The Global Solar Cell Sputtering Target Market was valued at USD 1.92 Billion in 2023 and is projected to reach USD 3.26 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period (2024–2030). This strong growth trajectory is fueled by the global push for renewable energy, massive investments in solar photovoltaics (PV), and the critical role sputtering targets play in manufacturing high-efficiency thin-film solar cells.

As the solar industry advances toward higher conversion efficiencies and lower production costs, the materials used in the manufacturing process become paramount. Sputtering targets are essential components for depositing thin, conductive, and protective layers onto solar panels. In this blog, we profile the Top 10 Companies in the Solar Cell Sputtering Target Industry—a collection of global material science leaders and specialized manufacturers driving innovation in photovoltaic technology.

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🔟 1. Praxair (Linde)

Headquarters: Danbury, Connecticut, USA (operating as part of Linde plc)
Key Offering: High-purity metal targets (Molybdenum, Aluminum, Copper), alloy targets, and ceramic targets.

Linde, through its Praxair Surface Technologies brand, is a global powerhouse in advanced materials. The company supplies high-performance sputtering targets critical for depositing conductive back contacts and transparent conductive oxides (TCOs) in thin-film solar cells, serving major PV panel manufacturers worldwide.

Innovation & Market Position:

• Leading supplier of molybdenum (Mo) targets for CIGS solar cells.

• Advanced R&D in reactive sputtering for aluminum-doped zinc oxide (AZO) layers.

• Global logistics and technical support network for semiconductor and PV industries.

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9️⃣ 2. Mitsui Mining & Smelting Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: Indium Tin Oxide (ITO) targets, Gallium targets, High-purity metals.

Mitsui Mining & Smelting is a key Japanese supplier of specialized materials, with a strong foothold in the sputtering target market for electronics and energy applications. The company’s high-purity indium and gallium targets are essential for producing high-efficiency compound solar cells.

Innovation & Market Position:

• Major producer of ITO targets for transparent conductive layers.

• Strategic focus on materials for CIS/CIGS thin-film solar technology.

• Vertical integration from mining to high-purity metal refining.

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8️⃣ 3. JX Nippon Mining & Metals Corporation

Headquarters: Tokyo, Japan
Key Offering: Copper Indium Gallium Selenide (CIGS) targets, Copper targets, Selenium targets.

JX Nippon Mining & Metals is a leading global supplier of non-ferrous metals and advanced materials. The company is pivotal in the CIGS thin-film solar sector, providing the precise compound targets required for the light-absorbing layer of these high-performance cells.

Innovation & Market Position:

• Pioneer in the development and supply of CIGS sputtering targets.

• Extensive R&D focused on improving target purity and deposition uniformity.

• Strong partnerships with leading thin-film solar cell manufacturers.

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7️⃣ 4. Materion Corporation

Headquarters: Mayfield Heights, Ohio, USA
Key Offering: Beryllium-based alloys, Copper alloys, Specialty metal targets.

Materion is a specialized advanced materials company known for its high-performance alloys and beryllium products. Its sputtering targets are used in demanding applications, including certain advanced solar cell designs that require unique material properties for enhanced durability and conductivity.

Innovation & Market Position:

• Expertise in vacuum-cast and forged target materials for superior grain structure.

• Development of custom alloy targets for next-generation PV applications.

• Focus on materials that enable longer target life and higher process yield.

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6️⃣ 5. Honeywell Electronic Materials

Headquarters: Charlotte, North Carolina, USA
Key Offering: Aluminum targets, Titanium targets, Sputtering target bonding services.

Honeywell is a well-established supplier in the electronics materials space, providing high-purity metal sputtering targets used for metallization and barrier layers in solar cell manufacturing. The company is known for its consistent quality and global supply chain reliability.

Innovation & Market Position:

• Reliable supplier of high-volume aluminum sputtering targets.

• Advanced target bonding technologies that improve thermal management during sputtering.

• Global presence supporting solar manufacturers in Asia, Europe, and the Americas.

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5️⃣ 6. Ningbo Jiangfeng

Headquarters: Ningbo, Zhejiang, China
Key Offering: Pure metal targets (Mo, Al, Cu, Ti), Rotatable targets.

Ningbo Jiangfeng is a leading Chinese manufacturer of sputtering targets, serving the rapidly growing domestic and international solar markets. The company specializes in large-format, cost-effective targets, particularly molybdenum for CIGS solar cell back contacts.

Innovation & Market Position:

• Significant market share in molybdenum targets for the Asian PV industry.

• Expertise in producing long-life rotatable targets for continuous manufacturing processes.

• Competitive pricing strategy catering to high-volume solar panel production.

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4️⃣ 7. TOSOH Corporation

Headquarters: Tokyo, Japan
Key Offering: High-purity Zinc Oxide (ZnO) targets, IZO (Indium Zinc Oxide) targets.

TOSOH is a Japanese chemical company specializing in high-purity materials. Its sputtering targets, particularly those based on zinc oxide, are crucial for creating the transparent front contacts in thin-film solar cells, offering a potential alternative to more expensive ITO.

Innovation & Market Position:

• Leading developer of doped zinc oxide (e.g., AZO, GZO) targets for TCO layers.

• Focus on materials that reduce manufacturing costs without sacrificing performance.

• Strong R&D in novel transparent conductive materials for PV.

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3️⃣ 8. Hitachi Metals, Ltd.

Headquarters: Tokyo, Japan
Key Offering: Cobalt-based alloy targets, Magnetic materials, High-purity metals.

Hitachi Metals is a diversified materials company with advanced capabilities in metal processing. Its sputtering targets are used in various electronic applications, including specialized solar cell structures that require specific magnetic or conductive properties.

Innovation & Market Position:

• Specializes in high-performance alloy targets for advanced PV R&D.

• Proprietary manufacturing processes for fine-grained, high-density targets.

• Integrated supply chain from melting and casting to precision machining.

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2️⃣ 9. Fujian Acetron New Materials Co., Ltd.

Headquarters: Fujian, China
Key Offering: Aluminum targets, Titanium targets, Copper targets, Custom alloys.

Fujian Acetron is a prominent Chinese supplier focused on the production of sputtering targets for the display, semiconductor, and solar industries. The company has gained significant traction by offering a wide range of standard and custom targets to meet the specific needs of PV manufacturers.

Innovation & Market Position:

• Rapidly growing supplier catering to China’s massive solar manufacturing base.

• Capability to produce large-sized targets for Gen 8.5 and above panel production.

• Strong focus on cost-optimized solutions for mainstream PV production.

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1️⃣ 10. Umicore Thin Film Products

Headquarters: Brussels, Belgium
Key Offering: Indium targets, ITO targets, Recycling services for target materials.

Umicore is a global materials technology and recycling group. Its Thin Film Products division is a key player in the supply of precious and specialty metal targets, such as indium and ITO, and is also a leader in the circular economy through its target recycling services.

Innovation & Market Position:

• World-leading recycler of spent sputtering targets, reducing material costs and environmental impact.

• Supplier of critical materials like indium for high-efficiency solar applications.

• Commitment to sustainable sourcing and closed-loop material cycles.

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🌍 Outlook: The Future of Solar Cell Sputtering Targets Is High-Efficiency and Sustainable

The solar cell sputtering target market is evolving in lockstep with the broader photovoltaic industry. As solar cell architectures become more complex to push efficiency boundaries beyond 25%, the demand for advanced, high-purity, and novel material targets will intensify. The shift towards perovskite solar cells and tandem architectures presents both a challenge and an opportunity for target manufacturers.

📈 Key Trends Shaping the Market:

• Rise of Tandem Solar Cells: Combining perovskite with silicon requires new sets of sputtered interfacial and transparent conductive layers, driving demand for multi-material target solutions.

• Cost Reduction Pressures: As PV module prices fall, target manufacturers are under pressure to improve material utilization (e.g., through rotatable targets) and reduce costs without compromising purity.

• Sustainability and Recycling: The high value and limited supply of metals like indium and gallium are making target recycling and circular economy models increasingly critical for long-term industry sustainability.

• Localization of Supply Chains: Geopolitical factors and supply chain resilience concerns are prompting regionalization of target manufacturing, especially in Europe and North America.

The companies profiled are at the forefront of material science, enabling the production of more powerful and affordable solar energy. Their innovations in sputtering target technology are fundamental to powering the global transition to clean energy.

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