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. Rising demand for photovoltaic solar cells is set to propel market growth. These materials have been preferred in solar PV cell production due to their electrical and optical properties to make them more efficient. 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, 2024-2032.”
Segments
a-Si to Lead the Segment Due to its Adoption in Various End-use Industries
On the basis of type, the market is divided into CdTe, CIGS, and a-Si. The a-Si segment is anticipated to lead as they are used widely in various end-user industries. a-Si material has better absorption capacity and high electrical conductivity, making it suitable for end-use industries.
Photovoltaic Solar Cells to Lead Due to Investments in Solar Energy
On the basis of end-use industry, the market is segmented into photovoltaic solar cells, electrical & electronics, optical coating, and others. Photovoltaic solar cells segment accounted for the largest part with investments in solar energy and encouragement by the governments to use PV solar cells.
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 market's key players.
Source- https://www.fortunebusinessinsights.com/thin-film-material-market-107350
Drivers and Restraints
Usage of Thin Film Material for Nanotechnology to Propel the Demand for the Product
Usage of thin film material for nanotechnology is one of the latest emerging trends, which is anticipated to drive the thin film material market growth. Nanomaterials are coated by magnetron sputtering, which offers enhanced oxidation resistance, low thermal conductivity, and high adherence properties. Thin films improve the electrical, optical, and chemical properties of the electronic device. Introduction of new thin film materials helps with relevant mechanical deposition process that plays a dominant role in the film density, morphology, and strength.
However, electrical & electronics device producers use their own thin film materials as any metal can be deposited by the physical vapor disposition and chemical process, which hinders the growth of a few specific materials such as CdTe, CIGS, a-Si, and others.
Regional Insights
North America is expected to dominate the thin film material market share during the forecast period. The market growth in North America is associated with the technological advancement in electrical and electronics industries. Additionally, the number of photovoltaic solar cells manufacturers is high in the region, which led to the high product consumption in the region.
The market in Europe is set to have a significant growth due to the concept of smart workplaces and smart homes such as smart TVs, smart refrigerators, and smart air conditioners. Growing consumer electronics in the region is anticipated to fuel the market growth.
Competitive Landscape
Variegated Use of the Product by Key Market Players to Propel Market Development
The market has various players operating and adopting various business strategies for the expansion of their business capacity. In January 2022, Umicore announced that their electroplating and thin film products will be considered under the metal deposition. This will attract new end-use industries for variegated uses of the product.
List of Key Players Profiled in the 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)