TechNavio, a market research report corporation, predicts that the indium tin oxide market will begin increasing by a CAGR of 5.24%, reaching USD 213.87 million over a forecast period of 2023-2027. Factors of this increase include a growing dependency on renewable energy.
According to TechNavio, the Indium Tin Oxide Market size is projected to grow by USD 213.87 million, accelerating at a CAGR of 5.24%. The market is being driven by the ever-increasing usage of touchscreen devices throughout society. Indium tin oxide, also known as tin-doped indium oxide, is a mixture of tin oxide and indium oxide used mainly as a film to create transparent conductive coatings in the optoelectronic industry. It is a transparent material with high electrical conductivity, making it perfect for protecting image sensors on digital cameras or displays based on LED technology, according to nanomaterials research company DaNa.
One technique used to apply indium tin oxide is sputtering. PRNewswire states, "Sputtering is a highly versatile method for depositing ITO thin films on substrates, known for its ability to create high-quality, uniform, and pure films. The quality of films produced through this technique is influenced by various sputtering parameters, including substrate temperature, gas composition, chamber pressure, and sputtering rate."
While the indium tin oxide market is expected to experience significant growth, there are factors that may hinder this predicted increase. One potential obstacle is a shortage in indium tin oxide production. However, the overall demand for the product remains strong due to its wide range of applications in various industries.
In conclusion, TechNavio predicts that the indium tin oxide market will grow by USD 213.87 million, with a CAGR of 5.24% over the forecast period of 2023-2027. This growth is driven by the increasing usage of touchscreen devices and the need for transparent conductive coatings in the optoelectronic industry. Despite potential challenges such as a shortage in production, the market shows promising potential for expansion.