Indium Mining Market Size To Reach $415.4 Million By 2033

Indium Mining Market Growth & Trends

The global indium mining market size is projected to reach USD 415.4 million by 2033, growing at a CAGR of 6.2% from 2025 to 2033. The market is experiencing steady expansion, driven by the increasing demand for advanced electronic components and renewable technologies. Indium, a soft and malleable post-transition metal, is critical in modern industries due to its use in thin-film coatings, semiconductors, and optoelectronic devices. As it is primarily obtained as a by-product of zinc mining, indium’s availability remains closely linked to base metal production trends. The growing global shift toward clean energy, digitalization, and electrification across multiple sectors is driving demand for indium-based materials, prompting producers to enhance both primary extraction and secondary recovery processes to ensure a stable supply of these materials.

The indium mining industry is segmented by application into flat panel displays (FPDs), solders, photovoltaic (PV) cells, thermal interface materials (TIMs), and others. Each segment benefits from indium’s unique properties, such as its low melting point, high ductility, and superior electrical conductivity. The solders segment is expanding steadily due to its increasing use in high-reliability electronics and aerospace applications where durability and heat resistance are crucial. Similarly, the PV cell segment is gaining traction with the rising adoption of Copper Indium Gallium Selenide (CIGS) thin-film solar technologies. Additionally, TIMs are increasingly utilized in high-performance computing and electric vehicle systems to enhance heat dissipation and operational efficiency, further driving market growth.

Sustainability has become a central focus in the indium mining industry as stakeholders aim to balance material demand with environmental stewardship. Mining companies are adopting cleaner extraction technologies, waste reduction strategies, and water recycling systems to lower their ecological footprint. In parallel, the global shift toward a circular economy (CE) is encouraging the recovery of indium from discarded FPDs, semiconductors, and industrial residues. Governments and regulatory bodies are also implementing policies and incentive programs to promote the recycling and responsible sourcing of critical minerals, such as indium. These initiatives conserve natural resources and ensure long-term material security for high-tech industries.

Technological advancements are transforming indium mining, refining, and recovery processes by improving efficiency, sustainability, and cost-effectiveness. Innovations in hydrometallurgical and electrochemical refining (ECR) are increasing metal recovery rates and purity levels, while automation and real-time monitoring systems are enhancing operational safety and precision. Cutting-edge techniques such as microwave-assisted leaching (MAL) and artificial intelligence (AI)-based ore sorting optimize resource use and reduce energy intensity. Furthermore, adopting digital twins (DT) and predictive analytics enables better process control and cost management. As these technologies advance, they are expected to ensure sustainable, scalable, and efficient indium production to meet rising global demand.

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Indium Mining Market Report Highlights

• Asia Pacific dominated the global market with a revenue share of 90.7% in 2024. This dominance is attributed to the region’s strong electronics and display manufacturing industry base, particularly in China, Japan, and South Korea. The presence of major refiners and smelters, along with abundant zinc by-product recovery facilities, has established Asia Pacific as the global hub for indium production and processing. Rapid industrialization and growing domestic demand for advanced electronic devices further reinforce the region’s leading position.

• The Asia Pacific market is expected to grow at a substantial CAGR of 6.2% from 2025 to 2033. This growth is supported by expanding investments in renewable energy, particularly in thin-film solar cell production, and the increasing adoption of next-generation display technologies. Government initiatives promoting the recovery and recycling of critical minerals also strengthen regional supply resilience. Technological advancements in refining and sustainable extraction are also expected to enhance production efficiency and regional competitiveness.

• By application, flat panel displays dominated the market with a revenue share of over 57.0% in 2024. The segment’s leadership is driven by high indium tin oxide (ITO) consumption in LCDs, touchscreens, and LED displays. Rising demand for consumer electronics and continuous innovation in display technologies such as OLED and micro-LED sustain strong material usage. Moreover, the growing integration of digital displays in automotive, industrial, and healthcare sectors further boosts indium consumption in this segment.

• Korea Zinc Co., Ltd., in February 2025, announced the completion of a significant upgrade to its Onsan refinery to enhance indium and rare metal recovery efficiency through advanced solvent extraction systems. The project is expected to increase indium output by 20% while reducing waste generation, supporting the company’s goal of achieving carbon-neutral refining operations by 2035.

• Dowa Holdings Co., Ltd., in April 2025, launched a new recycling initiative in partnership with major Japanese electronics manufacturers to recover indium and gallium from discarded LCD panels and semiconductors. The program integrates high-efficiency hydrometallurgical processes and AI-based sorting systems to boost material recovery rates and reduce dependency on imported raw materials.

Indium Mining Market Segmentation

Grand View Research has segmented the global indium mining market based on application and region:

Indium Mining Application Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Flat Panel Displays

• Solders

• PV Cells

• Thermal Interface Materials

• Others

Indium Mining Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• North America

  • Canada

• Europe

  • Belgium

  • France

  • Russia

• Asia Pacific

  • China

  • Japan

  • South Korea

  • Uzbekistan

• Latin America

  • Peru

List of Key Players in the Indium Mining Market

• China Tin Group (Yunnan Tin Company) Ltd.

• Dowa Holdings Co., Ltd.

• Guangxi Debang Technology Co., Ltd.

• Indium Corporation

• Korea Zinc Co., Ltd.

• Mitsui Mining & Smelting Co., Ltd.

• Teck Resources Limited

• Umicore NV

• Young Poong Corporation

• Zhuzhou Smelter Group Co., Ltd.