Target Market Size and Prospects
The global target market size in 2020 was approximately $19.6 billion, increasing from $7.56 billion in 2013 to $19.6 billion, with a compound growth rate of over 14%
The market size of sputtering target materials in China has increased from 10.63 billion yuan in 2013 to 33.738 billion yuan in 2020, with a compound growth rate of 17.94%
And it is expected that by 2026, the market size of sputtering target materials in China is expected to exceed 65 billion yuan, with an annual compound growth rate of 11.55%. It can be further divided into each application field of the target materials:
The market size of display panel target materials in China has increased from 3.94 billion yuan to 16.589 billion yuan, with an annual compound growth rate of 22.8%
The market size of recording media targets has increased from 5.35 billion yuan to 9.563 billion yuan, with an annual compound growth rate of 8.65%
The market size of semiconductor target materials has increased from 940 million yuan to 2.986 billion yuan, with a compound annual growth rate of 17.95%
The market size of solar cell target materials has increased from 350 million yuan to 3.754 billion yuan, with an annual compound growth rate of 40.35%. From the graph of market size changes in the four major sub sectors, although some data is based on predictions, it is also clear that the growth rate of China's target material market size has not significantly increased and has maintained a stable rate of growth. Among them, semiconductor targets and solar cell targets have the fastest market growth rate; This is mainly driven by the rapid development of the semiconductor and photovoltaic markets in the past two years
From the perspective of domestic self-sufficiency rate, the self-sufficiency rate of display panel targets is 49.05%, the self-sufficiency rate of recording media targets is 25.28%, the self-sufficiency rate of semiconductor targets is 29.31%, and the self-sufficiency rate of solar cell targets is 10.11%.
This means that the future growth rate of semiconductors and solar cells will still maintain high growth.
Target market competition pattern
JX Sunmine Metals, Honeywell, Dongcao, and Plax
In 2019, the global sputtering target market size was around 16 billion US dollars, and the total demand for target materials in China was about 30%, which is 5 billion US dollars, totaling 32.5 billion RMB; The total revenue of top domestic enterprises is between 3 billion and 4 billion US dollars, and the domestic self-sufficiency rate is around 10%.
This is the opportunity for China's future target material market, with 90% of domestic substitution market space that can be improved, and domestic enterprises in China are also in the process of accelerating substitution.
Policy
The country has always maintained a high level of attention to the entire target industry, from the proposal in the "Eighth Five Year Plan" to arrange a batch of special research projects in fields such as information technology and new material technology, to the first proposal in last year's "14th Five Year Plan" to develop key materials such as "high-purity targets"
Throughout the entire 14th Five Year Plan, the description of integrated circuits is concentrated in the following paragraph, which mentions chip design, equipment, IGBT, MEMS, storage chips, third-generation semiconductors, and high-purity targets
This fully demonstrates the importance that the country attaches to the key material of high-purity targets, and the localization of high-purity targets will accelerate in the next five years
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