The emergence of microelectromechanical systems is forecasted to increase the market growth thin film materials by 2028
The global thin film material market is anticipated to reach nearly USD 30.7 billion by the year 2028. Also, the market is forecasted to gather a CAGR of above 12% over the forecast period of 2018 to 2028. Rapid industrialization around the globe is projected to boost the demand along with the growing need for advanced products from the consumers. Moreover, the growing advantages of thin-film material are anticipated to raise sales over the coming years. The rapid growth of the commercial sector across the emerging economies, including India, China, South Korea, and Indonesia is expected to fuel demand for thin film materials in the industry.
The report also outlines the various characteristics of the global thin film material industry by assessing the market from value chain analysis. Moreover, the thin film material market report comprises various qualitative parts of the thin film material industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The thin film material market has huge competition amongst the already well-known and new market players. Also, the thin film material industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
It is anticipated that technical advances in semi-conductor packaging would have a positive effect on business development. Favorable government policies in countries like Japan, Germany, and China promotes the use of thin film material in solar photovoltaics and is projected to increase the market growth in the coming years. The growing demand for solar photovoltaic cells would boost the demand for thin film materials in the coming years.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The Asia Pacific market for thin film materials is expected to contribute significant market revenue shares, which can be attributed to increased adoption of new technologies and growing manufacturing activities in the industrial sector. The Asia Pacific is expected to experience rapid growth over the forecast period due to rising electronics and photovoltaic manufacturing industries, especially in India and China's emerging economies.
Technological growth and changing economic conditions in APAC remain a growing and lucrative sector for thin film products in the industry. The growing adoption of the new technology has increased the North American demand for thin film materials and is expected to experience substantial growth over the forecast period. North America has a major share in the industry and is projected to expand at a substantial pace over the coming years due to growing photovoltaic installations.
The major players of the global thin film material market are Ascent Solar, First Solar, Avancis GmbH & Co., Anwell Solar, Cicor Group, Hanergy. Moreover, the market comprises several other prominent players in the thin film material market as Moser Baer, Trony Solar Holdings Co. Ltd., Suntech Power Co. Ltd., Masdar PV, Kaneka, Solar Frontier. The thin film material market comprises well established local as well as global players. In addition to this, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Thin Film Material Market
- Chemical deposition process
- Physical deposition process
Type Overview, 2018-2028 (USD Billion, Million Tons)
- Amorphous silica (a-Si)l
- Cadmium telluride (CdTe)
- Copper indium gallium selenide (CIGS)
Application Overview, 2018-2028 (USD Billion, Million Tons)
- Photovoltaic solar cell
- Semiconductor and electrical (circuit board)
- Optical coating
Regional Overview, 2018-2028 (USD Billion, Million Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
- Rest of South America