Thin Film Material Market to Hit USD 21.9 Billion by 2032 at 7.5% CAGR
Market Summary:
The global Thin Film Material Market had a value of USD 11.4 billion in 2022 and is poised to reach USD 21.9 billion by 2032, with a notable compound annual growth rate (CAGR) of 7.5% during the forecast period.
One of the primary drivers behind this remarkable revenue growth is the increasing demand for thin film materials across a spectrum of industries, including solar energy, electronics, and optics.
The electronics sector has witnessed a substantial surge in the adoption of thin film technology, mainly due to the rising demand for electronic devices such as smartphones, laptops, and tablets. Furthermore, the quest for energy-efficient electronic devices is another pivotal factor contributing to market revenue growth. The production of electrical devices extensively relies on thin film materials like copper, aluminum, and nickel.
Moreover, the increasing adoption of renewable energy sources, notably solar energy, is expected to drive revenue growth during the forecast period. Thin film photovoltaic (PV) technology has gained significance in the solar energy sector due to its cost-effectiveness and excellent efficiency. The manufacturing of thin film solar cells predominantly utilizes materials like Cadmium Telluride (CdTe), copper indium gallium selenide (CIGS), and amorphous silicon (A-Si).
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Strategic Developments:
• In 2021, LG Chem Ltd. and General Motors signed a joint development agreement to produce battery cells for electric vehicles. The agreement aims to strengthen LG Chem's position in the electric vehicle battery market, and to provide General Motors with a stable supply of high-quality battery cells for its electric vehicles.
• In 2020, First Solar Inc. announced that it was acquiring TetraSun, a California-based solar technology company. The acquisition was aimed at expanding First Solar's portfolio of solar products and improving its efficiency and reliability.
• In 2020, TDK Corporation announced that it had acquired a majority stake in Chirp Microsystems, a California-based company that specializes in ultrasonic sensors. The acquisition was aimed at expanding TDK's product offerings in the IoT (Internet of Things) market, and enhancing its position in the sensor industry.
• In 2020, Applied Materials Inc. acquired Kokusai Electric Corporation, a Japan-based company that specializes in semiconductor equipment. The acquisition was aimed at expanding Applied Materials' product offerings in the semiconductor equipment market, and enhancing its position as a leading supplier of semiconductor equipment.
• In 2020, Hanergy Thin Film Power Group Ltd. signed a strategic cooperation agreement with Chemtech Solar, a Swiss company that specializes in the development of solar photovoltaic (PV) systems. The agreement aimed to leverage Hanergy's expertise in thin-film solar technology and Chemtech's experience in the PV market to develop new and innovative solar products.
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