Enjoy complimentary customisation on priority with our Enterprise License!
The indium tin oxide (ITO) market size is forecast to increase by USD 239.8 million, at a CAGR of 5.6% between 2023 and 2028. The market is witnessing significant growth due to the increasing dependency on renewable energy sources. ITO, a transparent semiconductor, plays a crucial role in solar panels and touchscreens. The market trends include the increased deposition of silver nanoparticles on ITO for enhanced conductivity and transparency. However, the shortage in indium production poses a challenge to the market growth. Techniques such as electron beam evaporation and sputter deposition are used for ITO coating with a thin protective layer to ensure its durability and longevity. The market is expected to continue its growth trajectory, driven by the demand for energy-efficient and eco-friendly technologies.
Indium Tin Oxide (ITO), a transparent semiconductor made of indium, tin, and oxygen, is a key material in the electronic industry. ITO is produced using techniques such as electron beam evaporation and sputter deposition. The thin protective coating offers excellent physical properties, including high transparency, colorfastness, electromagnetic induction shielding, and ultraviolet resistance. ITO is widely used in various applications, including construction for heat reflective coatings, touch panels, and gas sensors. Its unique combination of properties makes it an ideal choice for these applications. The material's high transparency and conductivity enable it to be used in electronic devices, such as solar cells and flat-panel displays. ITO is also used in the production of thin-film transistors and other electronic components due to its excellent electrical properties. In addition, ITO is known for its ability to form a transparent conducting oxide layer when heated, making it an essential component in the manufacturing of transparent heaters and other temperature-sensing applications. The production of ITO involves the use of mechanical equipment to ensure the uniformity and quality of the final product. The material's excellent physical and electrical properties make it a valuable addition to various industries, including electronics, construction, and energy.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The sputtering segment is estimated to witness significant growth during the forecast period. Indium Tin Oxide (ITO) is a transparent conductive oxide widely used in various applications, including mechanical equipment, touch panels, sensors, and flat panels. Sputtering is a common technique for depositing ITO thin films on substrates, providing high-quality, homogeneous, and pure films. However, traditional sputtering methods have limitations, such as substrate overheating and low deposition rates due to secondary electron bombardment from the target. Magnetron sputtering, an advanced technique, addresses these challenges by producing films with superior quality, homogeneity, and adhesive strength.
Get a glance at the market share of various segment Download the PDF Sample
The sputtering segment was valued at USD 472.00 million in 2018. This method offers better-controlled composition and improved electromagnetic induction shielding, ultraviolet resistance, and colorfastness. As a result, it has gained significant popularity in the production of ITO films for various industries. The demand for high-performance, durable, and energy-efficient electronic devices is driving the market's expansion. Magnetron sputtering plays a crucial role in meeting this demand by providing high-quality ITO films for various applications.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 53% 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 market in the Asia Pacific region is experiencing significant growth due to increasing demand from major producers in Japan, Taiwan, and South Korea. These countries are prominent manufacturers of electronic devices, particularly touch panels and flat screens. The demand for these consumer electronics, driven by rising disposable income in the region, is boosting the consumption of ITO. However, the market growth is influenced by the limited availability and high cost of indium, the primary component of ITO. Indium is primarily obtained as a byproduct during the refining process of zinc ore. Moreover, its use in ITO is also impacted by the price volatility of indium. China is the largest producer of indium globally. The ITO market is also witnessing growth in other applications such as electromagnetic induction shielding and ultraviolet resistance. Its high transparency and colorfastness properties make it an ideal choice for various industries including sensors and displays.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing dependency on renewable energy sources is notably driving market growth. Indium Tin Oxide (ITO), a transparent semiconductor made from the elements Indium, Tin, and Oxygen, is gaining traction in the energy sector due to its cost-effective production and unique properties. In contrast to traditional silicon-based photovoltaic (PV) materials, ITO is being utilized in the manufacture of dye-sensitized solar cells. This innovation separates light absorption and charge transportation processes, enhancing the overall efficiency of the PV cells.
Moreover, the technologies employed in producing ITO-based PV cells are versatile and can be applied to advanced PV systems, offering substantial cost savings. The solar photovoltaic (PV) market has experienced substantial growth in recent years, driven by regulatory support and the increasing demand for renewable electricity. Solar PVs are projected to account for nearly 650 GW of installed capacity by 2026, making them a significant contributor to the renewable energy sector. Electron beam evaporation and sputter deposition are common methods used to fabricate ITO coatings, ensuring a thin, protective layer for various applications. Thus, such factors are driving the growth of the market during the forecast period.
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.
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 indium tin oxide market during the forecast period.
Shortage in indium production is the major challenge that affects the growth of the market. Indium tin oxide (ITO), a transparent semiconductor material, is primarily composed of indium, tin, and oxygen. The production of ITO involves techniques such as electron beam evaporation and sputter deposition to create a thin protective coating. However, the availability of indium, a key component of ITO, is uncertain due to trade restrictions and quotas in major producing countries like China.
These measures have resulted in indium supply shortages, impacting the ITO market and downstream industries. Recycling of ITO-containing products and advanced indium refining technologies offer potential solutions to restore the supply-demand balance in the industry. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting 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 market growth analysis strategies.
Customer Landscape
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.
Amalgamated Metal Corp. PLC - The company offers indium tin oxide such as IRASORB YITO yellow indium tin oxide and IRASORB BITO blue indium tin oxide.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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.
Indium Tin Oxide (ITO), a transparent semiconductor made of indium, tin, and oxygen, is a key material in the electronics industry. ITO is produced using techniques such as electron beam evaporation and sputter deposition, resulting in a thin protective coating with exceptional physical properties. This material is widely used in various applications due to its high transparency, excellent electrical conductivity, and ability to withstand mechanical equipment stress. ITO finds extensive use in touch panels, sensors, flat panels, electroluminescent displays, photovoltaic cells, heat reflective coatings, and electromagnetic induction shielding. It is essential in touchscreens, shield glass, and radio frequency interference (RFI) shielding for smart devices like televisions, tablets, smartphones, cameras, computer monitors, smart automobiles, and advanced driver assistance systems.
ITO's colorfastness, ultraviolet resistance, and high transparency make it suitable for various applications, including energy-efficient windows and flexible electronics. In the field of electronics, ITO is used as a semiconductor in gas sensors, LCD displays, electrochromic displays, field emission displays, electroluminescent displays, plasma displays, and photovoltaic cells. The demand for ITO is driven by the increasing popularity of smart devices and the need for energy-efficient and advanced technologies. However, alternative materials like Zinc Oxide and Fluorine-doped Tin Oxide are gaining attention due to their lower production costs and similar properties. Nonetheless, ITO remains a preferred choice due to its superior performance in various applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.6% |
Market Growth 2024-2028 |
USD 239.8 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.2 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 53% |
Key countries |
China, Japan, South Korea, US, and Canada |
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 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 market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.