The Global Target Material for Solar Cell Market was valued at USD 1.65 Billion in 2023 and is projected to reach USD 2.84 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period (2023–2032). This significant growth is being driven by the global expansion of solar energy infrastructure, technological advancements in thin-film photovoltaic (PV) manufacturing, and the accelerating adoption of advanced sputtering technologies across the renewable energy sector.

As the solar industry rapidly scales to meet net-zero emissions targets, the critical role of high-purity target materials in creating efficient and durable solar cells is paramount. These materials are essential for the physical vapor deposition (PVD) processes that form the conductive and protective layers in solar panels. In this blog, we profile the Top 10 Companies in the Target Material for Solar Cell Industry—a mix of global material science leaders, specialized metal suppliers, and thin-film technology pioneers shaping the future of solar energy generation.

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

---

🔟 1. Materion (Heraeus)

Headquarters: Mayfield Heights, Ohio, USA
Key Offering: High-Purity Metal Targets, Alloy Targets, Advanced Material Solutions

Materion, following its strategic acquisition of Heraeus’ target materials business, is a world-leading supplier of high-performance materials for the electronics and energy sectors. The company provides ultra-high purity sputtering targets essential for manufacturing thin-film solar cells, including CIGS (Copper Indium Gallium Selenide) and perovskite solar technologies.

Innovation and Market Position:

• Leading global supplier for CIGS and thin-film PV target materials

• Extensive R&D in next-generation materials for high-efficiency solar cells

• Strategic focus on supply chain resilience and material purity exceeding 99.999%

---

9️⃣ 2. JX Nippon Mining & Metals Corporation

Headquarters: Tokyo, Japan
Key Offering: Molybdenum Targets, Copper Targets, ITO (Indium Tin Oxide) Targets

JX Nippon Mining & Metals is a key player in the global market for high-purity metals and sputtering targets. The company serves major solar panel manufacturers worldwide, providing critical materials for both back-contact and transparent conductive oxide (TCO) layers in various solar cell architectures.

Innovation and Market Position:

• Pioneer in large-area sputtering targets for PV module production

• Strong vertical integration from mining to high-purity metal processing

• Strategic partnerships with leading Asian and European solar cell producers

---

8️⃣ 3. Praxair (Now Linde)

Headquarters: Danbury, Connecticut, USA
Key Offering: Sputtering Targets, Evaporation Materials, High-Purity Gases

Praxair, now part of Linde plc, offers a comprehensive portfolio of materials for thin-film deposition. Its target materials division supplies critical components for the solar industry, supporting the production of highly efficient and reliable photovoltaic modules through advanced PVD processes.

Innovation and Market Position:

• Integrated offering of targets and process gases for vacuum deposition

• Global supply chain supporting large-scale PV manufacturing facilities

---

7️⃣ 4. Plansee SE

Headquarters: Reutte, Austria
Key Offering: Molybdenum Targets, Tungsten Targets, TZM Alloy Targets

Plansee SE is a globally recognized leader in refractory metals and composite materials. The company produces high-performance sputtering targets known for their exceptional density, purity, and thermal stability, which are crucial for the demanding environments of solar cell manufacturing.

Innovation and Market Position:

• Specialist in refractory metal targets for high-temperature PV applications

• Proprietary powder metallurgy processes ensuring target durability and longevity

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

---

6️⃣ 5. Mitsui Mining & Smelting

Headquarters: Tokyo, Japan
Key Offering: Indium Targets, Zinc Oxide Targets, Multi-Layer Sputtering Targets

Mitsui Mining & Smelting is a major supplier of specialized metal products for the electronics and energy industries. The company provides essential target materials, including indium-based compounds, which are vital for the production of high-efficiency CIGS and cadmium telluride (CdTe) thin-film solar cells.

Innovation and Market Position:

• Key supplier of indium for the growing CIGS solar market segment

• Advanced alloy development for improved solar cell performance and cost reduction

---

5️⃣ 6. Hitachi Metals

Headquarters: Tokyo, Japan
Key Offering: High-Purity Metal Targets, Magnetic Materials, Specialized Alloys

Hitachi Metals leverages its extensive metallurgical expertise to produce high-quality sputtering targets for the solar industry. The company focuses on developing materials that enhance the conductivity, adhesion, and overall efficiency of thin-film layers in photovoltaic modules.

Innovation and Market Position:

• Development of specialized alloy targets for optimal thin-film properties

• Strong focus on material consistency and batch-to-batch reliability

---

4️⃣ 7. Honeywell

Headquarters: Charlotte, North Carolina, USA
Key Offering: Sputtering Targets, Electronic Chemicals, Advanced Materials

Honeywell’s Electronic Materials business is a trusted global supplier of high-purity sputtering targets used in semiconductor and PV manufacturing. The company provides a range of metal and alloy targets that meet the stringent purity requirements of modern solar cell production lines.

Innovation and Market Position:

• Global leader in supplying high-purity aluminum and copper targets for solar applications

• Investment in R&D for materials supporting next-generation tandem solar cells

---

3️⃣ 8. Sumitomo Chemical

Headquarters: Tokyo, Japan
Key Offering: Organic Semiconductor Materials, Transparent Electrode Materials, Chemical Vapor Deposition Precursors

Sumitomo Chemical is a diversified chemical company with a strong presence in materials for advanced electronics and energy applications. While known for its chemical expertise, it also supplies critical materials and precursors that interface with target-based PVD processes in solar cell fabrication.

Innovation and Market Position:

• Development of novel materials for organic and perovskite solar cells

• Integrated material solutions spanning multiple deposition technologies

---

2️⃣ 9. ULVAC

Headquarters: Chigasaki, Japan
Key Offering: Sputtering Targets, PVD Equipment, Vacuum Technology

ULVAC is unique as a provider of both the sputtering targets and the vacuum deposition equipment used in solar panel manufacturing. This dual expertise allows the company to offer optimized, integrated solutions that maximize thin-film quality and production yield for its customers.

Innovation and Market Position:

• Integrated solutions combining targets with proprietary PVD system designs

• Pioneer in high-throughput sputtering systems for cost-effective PV production

---

1️⃣ 10. GRIKIN Advanced Material

Headquarters: Beijing, China
Key Offering: High-Purity Copper Targets, Aluminum Targets, Titanium Targets

GRIKIN Advanced Material is a leading Chinese supplier of high-purity metal sputtering targets, serving the rapidly growing domestic and international solar markets. The company specializes in producing cost-effective yet high-performance targets that are critical for the mass production of silicon heterojunction (HJT) and other advanced solar cell types.

Innovation and Market Position:

• Rapidly expanding capacity to serve the booming Asian PV manufacturing sector

• Strong focus on R&D for materials tailored to PERC, TOPCon, and HJT cell technologies

Get Full Report Here:
Target Material for Solar Cell Market – View in Detailed Research Report

---

🌍 Outlook: The Future of Solar Cell Target Materials Is High-Efficiency and Sustainable

The target material market is undergoing a significant transformation, driven by the photovoltaic industry’s relentless pursuit of higher conversion efficiencies and lower Levelized Cost of Energy (LCOE). While traditional silicon-based solar cells still dominate, the industry is increasingly investing in advanced thin-film and tandem cell technologies that rely heavily on sophisticated sputtering processes and novel material combinations.

📈 Key Trends Shaping the Market:

• Rising demand for high-purity copper and molybdenum targets for silicon heterojunction (HJT) and TOPCon solar cells

• Accelerated R&D in materials for perovskite-silicon tandem cells, targeting efficiencies beyond 30%

• Growing emphasis on recycling and reclaiming precious metals from spent sputtering targets to improve sustainability

• Advancements in target bonding technologies to enhance thermal management and utilization rates in high-power sputtering

Get Full Report Here:
Target Material for Solar Cell Market – View in Detailed Research Report

The companies listed above are not only supplying critical materials for today’s solar panels—they’re pioneering the advanced material science that will power the next generation of high-efficiency, low-cost photovoltaics, accelerating the global transition to renewable energy.