Sputtering target technology is used for thin film deposition through physical vapor deposition (PVD) technique. In this, a substrate to be coated is put into a vacuum space comprising two magnets. Then, a controlled gas such as krypton or argon is introduced in a chamber. Owing to this, the magnets attract atoms from the substrate. These atoms then hit each other in their gaseous state after which they contract into a plasma.  After they dry, a uniform and high quality film is formed on the substrate. The finished product thus results into a thin but durable coating effective across several applications. Metal targets are offered in several purity ranges to suit the specific requirements, with the minimum purity of 99.9% up to 99.99% for some metals while 99.995%-99.9995+% for ultra-high purity requirement.

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Increasing demand for thin film manufacturing technologies in digital electronics and semiconductor sector is driving the sputtering target market across the world. Yet, apart from semiconductor and digital electronics, sputtering target market is expected to find lucrative opportunities in optoelectronics and life sciences during the forecast period. However, sputtering target materials with limited sources can act as a limiting factor for this market. In spite of this, increasing R&D investment to discover new deposition technologies and utilize alternate alloys and compounds is expected to reduce the impact of the limitation during the forecast period.

The sputtering target market can be segmented on the basis of type, material, application, industry vertical, and geography. Based on type, the sputtering target market can be segmented into rotary and planar. Based on material, the sputtering target market can be segmented into metal sputtering target and compound sputtering target. Compound sputtering target can be further bifurcated into oxides, nitrides, borides, sulfides, selenides, tellurides, carbides, crystalline, and composite. The metal sputtering target comprises of elements such as aluminum, cobalt, boron, nickel, magnesium, manganese, copper, etc. Based on application, the sputtering target can be classified into large area glass coating, display, photovoltaic, optical coating, web coating, thin film battery, and decorative coating.

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Based on industry vertical, the sputtering target market can be segmented into digital electronics, semiconductor, medical, solar cell manufacturing, and others. Based on geography, the sputtering target market can be segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Asia Pacific is expected to be the most lucrative region for the sputtering target market owing to rapidly expanding semiconductor and digital electronics sector in its developing countries. Amongst all, China is anticipated to be the major revenue contributor in Asia Pacific as it is the largest consumer electronic manufacturing country in the world.

Prominent players operating in the sputtering target market include Honeywell International Inc., Kamis Incorporated, Konfoong Materials International Co., Ltd, Matsurf Technologies Inc., Vacuum Engineering and Materials Co., Nikko Materials Co., Ltd., Kurt J. Lesker Company, Testbourne Ltd, Praxair International, Inc., Heraeus Holding GmbH, JX Nippon Mining & Metals Corp, Hitachi Metals, Ltd., Sumitomo Chemicals Co. Ltd., ULVAC, Inc., Leybold Optics, Mitsui Kinzoku, Mitsubishi Corp, and Tosoh Corp among others.

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