The global sputtering target market size was USD 4.8 Billion in 2022 and is expected to reach USD 8.6 Billion in 2032, and register a rapid revenue CAGR of 6.5% during the forecast period. Rising demand for sputtering targets across a range of end-use industries, including electronics, automotive, aerospace, and defense, due to their special qualities including high purity, density, and chemical stability is a key factor driving market revenue growth. In the production of semiconductors, flat-panel displays, solar cells, and magnetic storage devices, sputtering targets are frequently utilized.

In addition, governments' increasing emphasis on the creation of Renewable Energy sources is another key factor driving revenue growth of the market. The need for sputtering targets in the manufacture of solar cells is rising as governments all over the world encourage the usage of renewable energy sources like Solar Energy. Demand for sputtering targets in the production of semiconductors and flat panel displays is rising by increasing need for high-tech electronic gadgets such as smartphones, tablets, and laptops.

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Moreover, rising demand for medical equipment including pacemakers, implanted defibrillators, and Artificial Joints is also expected to drive market revenue growth during the forecast period. Due to their distinctive qualities, including biocompatibility, excellent wear resistance, and corrosion resistance, sputtering targets are frequently utilized in the production of these Medical Devices.

Furthermore, manufacturers' increasing attention on the creation of sophisticated sputtering target materials is another factor driving market revenue growth. To fulfil the rising demand from several end-use sectors, manufacturers are constantly creating novel sputtering target materials with better qualities such as high thermal stability, low sputtering rates, and high sputtering efficiency. For instance, JX Nippon Mining & Metals Corporation unveiled ’JX-SIMS,’ a novel sputtering target material, in June 2021. This material is used to produce semiconductors and flat panel displays.

Competitive Landscape:

• Praxair Surface Technologies
• ULVAC, Inc.
• Plansee SE
• TOSOH Corporation
• Materion Corporation
• JX Nippon Mining & Metals Corporation
• Hitachi Metals, Ltd.
• Mitsubishi Materials Corporation
• Kurt J. Lesker Company
• Angstrom Sciences, Inc.

The global market is further segmented into type and application:

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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