The Global Sputtering Targets for Photovoltaic Cells Market was valued at USD 1.45 Billion in 2023 and is projected to reach USD 2.78 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period (2024-2030). This growth is driven by increasing solar energy adoption, advancements in thin-film photovoltaic technologies, and global demand for high-efficiency solar panels across residential, commercial, and utility-scale applications.

As the solar industry accelerates toward higher efficiency and sustainable production, sputtering targets have become critical components in thin-film photovoltaic manufacturing. This blog profiles the Top 10 Companies in the Sputtering Targets for Photovoltaic Cells Market – leaders in material science and deposition technologies enabling next-generation solar solutions.

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🔟 1. JX Nippon Mining & Metals Corporation

Headquarters: Tokyo, Japan
Key Offering: High-purity copper, molybdenum, and indium sputtering targets

JX Nippon Mining & Metals dominates the photovoltaic sputtering targets market with its advanced material solutions for CIGS (Copper Indium Gallium Selenide) thin-film solar cells.

Key Innovations:

• World’s largest indium target manufacturing capacity
• Proprietary bonding technology extending target lifespan
• Strategic collaborations with leading PV manufacturers

Download FREE Sample Report: Global Sputtering Targets for Photovoltaic Cells Market – View in Detailed Research Report

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9️⃣ 2. Praxair (Lindé)

Headquarters: Danbury, Connecticut, USA
Key Offering: Copper, aluminum, and specialty alloy targets

Praxair delivers high-performance sputtering solutions optimized for CdTe and CIGS solar cell production with superior uniformity and deposition rates.

Key Innovations:

• Advanced manufacturing processes for ultra-dense targets
• Global supply network supporting PV manufacturers

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8️⃣ 3. Hitachi Metals, Ltd.

Headquarters: Tokyo, Japan
Key Offering: Molybdenum and tungsten sputtering targets

Hitachi Metals provides precision-engineered targets with industry-leading performance characteristics for thin-film photovoltaic applications.

Key Innovations:

• Nanostructured surface technology for improved film quality
• Closed-loop material recycling programs

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7️⃣ 4. Honeywell Electronic Materials

Headquarters: Morris Plains, New Jersey, USA
Key Offering: Aluminum, titanium, and ternary alloy targets

Honeywell’s advanced sputtering solutions enable high-efficiency photovoltaic manufacturing with optimized target utilization.

Key Innovations:

• Patented bonding technology extending service life
• Custom formulation services for emerging PV technologies

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6️⃣ 5. Sumitomo Chemical Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: Transparent conductive oxide (TCO) targets

Sumitomo leads in ITO and AZO targets for photovoltaic front contacts, driving efficiency improvements in thin-film solar cells.

Key Innovations:

• Alternative TCO materials reducing indium dependence
• High-uniformity deposition technology

Download FREE Sample Report: Global Sputtering Targets for Photovoltaic Cells Market – View in Detailed Research Report

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5️⃣ 6. ULVAC, Inc.

Headquarters: Chigasaki, Japan
Key Offering: Integrated sputtering systems and targets

ULVAC provides complete thin-film solutions combining high-performance targets with precision deposition equipment.

Key Innovations:

• Turnkey PV production solutions
• HiPIMS technology for superior film properties

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4️⃣ 7. Materion (Heraeus)

Headquarters: Mayfield Heights, Ohio, USA
Key Offering: Ultra-pure precious metal targets

Materion delivers specialty targets enabling high-efficiency back contact layers in advanced photovoltaic architectures.

Key Innovations:

• Custom alloy formulations
• Advanced analytical services

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3️⃣ 8. GRIKIN Advanced Material Co., Ltd.

Headquarters: Beijing, China
Key Offering: Cost-effective copper and aluminum targets

GRIKIN has emerged as a major supplier to China’s growing thin-film photovoltaic manufacturing sector.

Key Innovations:

• Localized production reducing lead times
• High-volume manufacturing capability

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2️⃣ 9. TOSOH Corporation

Headquarters: Tokyo, Japan
Key Offering: Zinc oxide and aluminum oxide targets

TOSOH specializes in ceramic targets for photovoltaic buffer and window layers in thin-film applications.

Key Innovations:

• Doped oxide targets with enhanced conductivity
• Large-area target production capability

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1️⃣ 10. Umicore Thin Film Products

Headquarters: Hanau, Germany
Key Offering: Specialty alloy and compound semiconductor targets

Umicore provides advanced material solutions for emerging PV technologies including perovskite and tandem solar cells.

Key Innovations:

• R&D leadership in next-generation PV materials
• Sustainable material recycling programs

Get Full Report Here: Global Sputtering Targets for Photovoltaic Cells Market – View in Detailed Research Report

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☀️ Outlook: The Future of Photovoltaic Sputtering Targets

The sputtering targets market is transforming to support photovoltaic manufacturers’ push for higher efficiencies and sustainable production. Emerging technologies are creating demand for advanced deposition materials and processes.

📈 Key Market Trends:

• Transition to larger target sizes for next-gen production lines
• Development of indium-free transparent conductive oxides
• Increased adoption of rotary targets to improve utilization
• Strategic partnerships between material suppliers and equipment makers

The companies profiled above are developing the material solutions that will enable the next wave of efficient, cost-effective solar technology.

Get Full Report Here: Global Sputtering Targets for Photovoltaic Cells Market – View in Detailed Research Report