many countries have been focusing on the renewable energy sector due to increasing awareness for greenhouse gases and environmental sustainability. Growing demand for thin films in nanotechnologies is set to push the market development.
However, the low efficiency of thin films is expected to hamper the market growth.
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Regional Insights
North America is expected to dominate the thin film material market share during the forecast period. The market growth of thin film material in North America is associated with technological advancement in the electrical and electronics industries. Additionally, the number of photovoltaic solar cell manufacturers is high in the region, which led to the high consumption of thin film material in the region.
Asia Pacific is to have substantial growth due to the high demand for consumer goods in countries such as India and China. China and India have the largest population in the world, thereby propelling the high demand for consumer goods, electronics appliances, and others.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Data Sources
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends- For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Thin Film Material Market
- Supply Chain Challenges
- Challenges & Opportunities in COVID-19 outbreak
- Steps taken by Government/Companies to overcome this impact
- Global Thin Film Material Industry Analysis, Insights and Forecast, 2018-2029
- Market Size Estimates and Forecast
- By Type (Value)
- CdTe
- CIGS
- a-Si
- By End-Use Industry (Value)
- Photovoltaic Solar Cells
- Electrical & Electronics
- Optical Coating
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Value)
- Market Size Estimates and Forecast
Toc Continued…
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