Indium tin oxide (ITO): Key market research findings
- APAC dominates the market geographically
- Electrochromic displays and LCDs account for a majority of the market’s revenue
- Key vendors – 3M, Indium, Nitto Denko, Touch International, and Umicore Thin Film Products
Technavio’s market research analysts predict the global market for ITO to grow at a CAGR of around 6% between 2016 and 2020. The broadening end-user spectrum of ITO owing to its antistatic and electromagnetic shielding applications is a key driver for the growth of this market. ITO is favored over its alternatives owing to properties such as its color fastness, ultraviolet resistance, and high transparency. ITO conductive films are deposited on glass or plastic substrates to make transparent panels and are also used for antistatic applications. By 2020, APAC will continue in its position as the dominant shareholder in the global ITO market by accounting for more than 56% of the overall market share. High volumes of indium production in China, a flourishing consumer goods and electronics market in Japan, and the increased demand for ITO from Taiwan are factors that will contribute to the growth of the ITO market in APAC over the next four years.
The new market research report from Technavio presents a breakdown and analysis of the ITO segments based on the application.
“There is a notable increase in the practice of recycling ITO for the extraction of indium. Major vendors are investing substantially in recycling capacities owing to the growing demand for ITO and the rising prices of indium. Vendors from countries such as China, the UK, South Korea, Canada, the US, the Philippines, Japan, and Taiwan have already invested in the recycling of indium and the recovery of secondary indium. Innovations in recycling processes will also contribute to the demand for indium yield from recycling,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
In 2015, the electrochromic displays and LCDs segment accounted for almost 64% of the overall market revenue to become the key revenue generating vertical in the global market for ITO. LCDs and electrochromic displays provide better picture quality, contrast, and other optical properties. Additionally, they also provide a thin and transparent display layer on various devices such as TVs and desktop PCs. The LCD panel is made of different layers comprising a polarizer, color filter, and an LCD glass substrate. The growing consumption of ITO, which is spurred by the launch of various products such as LCD TVs and mobile devices, and the resultant rise in the demand for these products will lead to the growth of the market.
The prominent players in the market include 3M, Indium, Nitto Denko, Touch International, and Umicore Thin Film Products. The market structure has been disrupted by the entry of small and medium-scale companies, especially those from the US, China, and Germany. These players use various technologies to formulate ITO substrates and sell them at competitive prices. Most vendors in the global ITO market distinguish their products on the basis of technology, availability, formulation, and value addition.
A more detailed analysis is available in the Technavio report, Global Indium Tin Oxide (ITO) Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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