According to the latest report by IMARC Group, titled "Indium Tin Oxide (ITO) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global indium tin oxide (ITO) market reached a value of US$ 1.7 Billion in 2021. Indium tin oxide (ITO) refers to a transparent and colorless solid that consists of tin oxide and indium oxide. It is deposited as a thin film on glass or clear plastic and functions as a transparent electrical conductor in a diverse range of electronic devices. Commonly obtained by the process of electron beam evaporation or sputter deposition, it is characterized by ultraviolet resistance, colorfastness and electromagnetic induction shielding. As a result, it finds extensive applications in the manufacturing of touch panels, gas sensors, liquid-crystal displays (LCDs), photovoltaic cells, heat reflective coatings, field emission displays and plasma displays.
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Global Indium Tin Oxide (ITO) Market Trends:
The global market is primarily driven by significant growth in the consumer electronics sector. There has been a considerable rise in the uptake of smart devices, such as tablets, smart TVs, laptops and smartphones, across the globe. Since ITO is extensively utilized as an essential component in the manufacturing of screens and touch panels in these devices, this is expected to providing an impetus to the market growth. This is further supported by the increasing proliferation of high-speed internet connection, inflating disposable income levels of the masses and their improving living standards. The market is also driven by the rising utilization of ITO by the automotive sector for the production of smart vehicles that are equipped with advanced driver assistance systems (ADAS). Moreover, the governments of several countries are undertaking favorable initiatives to promote the adoption of solar panels and thin-film photovoltaic (PV) cells. ITO forms an indispensable component in the production of these cells and panels as its usage offers a higher light absorption rate at cost-efficient prices. Furthermore, extensive research and development (R&D) activities conducted by key manufacturers to minimize the production costs of ITO are expected to create numerous growth opportunities in the market. On account of the aforementioned factors, the market is expected to grow at a CAGR of 2.92% during 2022-2027.
- On the basis of technology, the market has been divided into sputtering, vacuum evaporation, chemical vapour deposition, spray pyrolysis, and others.
- Based on the application, the market has been classified into electrochromic displays and LCDs, touch panels, photovoltaics, transparent electrodes, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 3M Company, American Elements, Densitron Technologies, EFUN Technology, Umicore, Indium Corporation, Keeling & Walker Ltd, Kurt J. Lesker Company, Mitsui Mining & Smelting Co., Ltd., Nitto Denko Corporation, Samsung Corning Precision Material, Sollensys, Tosoh Corporation, and Touch International Inc.
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