The global thin film material market is anticipated to witness growth over the forecast period. Increasing demand for efficiency and miniaturization is expected to drive the market. Rising demand for current and emerging applications such as microelectromechanical systems (MEMS), photovoltaic (PV) solar cells, electrical and optical coating & semiconductor is expected to fuel thin film material demand over the next few years. Technological advancement in semiconductor packaging is anticipated to have a positive impact on market growth. Favorable government policies in countries such as China, Japan, and Germany encouraging thin film material usage in solar PV is expected to drive market growth over next six years.
Rising demand for solar PV cells is projected to drive further thin film materials demand over the next six years. Advantages associated with thin film material such as flexibility and ability to function under low light is expected to drive market growth over the coming years. Huge investment requirements in R&D coupled with low conversion efficiency are expected to have a negative impact on thin film material market growth over the forecast period. Lack of bulk suppliers in the market has created demand and supply imbalance. Raw materials shortage may hinder the production of thin film material which is projected to pose a challenge to the market in near future. .
On the basis of deposition process, thin film material market has been segmented into physical deposition process and chemical deposition process. On the basis of product types thin film material market has been segmented into copper indium gallium selenide (CIGS), cadmium telluride (CdTe), amorphous silica (a-Si). Thin film materials find application in an optical coating, MEMS, PV solar cell and semiconductor and electrical board. Growing PV solar cell industry coupled with increasing installations of solar panels is expected to drive thin film material demand over the forecast period.
North America emerged as a major regional market and is expected to grow at a considerable rate over the forecast period owing to increasing PV installations in the region. Asia Pacific is touted to witness rapid growth over the forecast period owing to growing electronics and PV manufacturing industries especially in emerging economies of India and China.
Thin film material market is highly competitive with major companies involved in constant product innovation and R&D. Major companies operating in this market include Anwell Solar, Avancis GmbH & Co., Ascent Solar, First Solar, Cicor Group, Hanergy, Masdar PV, Kaneka, Solar Frontier, Moser Baer, Suntech Power Co. Ltd., and Trony Solar Holdings Co. Ltd.
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The exponential spread of COVID-19 worldwide has had an adverse impact on the semiconductor industry with manufacturing facilities temporarily shut, leading to a significant slowdown in the production. The outbreak could result in disruption across the ecosystem with several supply chain participants shifting their production facilities outside China, thereby reducing their over-reliance on China. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also hauled consumer demand for semiconductor devices. Our analysts predict a decline in semiconductor revenue by over 1% in 2020 as compared to that in 2019. The report will account for Covid19 as a key market contributor.