According to analysts from Future Market Insights, the demand for flat panel displays in the manufacture of smartphones, LED and OLED TVs and other electronic components is expected to grow steadily over the forecast period. This in turn is expected to lead to growth in the consumption of sputter coating targets over the forecast period. Growing use of renewable energy sources is increasing the demand for solar panels which is expected to drive the growth of the global spray coating market over the forecast period. Strict government regulations in North America and Europe regarding the use of low-e glass in commercial and residential buildings are expected to drive the demand for metal and element sputtering targets. In addition, to reduce the heating and cooling costs of automobiles, manufacturers are using low-e glass, which in turn is expected to drive the growth of the global spray coating market over the forecast period.
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However, the low coating efficiency of spray technology along with the development of alternatives to spray coatings is expected to hamper the growth of the global spray coatings market over the forecast period.
The global sputter coatings market is segmented on the basis of target types (metal and element, alloys, compounds) and application (flat panel display, solar panel, architectural glass, semiconductors, others).
- The Metal & Element target type segment is expected to register a relatively high CAGR of 4.9% over the forecast period to reach a market valuation of $2,872.1 million by the end of 2026.
- The target type Compounds segment is expected to dominate the overall spray coatings market over the forecast period to acquire a value share of 60.0% by the end of 2026
- The flat panel display application segment is expected to experience the maximum demand, registering an absolute incremental opportunity of nearly US$1.1 billion over the period 2016-2026. This segment is expected to dominate the global spray coatings market over the forecast period to acquire a value share of 37.7% by the end of 2026.
- The solar panel application segment is expected to grow with a relatively high growth rate of 5.0% during the forecast period
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Regional market projections
The global sputter coating market is segmented into five major regions, namely North America, Western Europe, Asia-Pacific excluding Japan, Japan and Rest of the World (Eastern Europe, Latin America, Middle East and Africa). Asia-Pacific, excluding Japan, is expected to dominate the global spray coating market during the forecast period. Taiwan, followed by South Korea and China, are expected to lead the spray coating market during the forecast period in the APEJ region. It is estimated that APEJ will account for a significant share of 57.4% of the global spray coating market by the end of 2016.
The global sputter coating market is a fragmented market. Some of the major players in the global spray coating market include Materion Corporation, ULVAC, Inc., JX Nippon Mining & Metal Corporation, Heraeus Holding, Honeywell International Inc., Umicore Group, Praxair ST Technology, Inc., Tosoh SMD, Inc. , Soleras Advanced Coatings, China Rare Metal Material Co. Ltd., JIANGYIN ENTRET COATING TECHNOLOGY CO. LTD. and GRIKIN Advanced Materials Co. Ltd.
By target types
- metal and element
- Flat screen
- Solar panel
- Architectural glass
- North America
- Western Europe
- Asia Pacific excluding Japan
- Rest of the World (includes Eastern Europe, Latin America, Middle East and Africa)
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2. Presentation of the market
2.1. Market definition
2.2. Market Taxonomy
3. Global Sputter Coating Targets Market Analysis Scenario
3.1. Price analysis
3.2. Market Value (USD Million) and Volume (MT) Forecast
3.3. Market overview
3.3.1. Value chain
3.3.2. Profitability margins
4. Market dynamics
5. Global Spray Coating Targets Market Analysis and Forecast, By Target Type