The market for indium tin oxide is expected to grow at a CAGR greater than 4% globally during the forecast period. Growing demand from the optoelectronic industry and the increase in demand from the solar industry are driving the market. On the flip side, higher production costs coupled with volatile raw material prices are hindering the market growth.
– The indium tin oxide market is expected to grow during the forecast period owing to the increasing demand from the optoelectronic industry.
– Asia-Pacific region is forecasted to dominate the market across the globe with the largest consumption from countries such as China, India, and South Korea.
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Key Market Trends
Growing Demand from the Optoelectronics Industry
– Indium tin oxide is widely used in the manufacturing of optoelectrical components and is expected to be the fastest-growing market during the forecast period.
– Indium tin oxide is a mixture of indium oxide and tin oxide and the composition of tin may vary anywhere from 3% to 20% based on the application. Thin layers of indium tin oxide act as a transparent layer in visible light range and allow it to pass through it. In case of infrared light, layers of indium tin oxide act as an opaque layer and it reflects infrared light.
– Among all other Transparent Conductive Oxides (TCOs), indium tin oxide is widely preferred because of its superior electrical conductivity, optical transparency, and high stability. In the optoelectronics industry, it is mainly used to coat semiconductor sensor wirings and manufacture various optoelectrical devices and components such as Liquid Crystal Displays (LCDs), Organic Light-Emitting Diodes (OLEDs), plasma displays and touch screens.
– The increase in consumption of the above mentioned optoelectrical components in laptops, TVs and smartphones is expected to drive the market for the indium tin oxide during the forecast period.
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