Thin and Ultra-thin Films Market - Positive Long-Term Growth Outlook 2024
According to the research report, the global thin and ultra-thin films market stood at US$32.78 bn in 2015 and is expected to be worth US$115.41 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to rise at a CAGR of 15.1%.
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Asia Pacific Market to Rise at a CAGR of 24.1% 2016-2024
The end users in the global market are, thin-film electronics, thin-film batteries, and thin-film PV. Out of these, the thin-film electronics segment remained dominant till 2015 and is expected to retain its dominance in the coming years as well. By the end of 2024, this end user will acquire a share of 64.9% in the global market. The soaring expenditure on electronics and increasing demand for newer electronic products is expected to drive this segment.
In terms of geography, the global thin and ultra-thin films market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Out of all of these regions, Asia Pacific is expected to remain the frontrunner in the global market. The booming manufacturing activities and expanding facilities are expected to drive this regional market. By the end of 2024, Asia Pacific is poised to account for a share of 24.1% in the overall market.
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Aerospace and Defense Industries to Improve Uptake of Thin and Ultra-thin Films
The global thin and ultra-thin films market is being fueled by the growing trend of miniaturization in the semiconductors and electronics industry. The increasing uptake of thin and ultra-thin films in semiconductors and electronics due to their advantages is expected to boost the growth of the global market. Additionally, the market is also being fueled booming aerospace and defense industries that are showing a keen interest in using these films as they offer improved power, efficiency, speed, and decreased weight. The evolution of nanotechnology has also benefitted the global market.
The demand for thin and ultra-thin films is expected to receive a boost due to the growing adoption of solar energy against the backdrop of increasing pressure to reduce the carbon footprint. Thin and ultra-thin films are widely used for making photovoltaic (PV) cells, which are used for harnessing solar energy. The stringent rules implemented by environmental organizations such as Greenpeace, EPA, and Department of Energy Resources to reduce carbon footprint are expected to fuel the demand for thin-film PVs in the coming years.
Complicated Installation Discourages Users from Using Thin and Ultra-thin Films
The global thin and ultra-thin films market faces a tough restraint that is likely to act as a hurdle in the coming years. The current challenge for the global market is the poor conversion efficiency of thin film solar cells. Furthermore, their complex construction structure is also dissuading users from investing in these films. The sophisticated installation skills required for flexible thin film solar cells make are not easily available and thus not viable.
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This review is based on Transparency Market Research’s report, titled “Thin and Ultra-thin Films Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.”
The Global Thin and Ultra-Thin Films Market has been Segmented into:
Global Thin and Ultra-Thin Films Market: By End User
Thin Film Electronics
Thin Film Batteries
Thin Film PV
Global Thin and Ultra-Thin Films Market: By Technology
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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