The Global Solar Cell Sputtering Target Market was valued at USD 1.85 Billion in 2024 and is projected to reach USD 3.12 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period (2024–2030). This robust growth is driven by the global push for renewable energy, increasing investments in photovoltaic (PV) manufacturing capacity, and the critical role of advanced thin-film deposition technologies in enhancing solar cell efficiency.

As the solar industry accelerates toward terawatt-scale production, the materials that form the core of PV cells are more important than ever. Sputtering targets are essential for creating the conductive and reflective layers in both silicon-based and next-generation thin-film solar cells. In this blog, we profile the Top 10 Companies in the Solar Cell Sputtering Target Industry—a group of global material science leaders and specialized manufacturers shaping the efficiency and cost-effectiveness of solar power generation.

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🔟 1. Praxair (Linde)

Headquarters: Danbury, Connecticut, USA
Key Offering: High-purity metal and ceramic sputtering targets (Molybdenum, Aluminum, ITO)

Praxair Surface Technologies, now part of Linde, is a premier global supplier of high-purity sputtering targets for the solar industry. The company provides advanced materials for both CIGS (Copper Indium Gallium Selenide) and CdTe (Cadmium Telluride) thin-film solar cell production, with a strong focus on material consistency and performance.

Innovation & Market Focus:

• Leading supplier of molybdenum (Mo) targets for CIGS back contacts

• Advanced ITO (Indium Tin Oxide) targets for transparent conductive oxides (TCO)

• Global R&D centers dedicated to thin-film PV material science

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9️⃣ 2. Mitsui Mining & Smelting

Headquarters: Tokyo, Japan
Key Offering: High-purity indium, gallium, and related alloy sputtering targets

Mitsui Mining & Smelting is a key player in the supply of critical raw materials for the electronics and energy sectors. The company’s high-purity indium and gallium are essential for manufacturing sputtering targets used in CIGS solar cells, positioning it as a vital link in the thin-film PV supply chain.

Innovation & Market Focus:

• Vertically integrated production from mining to high-purity metals

• Strategic focus on supply chain security for critical minerals

• Development of recycling technologies for indium and gallium

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8️⃣ 3. JX Nippon Mining & Metals Corporation

Headquarters: Tokyo, Japan
Key Offering: Copper, indium, gallium, and selenium (CIGS) targets; High-purity metals

JX Nippon Mining & Metals is a global leader in non-ferrous metals and a major supplier of high-performance sputtering targets. The company provides essential materials for the entire spectrum of PV technologies, with particular strength in the CIGS thin-film segment.

Innovation & Market Focus:

• Comprehensive portfolio for CIGS absorber layer deposition

• High-purity copper targets for silicon heterojunction (HJT) solar cells

• Active in developing targets for perovskite solar cell applications

Download FREE Sample Report:
Solar Cell Sputtering Target Market – View in Detailed Research Report

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7️⃣ 4. Materion Corporation

Headquarters: Mayfield Heights, Ohio, USA
Key Offering: Beryllium, copper, and aluminum alloy sputtering targets

Materion is a leading advanced materials solutions provider with a significant presence in the solar market. The company’s expertise in engineered materials and precision coating technologies makes it a key partner for PV manufacturers seeking to improve cell efficiency and durability.

Innovation & Market Focus:

• Specialized beryllium-based alloys for high-performance applications

• Advanced bonding technologies for large-area sputtering targets

• Focus on reducing material waste and improving target utilization

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6️⃣ 5. Honeywell Electronic Materials

Headquarters: Charlotte, North Carolina, USA
Key Offering: Aluminum, titanium, and copper sputtering targets; PV metallization pastes

Honeywell is a diversified technology and manufacturing leader, and its Electronic Materials division is a major supplier to the global solar industry. The company provides a range of sputtering targets and complementary materials for both thin-film and silicon solar cell manufacturing.

Innovation & Market Focus:

• High-purity aluminum targets for rear-side metallization

• Integration of sputtering targets with conductive paste offerings

• Global manufacturing footprint supporting PV supply chains

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5️⃣ 6. Ningbo Jiangfeng

Headquarters: Ningbo, Zhejiang, China
Key Offering: Cost-competitive molybdenum, aluminum, and ITO sputtering targets

Ningbo Jiangfeng is a prominent Chinese manufacturer of sputtering targets, serving the fast-growing domestic and international solar markets. The company has established itself as a key supplier by focusing on cost-effectiveness and scaling production to meet the massive demand from PV manufacturers.

Innovation & Market Focus:

• Large-scale production of molybdenum targets for CIGS solar cells

• Expanding capacity for ITO and other transparent conductive oxides

• Strategic partnerships with leading Chinese PV module producers

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4️⃣ 7. TOSOH Corporation

Headquarters: Tokyo, Japan
Key Offering: High-purity zinc oxide (ZnO) and aluminum-doped zinc oxide (AZO) targets

TOSOH is a specialty chemical company and a leading global supplier of high-performance sputtering targets, particularly zinc oxide-based materials. Its AZO targets are a cadmium-free alternative for transparent conductive layers in thin-film solar cells, aligning with environmental and regulatory trends.

Innovation & Market Focus:

• Pioneer in Aluminum-doped Zinc Oxide (AZO) targets for PV

• Focus on environmentally friendly alternatives to ITO

• R&D in targets for emerging tandem solar cell architectures

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3️⃣ 8. Hitachi Metals

Headquarters: Tokyo, Japan
Key Offering: High-purity copper, aluminum, and specialty alloy sputtering targets

Hitachi Metals is a major global materials manufacturer with advanced capabilities in metal processing and fabrication. The company’s sputtering target business supports a wide range of industrial applications, including a significant and growing segment dedicated to solar cell manufacturing.

Innovation & Market Focus:

• Advanced bonding technology for high-performance target assemblies

• High-purity copper for busbars and grid lines in high-efficiency cells

• Global technical support and customization services

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2️⃣ 9. Fujian Acetron New Materials Co., Ltd

Headquarters: Fujian, China
Key Offering: Molybdenum, tungsten, and tantalum sputtering targets

Fujian Acetron is a specialized Chinese manufacturer focused on refractory metal products, including sputtering targets for the solar industry. The company has carved out a significant niche as a supplier of durable, high-performance targets for demanding thin-film deposition processes.

Innovation & Market Focus:

• Specialization in refractory metal targets (Mo, W, Ta)

• Focus on improving target density and microstructure for longer life

• Expanding export markets beyond China

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1️⃣ 10. Umicore Thin Film Products

Headquarters: Brussels, Belgium
Key Offering: Indium, germanium, and gallium-based sputtering targets; Recycled materials

Umicore is a global materials technology and recycling group. Its Thin Film Products division is a key supplier of high-purity sputtering targets, with a strong emphasis on sustainable sourcing through its closed-loop recycling programs for critical metals like indium and germanium.

Innovation & Market Focus:

• World leader in indium recycling for sputtering target production

• Development of targets for high-efficiency multi-junction solar cells

• Commitment to circular economy principles in the PV supply chain

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Solar Cell Sputtering Target Market – View in Detailed Research Report

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🌍 Outlook: The Future of Solar Cell Sputtering Targets Is Smarter and More Efficient

The solar cell sputtering target market is undergoing a significant transformation, driven by the relentless pursuit of higher cell efficiencies, lower manufacturing costs, and more sustainable material usage. While traditional materials like molybdenum and aluminum remain foundational, the industry is rapidly adopting new alloys and compound materials to push the boundaries of photovoltaic performance.

📈 Key Trends Shaping the Market:

• Rise of HJT and TOPCon Technologies: Increasing adoption of heterojunction (HJT) and tunnel oxide passivated contact (TOPCon) cell architectures is driving demand for high-purity, low-stress TCO and metal targets.

• Material Innovation for Perovskite Tandems: Intensive R&D into sputtering targets for perovskite-on-silicon tandem cells, which promise efficiencies exceeding 30%.

• Supply Chain Localization: Growing efforts in Europe and North America to establish domestic sputtering target production capacity to reduce reliance on Asian suppliers.

• Sustainability and Recycling: Enhanced focus on recycling critical materials like indium and gallium to ensure long-term supply security and reduce environmental impact.

The companies profiled above are not just supplying materials; they are enabling the next generation of solar technology. Their innovations in material purity, target design, and manufacturing processes are directly contributing to the continued reduction in the Levelized Cost of Electricity (LCOE) for solar power, making it the most affordable source of new electricity generation in many parts of the world.

Read Full Report:
Solar Cell Sputtering Target Market – View in Detailed Research Report