Market Trends of Indium Tin Oxide Industry
This section covers the major market trends shaping the Indium Tin Oxide Market according to our research experts:
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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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for indium tin oxide during the forecast period due to an increase in demand from countries like China, India, and South Korea.
- Indium tin oxide is used in the manufacture of thin-film solar cells which are basic components of solar panels. As part of green energy initiatives and control global warming, the world is shifting towards renewable energy sources such as wind and solar power. This shift towards solar power expected to increase the demand for indium tin oxide.
- The National Energy Administration of China allocated USD 217.27 million for the establishment of new solar power projects in 2020.
- South Korea is among the leading manufacturers of electrical components in the electrical & electronics industry. As per the Korea Electronics Association, Korea made about USD 21,838 million in revenue through displays in the year 2019. Rise in living standards thereby increase in demand for laptops, tablets, smartphones, and TVs are expected to propel the market for the indium tin oxide for display manufacturing during the forecast period.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for indium tin oxide market in the Asia-Pacific during the forecast period.
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