It’s being expected that by 2030, the Thin Film market cap will hit USD 27.11 billion at a CAGR growth of about 8.29 %.
Thin and ultra-thin films are delicate particles of various materials that are spread over a substrate to shield it from contaminants of the atmosphere or to change its properties. The number of properties offered by thin films is used in a wide range of products including solar cells, batteries, and electronics. Another trend projected to accelerate global demand growth is the continuing technical developments to minimize the size of electronic components coupled with the product developments in the industry. Rise in the demand for miniaturized electronic components in the defense and aerospace industries has anticipated the global demand in the industry. Also, the product properties such as minimal weight, power, speed, and efficiency has proliferated the growth in the global industry.
The global thin film market revenue is projected to reach close to USD 202.6 Billion by 2028. The growth of the thin film industry is increasing the demand for ongoing miniaturization in the semiconductor and electronics sectors and renewable energy sources. Moreover, the developments in nanotechnology are some of the factors for growth in the global market for thin film products. Therefore, the end-use of the nanotechnology industry in different fields such as food processing, medicinal, and semiconductor sectors has increased the demand for the thin film market.
Additionally, a rapidly growing demand from the electronic consumers along with rising demand from the aerospace and defense industries is expected to boost the demand in target market. Another factor to increase the demand is the rising product developments to reduce the size of electronic components coupled with the rising applications for the products.
Thin Film Market Scope
|Revenue forecast in 2030
|USD 27.11 billion
|CAGR of 8.29 % during 2020-2030
|By Type, Application, By Technology, Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Ascent Solar Technologies Inc., Folsom AG, First Solar, Global Solar, Inc., Hanergy mobile energy, Hankey Asia Ltd., Kaneka corporation, MiaSole Hi-Tech Corp., Mitsubishi Heavy Industries, Oxford Photovoltaics, Shunfeng International Clean Energy, SUNG, Trony Solar., Xunlight Kunshan Co. Ltd.
Key Segment Of The Thin Film Market
• Cadmium Telluride
• Amorphous Thin-film Silicon
• Copper Indium Gallium Selenide
• Microcrystalline Tandem Cells
• Thin-film Polycrystalline Silicon
• IT & Telecom
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The rising in sales for the miniaturized electronic components in the defense and aerospace industries, along with the superior properties including speed, performance, minimal weight and strength, is a factor expected to increase the growth for revenue in the global industry. Nevertheless, thin film solar cells having low conversion performance and the availability of alternative solutions can hamper market development over the coming years. Environmental groups and legislative agencies such as Greenpeace, Environmental Protection Agency (EPA) and Energy Resources Department have adopted some laws and legislation to mitigate or reduce carbon emissions that are supposed to power photovoltaic energy sources. The factors driving market growth are increasing awareness about boosting green energy, increasing global energy consumption, increasing flexibility in installation, and thin-film solar cell cost & performance efficiency. In addition to this, rising environmental concerns and increasing research activities in the field of thin film solar cells are expected to provide substantial opportunities for growth in the industry.
Based on the technology, the market is segmented into printing, deposition process. The deposition process is further segmented into physical vapor deposition (PVD) and chemical vapor deposition (CVD). The deposition process technology leads the market growth in 2019 and it is anticipated to hold its position during the forecast years. Thin film deposition is a critical step toward developing reliable chemical sensors. The properties of the products helps to bind the compounds in liquid phase which gets retained in the solid phase of the material, thereby allows effective identification of the final product.
The solid-state configurations of these macro cycles provide additional binding mechanisms providing a rising demand for the products in the industry. Thin film deposition of products, varying from easy, unregulated techniques to inorganic and organic preparation of composite material. Both these possibilities accelerate the accumulation of thin films by supramolecular interactions and the possibility of combining their properties with those of inorganic materials provides opportunity to for advancement in the industry over the forecast period.
In terms of the end use segment, the market is segmented into thin film batteries, thin film electronics, and thin film PV (photovoltaic cells). In 2019, the thin film electronics segment accumulated the major growth rate and is expected to continue the trend over the forecast years. The product features such as low price, growing demand for small size, low power usage screens, reduced weight and in consumer electronic products and rising disposable incomes has accumulated the thin film transistors to have a higher growth rate throughout the coming years.
The continuous technological innovation, along with the demand for thin film transistor displays is increasing the use of thin films processing for use of microelectronic instruments, X-ray tracking, biochemical sensing, and chemical sensing. The platform provides benefits including low power usage, low expense, improved response time and quicker refresh rate. Many industries are developing organic thin films technology which makes flexible display surfaces thereby increasing the demand of products in the industry.
The Asia Pacific region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. The rising demand for thin film in batteries, electronics and photovoltaic cell end uses in China, Australia and Japan is driving the Asia Pacific industry. The Asia Pacific market for thin and ultra-thin films can be attributed to increasing the adoption of new technologies and increasing production activities among electronic goods. The usage of thin film is expected to drive the demand in European countries due to the rise in usage from the electronic industry. North America is expected to a significant share in the sector by the end of 2028, backed by a strong forecast growth in the U.S. for the photovoltaic industry. Strict government regulations on reducing carbon emissions and increasing the adoption of solar energy are also factors that fuel the demand for thin and ultra-thin films, resulting in regional market growth.
The major players of the global thin film market are The Corning Incorporated, Kaneka Corporation, and E.I. du Pont. Moreover, the market comprises several other prominent players in the thin film market that are Umicore Group, American Elements, Ascent Solar Technologies, Moser Baer India Pvt. Ltd and China National Building Material Company Ltd. The thin film market consists of well-established global as well as local players. Furthermore, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.