Rockville , Feb. 27, 2024 (GLOBE NEWSWIRE) -- The evaporation material market is estimated at US$ 1,942.6 million in 2024. The market is on a promising path, expected to proliferate at a CAGR of 7.1% between 2024 and 2034. It is projected to exceed a value of US$ 3,857.3 million by 2034.
The increasing demand for thin-film deposition technologies in various industries, including electronics and optics, acts as a strong driver. This surge is fueled by the ever-increasing necessity for advanced electronic devices and high-performance coatings. Additionally, the growing emphasis on sustainable energy solutions propels the demand for evaporation materials in manufacturing processes, supporting market expansion.
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The evaporation material market is witnessing a notable shift toward the adoption of eco-friendly materials. This trend is underscored by the increasing awareness of environmental sustainability across industries. In line with international efforts for more environmentally friendly operations, manufacturers are concentrating on creating evaporation materials that have a smaller environmental effect. This change takes environmental issues into account.
Additionally, it creates new opportunities for market players to serve a mindful customer base, which promotes growth through environmentally responsible innovation.
Opportunities abound in the market, driven by advancements in material science and technology. The continuous evolution of new materials with enhanced properties and performance characteristics offers a promising opportunity for market players to diversify their product portfolios. Furthermore, the burgeoning demand for specialty coatings in industries like automotive provides a lucrative avenue for the evaporation material market to expand its footprint.
Regional Outlook
From 2024 to 2034, North America is expected to see a promising increase in revenue for evaporation material. A key role is played by the region's growing semiconductor sector. As the market for electronic devices grows, so does the demand for sophisticated thin-film deposition techniques that make full use of evaporation materials. Furthermore, the emphasis on renewable energy sources, such as solar power, further boosts the evaporation material market in North America.
In the next ten years, East Asia's evaporation material industry is expected to grow steadily, showing a modest CAGR of 7.6%. With the region being a global hub for electronic manufacturing, the demand for evaporation materials, essential in semiconductor production, is consistently high. This reciprocal relationship fuels market expansion as suppliers strive to meet the escalating necessities of the booming tech sector.
| Report Attribute | Details |
| Value Projection (2034) | US$ 3,857.3 Million |
| Growth Rate (2024-2034) | 7.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
- The evaporation material market is projected to expand at a CAGR of 7.1% through 2034.
- The North America evaporation material industry is expected to develop at a promising CAGR of 7.3% through 2034.
- The United States dominates the evaporation material market, estimated to value at US$ 398.4 million in 2024. The market is likely to surge at a CAGR of 7.6% through 2034.
- The evaporation material industry in China is expected to rise at a CAGR of 7.7%, reaching a valuation of US$ 848.7 million by 2034.
- Based on application, the optics segment is likely to hold a 31.5% market share in 2024.
“In developing countries, the evaporation material market is experiencing rapid growth, outpacing its progress in developed countries. This trend is fueled by increasing industrialization, rising demand for advanced technologies, and a proactive approach toward adopting innovative solutions. Given recent technology developments and the continuous transition toward efficient and sustainable production methods, the market's future seems bright.” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Materion Corporation
- Umicore Group
- ULVAC, Inc.
- Nichia Corporation
- China Rare Metal Material Co., Ltd.
- GRIKIN Advanced Materials Co., Ltd.
- Canon Optron Inc.
- Plasmaterials Inc.
- Process Materials, Inc.
- The Kurt J. Lesker Company
- Aida Chemical Industries Co., Ltd.
Leading Players and Start-ups are Setting Standards in Evaporation Material Competence
Many businesses compete for dominance in the ever-changing evaporation material market. As businesses create cutting-edge materials to satisfy industry expectations, innovation and quality are crucial. Strong rivalry propels ongoing innovation, creating a climate in which technological prowess and agility decide market dominance.
- Biotage launched the TurboVap 96 Dual in January 2022, a second-generation device including two separate and independently regulated evaporation compartments. It enhances the strong reputation of the Biotage TurboVap range of products.
- A brand-new, subsequent generations Ultravap Mistral sample evaporator from Porvair Sciences was introduced in January 2021. Labs trying to expedite and improve sample preparation can profit from the throughput provided by this automation-ready instrument.
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Country-wise Insights:
The evaporation material market in East Asia is expected to develop at a robust compound annual growth rate (CAGR) of 7.6% through 2034. Due to the huge and growing electronics industries in nations like South Korea, Japan, and China, the area leads the world in demand for evaporation materials. The market is expected to maintain its revenue growth in the next years as a result of the expanding requirement for optical coatings across a wide range of applications. China is expected to emerge as the leader in this region's evaporation material market, with a significant 56.9% regional market share in 2024.
With a 7.3% CAGR projected to occur until 2034, the North American evaporation material market is expected to grow at a significant rate. Rising R&D costs, the rise of the renewable energy industry, the existence of a long-standing infrastructure, and the increasing demand from diverse end-use sectors are significant factors supporting market expansion in the region. With an anticipated 71.7% regional market share, the United States is expected to emerge as a major participant in the evaporation material sector in 2024.
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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