Key Factors Driving Demand for Precious Metal Sputtering Targets
The global precious metal sputtering targets market has been estimated to reach a value of USD 1044.7 million in 2021 and it is projected to grow at a CAGR of 4.70% during the forecast period. As per the recent study report published by Quince Market Insights.
Precious metal sputtering targets are major raw materials for the manufacturing of precious metal thin films. These are mostly used in information and electronic industries, such as electronic control devices, integrated circuits, liquid crystal display screens, information storage, laser memory, etc. It can also be useful to high temperature corrosion resistance, wear resistant materials, high-grade decorative products, and other industries.
There are six major platinum group metals are rhodium, ruthenium, palladium, iridium, osmium, and platinum. They have comparable chemical and physical characteristics and tend to occur collected in the same mineral deposits. Gold, silver, platinum, and other precious metal materials are broadly used in the semiconductor as well as microelectronics industries due to their good performance characteristics. Thus, the growth of the electronic industry is enhancing the market growth.
The increasing use of precious metal sputtering targets in wear-resistant materials, high-grade decorative products, high-temperature corrosion resistance, and other industries is boosting the market growth.
The contribution of sputtering targets in high-tech electronics is tremendously crucial. Manufacture use sputtering targets internally manufactured with high-purity precious metals based on high-level metal refining and processing technologies. Companies are using expertise and are now providing innovative materials and products in every aspect of electronic component research, development, and production, including recording media, display devices, and semiconductors. Companies are now shifting towards conversion of electronic components to lighter weight, thinner, more compact, and smaller size, tapping into both local and foreign markets.
However, the high costs of maintaining precious metal sputtering targets, as well as unfavorable conditions resulting from COVID-19's impact, are limiting the market's growth. Although, growing R&D activities in the electronics sector, as well as increased investment in the field of precious metal sputtering targets in African countries, are expected to create opportunities for the market during the forecast period.
Major Developments in the Market
· January 2021 - The Mitsubishi Corp. (Japan), established a new sputtering target (DIABLA) for blackening films and in progress mass manufacturing.
· November 2020 - Mitsubishi Chemical Corporation (China), decided a contract with Konfoong Materials International Co., Ltd. (China), and KFMI Group Company TCPR (Shanghai) Electro-Mechanical High-Tech Co., Ltd. for the transmission of MCC’s light metal products business. This acquirement was to improve range management of sputtering target materials for liquid crystal displays and semiconductors.
Major companies in the market
Major companies in the precious metal sputtering market are Honeywell International Inc. (North Carolina, U.S.), Materion Corporation, ULVAC, Inc., (U.S.), JX Nippon Mining & Metal Corporation (Japan), Heraeus Holding, Tosoh SMD, Inc. (Japan), Umicore Group (Belgium), Praxair S.T. Technology, Inc. (U.S.), China Rare Metal Material Co. Ltd. (Japan), Soleras Advanced Coatings (Belgium).