Global Thin Film Materials Market Size to Grow at a CAGR of 4.70% in the Forecast Period of 2023-2028

The ‘Global Thin Films Material Market Trends, Share, Price, Size, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global thin film materials market, assessing the market on the basis of its segments like types, deposition processes, applications, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

Thin Film Materials Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 4.70%

The increasing demand for thin film materials due to their various benefits such as lightweight, flexibility, and cell variations ranging from a few nanometers (nm) to tens of micrometers (μm) is driving the market growth. Such benefits make them preferable over other materials such as crystalline silicon solar cells (c-Si).

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Growing investments in research and development activities as well as the rising use of thin film materials in the generation and distribution of renewable energy are augmenting the market expansion. Rapid industrialisation is also nticipated to raise the demand for thin film materials as buyers seek more contemporary items.

The rising urbanisation, lifestyle changes, surging investments in R&D activities by key players, and rising consumer spending are positively influencing the thin film materials market demand.

Thin Film Materials Industry Definition and Major Segments

Thin film materials are materials and chemicals of high purity that are used to create or modify thin film deposits and substrates. These are high-purity materials that provide low-cost processing with little material consumption while meeting application requirements. They have been used in various applications, such as semiconductor devices, wireless communications, telecommunications, and integrated circuits, among others.

The thin film materials market, based on type, can be divided into:

• Copper Indium Gallium Selenide (CIGS)
• Cadmium Telluride (CdTe)
• Amorphous Silicon (a-Si)
• Others

By deposition process, the market can be bifurcated into:

• Physical Process
• Chemical Process

Based on application, the market can be segmented into:

• Photo voltaic (PV) Cells
• Semiconductors
• Microelectromechanical Systems
• Optical Coating
• Others

The major regional markets of thin film materials include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Thin Film Materials Market Trends

Due to rising environmental consciousness, there is a growing focus towards renewable energy sources. The thin film materials market is being fuelled by the growing use of materials such as cadmium telluride, copper indium gallium selenide, and amorphous silicon in the fabrication of solar cells due to their capacity to effectively convert sunlight into energy.

Another factor aiding the market is the favourable government initiatives aimed at increasing manufacturing activities in several nations like China, Japan, and Germany, hence driving the use of thin film materials. It is expected that technical advancements in semiconductor packaging will have a positive impact on the thin film materials market value in the coming years.

During the forecast period, the Asia Pacific region is expected to experience rapid expansion. This can be attributed to increasing manufacturing activities and imports and exports by countries like India, China, South Korea, and Japan.

As India and China control the majority of the world’s largest solar photovoltaic power facilities in terms of capacity, the demand for thin film materials is likely to rise. Moreover, increasing investments in semiconductor packaging, rapid industrialisation, and the rising demand for solar cells are expected to drive the thin film materials market expansion in the forecast period.

Key Market Players

The major players in the global thin film materials market report include

• Ascent Solar Technologies, Inc
• Kaneka Corporation
• Hanergy Holding Group Ltd.
• Sumitomo Metal Mining Co., Ltd.
• Wuxi Suntech Power Co., Ltd.
• Cicor Management AG
• First Solar, Inc.
• Linde plc
• Vital Materials Co.
• Limited
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.