A latest report by Transparency Market Research suggests that the global thin and ultra-thin films market is on course to witness a steady growth over the course of the given forecast period of 2016 to 2024. The vendor landscape is fragmented one. However, majority of the market share is dominated by top three players namely Corning Incorporated, Kaneka Corporation, and E.I. du Pont. The key players in the thin and ultra-thin films market are concentrating more developing innovative and more efficient products. Having a superior product range helps these players to maintain their brand position and also scale up their profit margins.
Technological Advancements and Product Innovation is at Helm for Market Players
On the other hand, the leading companies are also enhancing their technological expertise and patenting their products. There has been a considerable rise in the demand for flexible batteries across the globe. This has been the primary target vertical for majority of the players in the global thin and ultra-thin films market. Some of the other key players in the market include names such as American Elements, Moser Baer India Pvt. Ltd., China National Building Material Company Ltd., and Ascent Solar Technologies among.
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Emerging Economies are Driving Asia Pacific Growth
These leading companies are concentrating on expanding their activities across key geographical regions such as Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these regional segments, Asia Pacific is projected to dominate the global market over the course of the given forecast period. The growth of the region can be attributed to the increasing acceptance the innovative technologies coupled with rising production and manufacturing activities. Moreover, the thin and ultra-thin films market in Asia Pacific is also driven by the booming industrial and electronics verticals of emerging economies such as India, Russia, and China.
The North America region is next line in terms of growth and revenue generation. Easy availability of advanced technology, strict governmental guidelines to cut down carbon emissions, and increasing adoption and installation of solar energy panels are some of the key driving factors for the growth of the North America thin and ultra-thin films market.
Globally, the manufacturers of thin and ultra-thin films are heavily reliant on sponsorships and subsidies. As mentioned before, there has been a considerable improvement in terms of regulation concerning carbon emissions across the world. This has been the major driving factor for the growth of the thin and ultra-thin films market. A natural consequence of these regulations is the rise in adoption of conservational energy production systems, especially solar panels. These panels use thin and ultra-thin films for converting solar energy into electricity. This has also been a key driving factor for the development of the global market. Another influential driver for the growth of the thin and ultra-thin films market has been the ascent in scaling down semiconductor and hardware industry coupled with rapid development of microelectronics segment.
With such large number of driving factors, it is obvious that the global thin and ultra-thin films is on course to achieve stellar growth in the next few years. The CAGR exhibited by the global market is projected to be 15.1% With such a massive growth rate, the thin and ultra-thin films market is estimated to reach an overall valuation of US$115.41 bn by 2024. In 2015, the market was valued at US$32.78 bn.