Indium Tin Oxide Market Size, Share, Opportunities, And Trends By Technique (Sputtering Deposition, Chemical Vapour Deposition, Electron Beam Evaporation, Others), By Application (Optoelectronics, Photo Voltaic Cells, Transparent Electrodes, Battery Inhibitors, Electronic ink applications, Others), And By Geography - Forecasts From 2025 To 2030

The indium tin oxide market is expected to grow at a CAGR of 6.02%, reaching a market size of US$ 9.629 billion in 2030 from US$ 7.189 billion in 2025.

The indium tin oxide (ITO) market is expected to rise over the forecast period due to the growing demand from end-use industries such as the electronic sector, photo voltaic cells, battery sector, etc. In addition, it has a wide range of properties, such as high optical transparency, chemical stability at elevated temperatures, magnetic properties, high electrical conductivity, and luminescence. Because of these properties, it is used in electrode material in lithium-ion (Li-ion) batteries. Automotive Li-ion battery demand increased by about 65% to 550 GWh in 2022 from 330 GWh in 2021. The lithium-ion battery manufacturing capacity is likely to expand during the forecast period.

Further, ITO is used in the manufacturing of touch panels, gas sensors, LCDs, electrochromic, field emission displays, electroluminescent displays, photovoltaics, plasma displays, and energy-efficient windows. The number of users of these devices is increasing every year due to internet penetration. Rising flexible electronics will contribute to global market growth over the forecast period. For instance,

• In 2022, China's output of microcomputers was 430 million units, mobile phone production was 1.56 billion units, down, and integrated circuit production was 324.2 billion units. China completed its first OLED material production base in Shanghai Pudong New Area.
• In 2022, China's global smartphone shipments were 1.21 billion units, and the top five companies' combined market share in shipments was 69.9%. Among them, Xiaomi shipped 150 million units, OPPO shipped 100 million with a market share of 8.6%, and Vivo shipped 100 million units with a market share of 8.2%.
• Renewable power capacity additions will continue to increase in the next few years. Continuous support for PV (photovoltaic) segments will be needed for annual solar PV capacity additions to increase to about 800?GW to reach more than 6,000 GW of total installed capacity in 2030 envisaged in the NZE Scenario. Solar PV electricity capacity additions have been estimated to be 405.5 GW in 2023 and to reach 672.6 GW in 2028. Rooftop solar on buildings is expected for faster growth because of higher retail electricity prices and growing policy support.

What are the indium tin oxide market drivers?

• Enlarging market for solar panels

Indium tin oxide (ITO) is used in solar cells. It is used in the metallic contact structure on the solar cell front illuminated surface to reduce the series resistance. The sheet resistance of the diffused region is the main contributor to the series resistance. The use of ITO is increasing the efficiency of solar cells. In 2023, solar PV alone accounted for three-quarters of renewable capacity additions worldwide. Solar PV reached almost 1,300?TWh in 2022. 

It is estimated that the number of households relying on solar PV will grow from 25 million in 2023 to more than 100 million by 2030 in the Net Zero Emissions by 2050 Scenario. Solar photovoltaics (PV) is a technology that can be manufactured in large plants, which creates economies of scale but can also be deployed in very small sizes. This allows for a range of applications, from small residential roof-top systems to utility-scale power generation installations. With this growing demand for solar panels in the market, the application for indium tin oxide will rise during the forecast period.

Geographical outlooks of the indium tin oxide market

• The indium tin oxide market is segmented into five regions worldwide

By geography, the indium tin oxide market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.

The Asia Pacific region is expected to see the fastest growth in the calcium chloride market due to increasing applications in consumer electronics. Further, government support for the manufacturing industry would expand the market growth. To expand electronics manufacturing, the Government of India, in December 2021, approved a program with an outlay of Rs.76,000 crore for the development of the Semiconductors and Display manufacturing ecosystem. The modified program would offer support of 50 percent of the project cost. This increased government support would boost domestic production of LCD Panels & Displays, and other touch devices.

North America is expected to have a significant market share for indium tin oxide due to its major utilization in the manufacturing of optoelectronic material. ITO is being used in both industry and research. The United States exported US$ 286,145 Million in 2021 and US$ 302,850 million in 2022 worth of electronic products.

Major products in the indium tin oxide market:

• American Elements –Indium Tin Oxide by American Elements has different product types: (2N) 99% Indium Tin Oxide, (3N) 99.9% Indium Tin Oxide, (4N) 99.99% Indium Tin Oxide, and (5N) 99.999% Indium Tin Oxide. The company also offers Indium Tin Oxide Nanoparticle Dispersion, Indium Tin Oxide Coated Glass Slide, Indium Tin Oxide Coated PET, Indium Tin Oxide Sputtering Target, Indium Oxide/Tin Oxide, and Indium Tin Oxide (ITO) Pieces.
• Enam Optoelectronic Material Co., Ltd - Indium Tin Oxide Target by Enam Optoelectronic Material Co., Ltd has a purity of >=99.99%. Particle Size having a diameter of (7?11)×(4?8) mm T. Company other offerings include High-Density ITO Slug, Indium Oxide Target, Low-Density ITO Slug, ITO Slug For RPD, etc.
• Umicore- Umicore offers indium tin oxide by Umicore Thin Film Products, a globally active business unit within the Umicore Group. It is one of the leading producers of coating materials for physical vapor deposition. Its product portfolio covers a wide range of sputtering targets and evaporation materials. ITO can be used in evaporation systems for depositing thin layers for a variety of applications such as LED, sensors, and antistatic coatings.

Major players in the indium tin oxide market :

The leaders in the indium tin oxide market are American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO., LTD, Guangxi Crystal Union Photoelectric Materials Co., Ltd. (CUPM), Indium Corporation, and Knight Optical Ltd. These key players implement growth strategies such as product launches, mergers, acquisitions, etc., to gain a competitive advantage.

The indium tin oxide market is segmented and analyzed as follows:

• By Technique
  •  Sputtering Deposition
  • Chemical Vapour Deposition
  • Electron Beam Evaporation
  • Others
• By Application
  • Optoelectronics
  • Photo Voltaic Cells
  • Transparent Electrodes
  • Battery Inhibitors
  • Electronic ink applications
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Rest of the Middle East and Africa
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Enlarging market for solar panels

4.1.2. Growing usage of smartphones, tablets, and other touchscreen technology

4.2. Market Restraints

4.2.1. Higher production costs 

4.2.2. Fluctuating prices of raw material 

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. INDIUM TIN OXIDE MARKET BY TECHNIQUE

5.1. Introduction

5.2. Sputtering Deposition

5.3. Chemical Vapour Deposition

5.4. Electron Beam Evaporation

5.5. Others 

6. INDIUM TIN OXIDE MARKET BY APPLICATION 

6.1. Introduction

6.2. Optoelectronics

6.3. Photo Voltaic Cells

6.4. Transparent Electrodes

6.5. Battery Inhibitors

6.6. Electronic ink applications

6.7. Others 

7. INDIUM TIN OXIDE MARKET BY GEOGRAPHY

7.1. Global Overview

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Rest of South America

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Spain

7.4.6. Rest of Europe

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. United Arab Emirates

7.5.3. Rest of the Middle East and Africa

7.6. Asia-Pacific

7.6.1. China

7.6.2. India

7.6.3. Japan

7.6.4. South Korea

7.6.5. Taiwan

7.6.6. Thailand

7.6.7. Indonesia

7.6.8. Rest of Asia-Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. 3M

9.2. American Elements 

9.3. Diamond Coatings Inc

9.4. ENAM OPTOELECTRONIC MATERIAL CO., LTD.

9.5. Guangxi Crystal Union Photoelectric Materials Co., Ltd. (CUPM)

9.6. Indium Corporation 

9.7. Knight Optical Ltd.

9.8. MITSUI MINING & SMELTING Co., LTD.

9.9. OPCO LABORATORY, INC.

9.10. ULVAC 

9.11. Umicore

3M

American Elements 

Diamond Coatings Inc

ENAM OPTOELECTRONIC MATERIAL CO., LTD.

Guangxi Crystal Union Photoelectric Materials Co., Ltd. (CUPM)

Indium Corporation 

Knight Optical Ltd.

MITSUI MINING & SMELTING Co., LTD.

OPCO LABORATORY, INC.

ULVAC 

Umicore