The Global Sputtering Target Material for Flat Panel Display Market was valued at USD 3.2 Billion in 2023 and is projected to reach USD 4.9 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period (2024–2030). This significant growth is primarily fueled by the escalating global demand for high-resolution displays, the rapid expansion of the OLED market, and the ongoing technological advancements in 4K, 8K, and flexible display technologies.

As the display industry transitions toward thinner, more efficient, and higher-performance panels, the critical role of sputtering target materials—the essential components for depositing thin-film layers—has never been more pronounced. In this blog, we profile the Top 10 Companies in the Sputtering Target Material for Flat Panel Display Industry, highlighting the key players whose innovations in material science are shaping the visual technology of tomorrow.

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🔟 1. JX Nippon Mining & Metals Corporation

Headquarters: Tokyo, Japan
Key Offering: ITO (Indium Tin Oxide) Targets, Metal & Alloy Targets (Mo, Al, Cu, Ag)

JX Nippon Mining & Metals is a global leader in high-purity metals and sputtering targets, serving the entire flat panel display supply chain. The company is renowned for its advanced ITO targets, which are critical for transparent conductive layers in LCD and OLED displays. Their extensive R&D focuses on improving target density, grain size control, and recycling technologies for indium.

Key Innovations & Market Position:

• Leading global supplier of ITO sputtering targets

• Pioneering large-size target manufacturing for Gen 10.5+ LCD fabs

• Strong focus on sustainable material sourcing and recycling programs

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

Headquarters: Tokyo, Japan
Key Offering: ITO Targets, Copper (Cu) Targets, Molybdenum (Mo) Targets

Mitsui Mining & Smelting is a key Japanese conglomerate with a dominant position in the sputtering target market. The company provides a comprehensive portfolio of materials essential for TFT (Thin-Film Transistor) arrays and electrode layers in displays. Their expertise in metallurgy and strong vertical integration from mining to final product gives them a significant competitive edge.

Key Innovations & Market Position:

• Major supplier to leading panel manufacturers in South Korea, China, and Japan

• Advanced R&D in low-resistivity copper targets for high-speed signal transmission

• Strategic expansions to meet growing demand from the OLED sector

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8️⃣ 3. Plansee SE

Headquarters: Reutte, Austria
Key Offering: Molybdenum (Mo) Targets, Tungsten (W) Targets, TZM Alloys

Plansee SE is a world-renowned expert in refractory metals and composite materials. The company’s high-density molybdenum targets are industry standards for gate and source/drain electrodes in TFT-LCDs. Plansee’s proprietary Hot Isostatic Pressing (HIP) technology ensures superior target density and longevity, reducing downtime in display manufacturing.

Key Innovations & Market Position:

• Global leader in molybdenum sputtering targets for display applications

• Innovations in bonding technology for larger, more durable target assemblies

• Commitment to developing recyclable and sustainable target materials

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7️⃣ 4. Hitachi Metals, Ltd.

Headquarters: Tokyo, Japan
Key Offering: High-Purity Metal Targets (Al, Cu, Ti), Magnetic Alloys

Hitachi Metals leverages its advanced materials science capabilities to produce high-performance sputtering targets for the display industry. The company specializes in ultra-high-purity aluminum and copper targets used for reflective and conductive layers. Their focus on material purity and microstructure control ensures excellent thin-film uniformity and electrical properties.

Key Innovations & Market Position:

• Expertise in producing large-sized, high-purity aluminum targets for bezel-less displays

• Strong partnerships with major display panel makers across Asia

• Investment in R&D for next-generation display materials, including micro-LED

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6️⃣ 5. Materion Corporation

Headquarters: Mayfield Heights, Ohio, USA
Key Offering: Specialty Alloy Targets, Beryllium-Based Alloys, Precision Thin Films

Materion, through its acquisition of Heraeus’ target business, is a prominent global supplier of advanced engineered materials. The company offers a wide range of sputtering targets, including specialized alloys for specific optical and electrical requirements in high-end displays. Their technical support and custom solutions are highly valued by display manufacturers.

Key Innovations & Market Position:

• Provider of high-performance alloy targets for advanced OLED encapsulation layers

• Focus on developing materials for flexible and foldable display applications

• Global manufacturing and service network supporting display fabs worldwide

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5️⃣ 6. ULVAC, Inc.

Headquarters: Chigasaki, Japan
Key Offering: ITO Targets, Metal Targets, Sputtering Systems and Services

ULVAC is unique as a leading provider of both sputtering target materials and the vacuum deposition equipment itself. This integrated approach gives them deep insight into the entire thin-film deposition process, allowing them to optimize target performance for specific system configurations. They are a key technology partner for display manufacturers.

Key Innovations & Market Position:

• Integrated supplier of materials and equipment, offering total process solutions

• Strong R&D in rotary targets for improved material utilization and cost efficiency

• Leading position in the Chinese display market, the world’s largest production base

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4️⃣ 7. Sumitomo Chemical Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: Color Filter Resins, ITO & Other Transparent Conductive Materials

Sumitomo Chemical is a diversified chemical company with a significant stake in the display materials market. While known for its color filters and optical films, it also supplies key materials for the sputtering process. The company’s chemical expertise allows it to develop novel material compositions for emerging display technologies.

Key Innovations & Market Position:

• Development of alternative transparent conductive oxides (TCOs) to reduce indium dependency

• Strategic focus on materials for quantum dot (QLED) and advanced LCD displays

• Global production capacity to serve the expansive Asian display industry

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3️⃣ 8. GRIKIN Advanced Material Co., Ltd.

Headquarters: Beijing, China
Key Offering: ITO Targets, Molybdenum Targets, Titanium Targets

GRIKIN is a leading Chinese manufacturer of high-purity sputtering targets and has become a vital domestic supplier for China’s massive flat panel display industry. The company has invested heavily in R&D and production capacity to support the localization of the display supply chain and reduce reliance on imported materials.

Key Innovations & Market Position:

• Key domestic supplier for major Chinese panel makers like BOE, CSOT, and HKC

• Rapid scaling of production capacity for large-size targets

• Government-supported initiatives to achieve self-sufficiency in critical display materials

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2️⃣ 9. Honeywell Electronic Materials

Headquarters: Charlotte, North Carolina, USA
Key Offering: High-Purity Aluminum, Copper, and Titanium Targets

Honeywell is a trusted global supplier of electronic materials, including a range of sputtering targets for the semiconductor and display industries. The company’s stringent quality control and consistency make its targets a reliable choice for demanding display manufacturing processes, ensuring high yield and minimal defects.

Key Innovations & Market Position:

• Reputation for exceptionally high purity and batch-to-batch consistency

• Global logistics and support network for just-in-time delivery to fab facilities

• Focus on developing targets for advanced packaging and interconnect applications in displays

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1️⃣ 10. TOSOH Corporation

Headquarters: Tokyo, Japan
Key Offering: High-Purity ITO Powder, Zirconia, and Other Ceramic Materials

TOSOH is a major chemical company and a leading global supplier of ITO sputtering targets and the high-purity indium tin oxide powder used to manufacture them. Their control over the raw material supply chain provides a significant advantage in terms of quality and cost structure, making them a foundational player in the market.

Key Innovations & Market Position:

• One of the world’s largest producers of ITO powder, a critical raw material

• Continuous improvement in ITO target density and electrical performance

• Strategic focus on serving the high-growth OLED display segment

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🖥️ Outlook: The Future of Sputtering Targets is High-Performance and Sustainable

The sputtering target material market is undergoing a significant evolution. While traditional materials like ITO and molybdenum remain essential, the industry is heavily investing in next-generation materials to enable higher resolutions, flexible form factors, and more sustainable manufacturing.

📈 Key Trends Shaping the Market:

• Shift towards Larger Generation Fabs: Demand for larger, monolithic targets for Gen 10.5 and above fabs to improve production economics for large-screen TVs.

• Rise of Alternative Transparent Conductive Materials: R&D into materials like Silver Nanowires, Graphene, and Carbon Nanotubes to complement or replace ITO, especially in flexible OLEDs.

• Focus on Material Utilization and Recycling: Development of rotary targets and advanced bonding techniques to reduce material waste, alongside robust indium recycling programs.

• Customization for Advanced Displays: Tailored material solutions for micro-LEDs, transparent displays, and augmented reality (AR) devices requiring unique optical and electrical properties.

The companies listed above are not only supplying critical materials—they are enabling the next wave of display innovation, from ultra-high-definition televisions to foldable smartphones and immersive AR/VR interfaces.

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