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The indium tin oxide market size is estimated to increase by USD 213.87 million between 2022 and 2027 with the market size forecast to grow at a CAGR of 5.24%. The growth of the market depends on several factors such as the increasing dependency on renewable energy sources, the advanced applications of ITO, and the increasing usage of touchscreen devices.
Increased deposition of silver nanoparticles on ITO is a major trend in the market. Nanoparticles from noble metals possess several unique characteristics such as high surface energy, quantum confinement effect, surface plasmon emission, and accumulation of electrons. Silver nanoparticles, for instance, have an excellent response to visible light due to the plasmon emission from silver nanoparticles.
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The sputtering segment is estimated to witness significant growth during the forecast period. Sputtering provides high-quality, homogeneous, and pure films. This is the most versatile technique for depositing ITO thin films on substrates. The quality of films produced by this technique depends on several sputtering parameters such as substrate temperature, gas composition, chamber pressure, and sputtering rate.
The sputtering segment was the largest segment and was valued at USD 451.67 million in 2017. Magnetron sputtering has recently become a popular ITO fabrication method due to the better quality, uniformity, improved bond strength, and better composition control of the films produced by this method. Demand for this method is high in the APAC region, especially in South Korea, Japan, and China. The use of the sputtering process is mainly driven by the growth of downstream industries such as touch panel manufacturing, driving the growth of the ITO market during the forecast period.
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Based on the application, the electrochromic displays and LCDS segment holds the largest market share. Liquid crystal displays (LCDs) and electrochromic displays provide better picture quality, contrast, and other optical properties. LCDs provide a thin and transparent display layer on various devices, such as TVs and desktop PCs. The LCD panel is made of different layers, comprising a polarizer, color filter, and an LCD glass substrate. APAC dominated this market segment in 2020; the region is likely to sustain its market share during the forecast period. The LCD segment will witness a decline during the forecast period as the prices of OLED panels are decreasing, and this trend will continue in the future as well. The decrease in the demand for PCs will also reduce the demand for LCD monitors, which will prompt LCD manufacturers to decrease their production thus driving the electrochromic displays and LCDs in the market in focus during the forecast period.
APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The APAC market is expected to grow due to strong demand from Japan, Taiwan, and South Korea, which are major manufacturers of electronic products. China is one of the world's leading indium producers.
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Furthermore, the adoption and implementation of microgrids in APAC are expected to contribute significantly to the growth of solar power. Microgrid deployment is mainly driven by rural electrification programs in developing countries such as India, Indonesia, Myanmar, and the Philippines. Governments in these countries and others in the region are actively working to introduce microgrid solutions to improve access to electricity in rural areas of their countries. Hence, such factors are expected to drive market growth in this region during the forecast period.
ITO is fabricated through the chemical reaction of tin-oxide with indium oxide, and it is used as a transparent conducting film due to its high transmittance in the visible IR region. Indium Tin Oxide is made of tin oxide and indium oxide in a ratio of 9:1 by weight. It is used in applications that require a transparent conductive coating on their surfaces. It is transparent and colorless when applied in thin layers. The compound accounts for about 90% of the overall transparent conductive market and is used extensively in many electronic devices that have military, medical, automotive, and other applications and require brilliant display and touchscreen properties.
The increasing usage of touchscreen devices is a key factor driving market growth. The Indium Tin Oxide is very conductive and optically clear thus, it's becoming increasingly popular for applications with touch screens. When you touch or press the screen, manufacturers of personal computers, smartphones, and tablets will use Indium Tin Oxide to monitor changes in power levels. It is being used by over 90% of the display market.
In addition, there is a global investment in production facilities by many of the world's largest mobile phone manufacturers like Apple, Xiaomi, Vivo, Oppo, and Realme. In developing countries, where disposable income is growing and consumers are upgrading their mobile phones, these companies compete to gain market share. Hence, these factors are expected to drive the growth of the global market during the forecast period.
Furthermore, silver nanoparticles have nowadays been deposited on ITO with the aim of enhancing their optical and electrical properties. The plasma-assisted hot filament evaporation (PAHFE) technique generates high-density crystalline silver nanoparticles by controlling the size and distribution of the silver nanoparticles on the ITO surface. Thus, such factors are expected to drive the growth of the global market during the forecast period.
Shortage in indium production is a significant challenge restricting market growth. There is an uncertain supply of indium, and some countries are limiting the use of indium. For example, major import quotas and duties on indium exports have been introduced by China, the world's biggest producer of indium. The availability of the element worldwide has been hit by this protectionism and restrictive trade conditions, resulting in a lack of supply.
However, the supply-demand balance in this industry may be restored through the recycling of products that are used to recover indium and refine new indium using advanced technology. Although there is the expectation of alternating periods of supply and demand imbalances, relatively small differences in supply and demand are likely to have a bearing on overall prices for indium. Hence, these factors are expected to restrict market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ulvac Inc.: The company offers indium tin oxide products such as NE 5700 and SIV series systems.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc, Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, Mitsui Mining and Smelting Co. Ltd., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The Indium Tin Oxide Market thrives on its weight basis as a transparent conducting oxide, widely used in heat reflective coatings, touch panels, gas sensors, LCD displays, and more. Its applications span various industries, including electronics and construction, promoting energy efficiency and improved living standards. Production methods like low-temperature vacuum deposition and sputtering techniques enhance its versatility. Key players like Indium Corporation and Samsung Corning Precision Material invest in research, business expansion, and technological improvements to meet demand and lower production costs. The market continues to innovate, exploring alternatives and improving product lines to sustain its solid form in the global Indium Tin Oxide market.
The Indium Tin Oxide Market is poised for significant growth during the forecast period, driven by diverse end-use industries such as the electronic sector and the construction industry. Indium tin oxide, in its solid form and on a weight basis, finds applications in heat reflective coatings, touch panels, gas sensors, LCD displays, and more. Its physical properties make it a preferred choice in various global markets, despite challenges in production cost and the emergence of ITO alternatives. Technological improvements and research and development activities propel advancements in low-temperature vacuum deposition, sputtering techniques, and electron beam evaporation, enhancing applications like photovoltaic cells and transparent electrodes. Major players like Samsung Corning Precision Material and Indium Corporation drive business expansion and global network expansion through continuous product line improvement and plant efficiency enhancements, capitalizing on rising disposable incomes and improving living standards in developing countries.
Indium Tin Oxide Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.24% |
Market growth 2023-2027 |
USD 213.87 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.02 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
US, Canada, China, Japan, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc, Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, Mitsui Mining and Smelting Co. Ltd., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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