The Global Indium Market was valued at USD 439 Million in 2024 and is projected to reach USD 666 Million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period (2024–2032). This growth is being driven by escalating demand for Indium Tin Oxide (ITO) in displays and touchscreens, expansion in photovoltaic applications, and the increasing adoption of indium alloys in semiconductors and advanced electronics.

As the global electronics industry continues its rapid evolution, the reliance on high-purity materials is more critical than ever. In this blog, we profile the Top 10 Companies in the Indium Industry—a group of mining giants, specialized refiners, and recycling pioneers who are securing the supply chains for our digital future.

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🔟 1. Dowa Holdings Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: High-Purity Primary Indium, ITO Sputtering Targets

Dowa Holdings is a global leader in the indium market, commanding an estimated 12% market share. The company’s strength lies in its vertically integrated operations, from zinc mining and smelting to the production of high-purity (up to 99.9999%) indium. Dowa is a key supplier to major display panel manufacturers worldwide.

Sustainability & Innovation Initiatives:

• Advanced recycling technologies for indium recovery from LCD panel scrap

• Investment in R&D for next-generation transparent conductive films

• Commitment to reducing environmental impact across its smelting operations

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9️⃣ 2. Korea Zinc Co., Ltd.

Headquarters: Seoul, South Korea
Key Offering: Primary Indium, Indium Alloys

As one of the world’s largest zinc smelters, Korea Zinc is a major producer of indium as a byproduct. The company leverages its extensive refining infrastructure to supply high-quality indium to the booming Asian electronics market, with a significant portion of its output dedicated to ITO production.

Sustainability & Innovation Initiatives:

• Continuous improvement in indium recovery rates from zinc processing

• Strategic partnerships with downstream ITO manufacturers

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8️⃣ 3. Umicore N.V.

Headquarters: Brussels, Belgium
Key Offering: High-Purity Indium, Recycled Indium, ITO Powders

Umicore is a global materials technology and recycling group with a strong focus on sustainable sourcing. Its indium business benefits from its leadership in e-waste recycling, positioning it as a key player in the circular economy for critical metals.

Sustainability & Innovation Initiatives:

• Pioneering closed-loop recycling programs for end-of-life electronics

• Development of advanced materials for thin-film photovoltaics (CIGS)

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7️⃣ 4. Teck Resources Limited

Headquarters: Vancouver, Canada
Key Offering: Primary Indium, Specialty Metals

Teck Resources is a diversified mining company and a significant indium producer from its Trail Operations in British Columbia. The facility is one of the largest zinc and lead smelting complexes in the world and a key source of indium supply outside of Asia.

Sustainability & Innovation Initiatives:

• Proprietary hydrometallurgical process enhancing indium yield

• Investment in technologies to reduce the carbon footprint of metal production

Download FREE Sample Report: Indium Market – View in Detailed Research Report

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6️⃣ 5. Nyrstar NV

Headquarters: Balen, Belgium
Key Offering: Primary Indium, Zinc-Indium Alloys

Nyrstar is a leading multi-metals producer, with indium recovered as a byproduct at several of its zinc smelters across Europe and North America. The company plays a crucial role in supplying the European market with this critical raw material.

Sustainability & Innovation Initiatives:

• Focus on improving resource efficiency and byproduct recovery

• Adherence to stringent EU environmental and sourcing regulations

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5️⃣ 6. PPM Pure Metals GmbH

Headquarters: Langelsheim, Germany
Key Offering: Ultra-High Purity Indium (6N and 7N)

PPM Pure Metals specializes in producing ultra-pure metals for high-tech applications. The company is a key supplier of high-purity indium for the semiconductor and photonics industries, where exacting material specifications are required.

Sustainability & Innovation Initiatives:

• Expertise in purification technologies for specialist applications

• Supply chain partnerships with leading semiconductor manufacturers

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4️⃣ 7. Asahi Holdings, Inc.

Headquarters: Tokyo, Japan
Key Offering: Refined Indium, Recycled Indium from E-Waste

Asahi Holdings is a Japanese company with a strong focus on metal refining and recycling. It is a significant player in the indium market, with capabilities in both primary production from zinc concentrates and secondary recovery from urban mines.

Sustainability & Innovation Initiatives:

• Development of efficient urban mining processes for indium recovery

• Contributing to Japan’s goal of resource self-sufficiency

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3️⃣ 8. Zhuzhou Smelter Group Co., Ltd.

Headquarters: Zhuzhou, Hunan, China
Key Offering: Primary Indium, Indium Ingots

As part of China’s non-ferrous metals industry, Zhuzhou Smelter Group is a major domestic producer of indium. The company benefits from China’s position as the world’s largest producer of zinc, the primary source of indium.

Sustainability & Innovation Initiatives:

• Modernization of smelting facilities to improve efficiency and environmental performance

• Supporting the growth of China’s domestic display and electronics industries

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2️⃣ 9. YoungPoong Corporation

Headquarters: Seoul, South Korea
Key Offering: Primary Indium, Zinc Byproducts

YoungPoong is a leading South Korean non-ferrous metal smelter. The company produces indium at its Onsan refinery, supplying the crucial raw material to the dense ecosystem of display and semiconductor manufacturers in South Korea.

Sustainability & Innovation Initiatives:

• Implementation of advanced smelting technologies

• Long-term supply agreements with key domestic industrial players

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1️⃣ 10. Indium Corporation

Headquarters: Clinton, New York, USA
Key Offering: High-Purity Indium, Indium Alloys, Solder Pastes

Indium Corporation is a global leader in materials science, specializing in indium, gallium, germanium, and tin products. While not a primary producer, it is a critical value-added supplier, refining primary metal and formulating specialized alloys and solders for the electronics industry.

Sustainability & Innovation Initiatives:

• R&D in indium-based thermal interface materials for high-power electronics

• Development of advanced solders for next-generation semiconductor packaging

Get Full Report Here: Indium Market – View in Detailed Research Report

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🌍 Outlook: The Future of Indium is Smarter and More Sustainable

The indium market is navigating a complex landscape of robust demand and supply constraints. While ITO for displays continues to dominate consumption, the industry is actively investing in recycling technologies, exploring alternative materials, and developing new high-value applications to ensure long-term viability.

📈 Key Trends Shaping the Market:

• Accelerated growth in demand for larger and higher-resolution displays

• Rising importance of urban mining and indium recycling from e-waste

• Expansion of indium use in high-efficiency CIGS photovoltaic cells

• Geopolitical focus on securing supply chains for critical raw materials

Get Full Report Here: Indium Market – View in Detailed Research Report

The companies listed above are not only supplying a critical industrial material—they’re enabling the technological advancements that define the modern world.