Indium tin oxide (ITO) is a solution containing indium oxide and tin oxide usually found in solid state. Commonly, indium tin oxide has 90% of indium oxide and 10% of tin oxide by weight. The Indium tin oxide is associated to transparent conducting oxide and is also extensively used as transparent conduction oxide due to its exceptional physical properties.
ITO are used in the essential and critical materials in electronic information application area, mostly for the manufacturing of flat panel liquid crystal displays, touch panel, thin film transistors, solar cells, transparent electrodes and multifunction glass etc.
According to study, “Global ITO Target Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global ITO target market are Beijing Yeke Nano Tech Co., Ltd., Guangdong Triumph Photovoltaic Technology Research Institute Co., Ltd., CNMNC Ningxia Orient Group Co., Ltd., Guangxi Crystal Union Photoelectric Materials Co., Ltd., Enam Optoelectronic Material Co., Ltd., Mitsui Mining & Smelting Company, Guangxi China Tin Group, WeihaiLanhu Special Materials Development Co., Ltd., HebeiPengda Advanced Materials Technology Co. Ltd., Shaoguan Sigma Technology Co., Ltd., Heraeus, Zhuzhou Smelter Group Co., Ltd., JX Nippon Mining & Metals, Tosoh Corporation, SOLAR, Umicore, Samsung Corning. The global market is bit fragmented in nature. The company’s which predicted to center on business expansion over the developing economies being center for the ITO demand. Companies are also expected to carry on their research and development activities for the advanced technologies by cutting down production cost along with improvement in production line followed by rise plant efficiency and increase production capacity to increase the revenues.
Based on type, ITO target market is segmented into low density (>98%) and high density (>99.5%). Based on technology, market is segmented into sputtering technique, low temperature vacuum deposition, and electron beam evaporation. Based on application, market is segmented into photovoltaic cells, electro chromic & LCD displays, transparent electrodes, EMI/RFI shielding, field emission displays, resistive & capacitive touch panels, plasma display, and others. In addition, based on target type, market is segmented into rotate target and flat target.
The ITO target market is driven by steady growth of transparent & flexible electronics, followed by rise in antistatic & electromagnetic shielding applications of ITO and rapid development of downstream industries such as flat panel displays and touch panels. However, growth in research & development (R&D) in developing alternatives for indium tin oxide may impact the market. Moreover, increase in technological improvement is a key opportunity for market.
Based on geography, the Asian-Pacific region holds major share in ITO target market owing to growth in end-user industry, rise in living standard of people and growth in exports of ITO in region. Whereas, the North-American and European regions are estimated to witness higher growth rate due to stringent environmental norms and high manufacturing cost associated with ITO over the forecast period. In upcoming years, it is predicted that future of the market will be optimistic as a result of rise in demand from reviving technology industry coupled with increase in recycling practice of ITO for extraction of indium during the forecast period.
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Ankur Gupta, Head Marketing & Communications