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Thin and Ultra-thin Films Market Clocks valuation of $115.41 Billion by 2024
June 22, 2018 | Globe NewswireEstimated reading time: 2 minutes
The global thin and ultra-thin films market is consolidated in nature, in which the leading three players account for a substantial share. Kaneka Corporation, E.I. du Pont, and Corning Incorporated are to name a few of the leading players. In the near term, these companies are expected to retain their dominant shares on the back of product development. They are seen pouring money into research and development to come up with products that have superior performances.
A recent report on the market of thin and ultra-thin films published by Transparency Market Research finds that it would attain a value of $115.41 billion by 2024-end from just $32.78 billion in 2015 by rising at a solid 15.1% CAGR over the course of the forecast starting from 2016 and ending in 2024.
Some of key end users of thin and ultra-thin films are thin film batteries, thin film electronics, and thin film PV. Of them, the thin film electronics account for maximum demand and revenue generated because of the surging sales of TVs, mobiles, tablets, and others. The application of thin and ultra-thin films in the microelectronics – crucial branch of electronics – is also spelling opportunity for the market. In 2015, the segment of thin film electronics accounted for 75% share in the market. Vis-à-vis geography, Asia Pacific holds a leading share in the market for thin and ultra-thin films. This is because of the electronics manufacturing boom in the region.
Defense and Aerospace Sectors alongside Electronics and Semiconductors Majorly Boost Market
The market for thin and ultra-thin films is being fuelled primarily by the exploding electronics and semiconductors’ demand. The rising trend of miniaturization of semiconductors is also positively impacting the market. Besides the aforementioned sectors, others that are boosting the market are aerospace and defense industries. Adds the lead analyst of our report, “Thin and ultra-thin films help to accomplish reduced weight and greater speeds in airplanes and defense equipment. In this manner they improve efficiency. This has led to their increased uptake.” Going forward, development of nanotechnology can spell opportunity for the market.
Despite such a promising outlook, there are few challenges which is the market for thin and ultra-thin films is being faced with. One of those is the poor conversion efficiency of thin film solar cells. A complicated magnetic structures in ultra-thin films has also been a deterrent for users. Further, flexible thin film solar cells may not be viable enough because of the acute shortage of trained people for installation.
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