Top 10 Companies in the Global Sputtering Targets for Photovoltaic Cells Market (2026): Market Leaders Driving Solar Innovation

MARKET INSIGHTS

Global Sputtering Targets for Photovoltaic Cells market size was valued at USD 1.45 billion in 2024. The market is projected to grow from USD 1.57 billion in 2025 to USD 2.68 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period.

Sputtering targets are high‑purity metallic or alloy materials used in the physical vapor deposition process to deposit thin films onto substrates for photovoltaic cells. These targets enable the creation of essential layers, such as transparent conductive oxides and electrodes, in thin‑film solar technologies including CdTe, CIS/CIGS, and a‑Si solar cells. By bombarding the target with ions, atoms are ejected and deposited to form precise, uniform coatings that enhance cell efficiency and performance.

The market is experiencing steady growth due to the surging demand for renewable energy sources and rapid expansion in solar photovoltaic installations worldwide. Furthermore, advancements in thin‑film solar cell manufacturing and government incentives for clean energy are propelling adoption. Key players are investing in innovative materials to improve durability and cost‑effectiveness. For instance, in April 2024, Materion Corporation expanded its production capacity for sputtering targets tailored for photovoltaic applications to meet rising global demand. JX Nippon Mining & Metals Corporation, Honeywell International Inc., and Umicore Thin Film Products are among the leading companies offering diverse portfolios in this space.

Global Sputtering Targets for Photovoltaic Cells Market – View in Detailed Research Report

Top 10 Companies in the Global Sputtering Targets for Photovoltaic Cells Market

1️⃣ JX Nippon Mining & Metals Corporation

Headquarters: Tokyo, Japan
Key Offering: High‑purity molybdenum and aluminum targets for CdTe, CIGS cells

JX Nippon leverages its extensive metallurgical expertise to supply substrates that meet the strict purity standards demanded by high‑efficiency thin‑film manufacturers. The company’s recent partnership with a leading Chinese panel producer has expanded its footprint in Asia‑Pacific.

Sustainability Initiatives:

• Optimizing raw‑material sourcing to reduce carbon footprint
• Investing in closed‑loop recycling of scrap targets
• Aligning product development with industry decarbonisation targets

2️⃣ Praxair (Linde plc)

Headquarters: Chicago, USA
Key Offering: Advanced alloy targets for high‑efficiency perovskite‑silicon tandems

Praxair’s integrated gas‑processing platform enables precise control over target composition, translating into superior film quality for next‑generation PV cells.

Sustainability Initiatives:

• Deploying low‑energy plasma‑sputtering processes
• Expanding recycling programs for used targets
• Targeting net‑zero emissions across its supply chain by 2040

3️⃣ Hitachi Metals

Headquarters: Tokyo, Japan
Key Offering: Molybdenum‑based targets for CdTe modules

Hitachi’s long‑standing reputation in precision metallurgy underpins its ability to deliver targets with exceptional grain‑size control, a critical factor for high‑yield cell production.

Sustainability Initiatives:

• Adopting renewable energy in manufacturing plants
• Reducing waste through advanced process optimisation
• Collaborating with research institutes on low‑carbon target alloys

4️⃣ Honeywell

Headquarters: Charlotte, USA
Key Offering: Composite alloy targets for flexible thin‑film modules

Honeywell’s focus on material innovation has positioned it as a key supplier for flexible PV solutions that demand lightweight, high‑performance targets.

Sustainability Initiatives:

• Implementing circular‑economy practices in target manufacturing
• Investing in research for indium‑free TCOs
• Supporting global PV projects with low‑carbon supply chains

5️⃣ Sumitomo Chemical

Headquarters: Osaka, Japan
Key Offering: Ceramic compound targets for advanced TCO layers

Sumitomo’s expertise in ceramic chemistry allows it to produce targets that deliver superior optical transparency and electrical conductivity for high‑efficiency cells.

Sustainability Initiatives:

• Reducing energy intensity in target production
• Developing eco‑friendly coating processes
• Partnering with PV manufacturers on sustainability metrics

6️⃣ ULVAC

Headquarters: Tokyo, Japan
Key Offering: Advanced sputtering systems and high‑purity target delivery

ULVAC’s dual role as equipment and material supplier gives it a competitive edge in ensuring process‑material synergy for PV manufacturers.

Sustainability Initiatives:

• Optimising equipment energy consumption
• Promoting zero‑waste manufacturing practices
• Providing training on sustainable deposition techniques

7️⃣ Materion (Heraeus)

Headquarters: Rochester, USA
Key Offering: High‑purity indium‑based targets for CIS/CIGS cells

Materion’s recent capacity expansion in 2024 positions it to meet the rising demand for indium‑rich targets, a critical component in high‑efficiency thin‑film panels.

Sustainability Initiatives:

• Investing in indium recycling technologies
• Reducing VOC emissions in target fabrication
• Engaging in joint R&D with PV manufacturers on low‑indium alloys

8️⃣ GRIKIN Advanced Material Co., Ltd.

Headquarters: Shenzhen, China
Key Offering: Customised alloy targets for local PV manufacturers

GRIKIN’s agile production model enables rapid response to regional demand, supporting China’s domestic PV growth.

Sustainability Initiatives:

• Implementing energy‑efficient manufacturing lines
• Developing low‑carbon target materials for domestic use
• Partnering with local universities on material science

9️⃣ TOSOH

Headquarters: Tokyo, Japan
Key Offering: High‑purity alloy targets for advanced PV architectures

TOSOH’s focus on precision alloying supports the development of high‑efficiency tandem cells that require stringent material specifications.

Sustainability Initiatives:

• Reducing energy consumption in target production
• Exploring bio‑based alloying agents
• Supporting community sustainability programmes

🔟 Ningbo Jiangfeng

Headquarters: Ningbo, China
Key Offering: Cost‑effective metal targets for large‑scale PV manufacturing

Ningbo Jiangfeng’s scale‑up strategy aligns with China’s push for domestic panel production, providing reliable supply for high‑volume operations.

Sustainability Initiatives:

• Optimising raw‑material usage to lower waste
• Implementing water‑recycling systems in production
• Collaborating with local governments on green manufacturing projects

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Outlook

Over the next decade, the sputtering target market will continue to evolve alongside the broader PV industry. The shift toward higher‑efficiency, low‑indium, and perovskite‑based technologies will drive demand for new target chemistries, while the expansion of manufacturing hubs in Southeast Asia and India will create regional supply‑chain opportunities. Companies that combine material innovation with scalable production will position themselves at the forefront of this transition.

Future Trends

Key trends that will shape the market include:

• Adoption of rotary and high‑density target designs that improve material utilisation and reduce operating costs.
• Emergence of alternative deposition techniques such as ALD and plasma‑enhanced sputtering, potentially reshaping the competitive landscape.
• Accelerated R&D into indium‑free and cadmium‑free thin‑film chemistries to mitigate supply‑chain risks.
• Strategic alliances between target suppliers and PV manufacturers to co‑develop integrated deposition solutions.
• Increasing regulatory focus on sustainability metrics, pushing suppliers to demonstrate lower life‑cycle emissions.