The global thin and ultra-thin films market is a relatively consolidated market, as per the observations of market intelligence firm Transparency Market Research. The players that led the market in 2015 – E.I. du Pont, Kaneka Corporation, and Corning Incorporated – held a collective share of 35.5%. The leading players in the global thin and ultra-thin films market are expected to continue in their positions, owing to their already enriched product offerings.
According to the recently released research report, the global thin and ultra-thin films market was valued at US$32.78 bn in 2015. The market is expected to expand at a CAGR of 15.1% within a forecast period from 2016 to 2024, and is eventually expected to reach US$115.41 bn at the end of 2024.
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Defense and Aerospace Industries to Accelerate Demand for Thin and Ultra-thin Films
The global thin and ultra-thin films market is currently being driven by the rising favor gained by semiconductor miniaturization in the electronics industry. The growing usage of thin and ultra-thin films in electronics and semiconductors, due to the various advantages that they hold, is likely to push the growth of the global thin and ultra-thin films market. Simultaneously, the global thin and ultra-thin films market is being driven by the thriving aerospace and defense sectors through their increased interest in using the films as they offer enhanced efficiency, power, speed, while making an electronic device lighter in weight.
The demand generated by the global thin and ultra-thin films market is expected to receive a further shot in the arm through the increasing adoption of solar energy, as thin and ultra-thin films are widely used for the manufacture of photovoltaic cells. 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, thereby enhancing the scope of growth for players in the global thin and ultra-thin films market.
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Asia Pacific Thin and Ultra-Thin Films Market to Rise at a Leading Rate
In terms of geography, the global thin and ultra-thin films market can be divided into North America, Asia Pacific, Europe, the MEA, and Latin America. Asia Pacific is expected to remain the leader in the global market over the coming years. The thriving activities in semiconductor manufacturing and the improving industrial infrastructure are expected to drive the thin and ultra-thin films market for this region. By the end of 2024, Asia Pacific is poised to account for a share of 24.1% in the global thin and ultra-thin films market.
The end users for the global thin and ultra-thin films market include the manufacturers of thin-film devices, such as electronics, batteries, and PV. The segment for thin-film electronics was leading the global thin and ultra-thin films market till 2015 and is expected to continue leading it in the coming years. By the end of 2024, this segment is expected to acquire a share of 64.9% in the global thin and ultra-thin films market.
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 thin and ultra-thin films 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 over the long run. The sophisticated installation skills required for flexible thin film solar cells make are not easily available and thus not viable.
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