en.Wedoany.com Reported - Sputtering targets have a wide range of downstream applications, primarily covering semiconductor integrated circuits, flat panel displays, photovoltaic cells, and other fields. Multiple industry trends continue to open up market space. The expansion of the semiconductor industry, the deepening application of thin-film technology, coupled with the miniaturization and high-performance demands of electronic devices and the proliferation of 5G, AI, IoT, and new energy vehicles, provide core growth momentum for the target market.

Definition of Sputtering Targets

Sputtering targets are mainly classified by material and function into five categories: high-purity metal and alloy targets, transparent conductive oxide (TCO) targets, ceramic dielectric compound targets, magnetic and storage targets, and precious metal and special function targets. High-purity metal targets are used for semiconductor conductive films, TCO targets for display and photovoltaic transparent electrodes, ceramic dielectric targets for insulation and protective layers, magnetic targets for storage media, and precious metal targets for high-end electrodes and optical coatings. The core differences among these target types lie in their chemical composition, purity requirements, and application scenarios, collectively forming the key material foundation for thin-film deposition processes.

Industry Development Policies for Sputtering Targets

In recent years, China's sputtering target industry has received high attention from governments at all levels and key support from national industrial policies. The state has successively issued multiple policies to encourage the development and innovation of the sputtering target industry. Industrial policies such as the "Stable Growth Work Plan for the Nonferrous Metals Industry (2025-2026)", the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)", and the "Action Plan for Standard Upgrading to Lead the Optimization and Upgrading of the Raw Materials Industry (2025-2027)" provide a clear and broad market prospect for the development of the sputtering target industry and offer a favorable production and operation environment for enterprises. The specific details are listed below:

Current Development Status of the Sputtering Target Industry

1. Global Market Size

Driven by the continuous upgrade demand for ultra-high purity metal/TCO targets in advanced semiconductor processes, memory, and display panels, the global sputtering target market size maintains growth. According to the "2026-2031 China Sputtering Target Industry Prospect and Market Trend Insight Special Research Report" released by China Business Industry Research Institute, the global sputtering target market size was USD 6.31 billion in 2025. Analysts at the China Business Industry Research Institute predict that the global sputtering target market size will grow from USD 6.59 billion in 2026 to USD 7.89 billion in 2030, achieving a compound annual growth rate of 4.57% during the forecast period.

2. China Market Size

According to the "2026-2031 China Sputtering Target Industry Prospect and Market Trend Insight Special Research Report" released by the China Business Industry Research Institute, the market size of China's sputtering target industry was approximately RMB 3.365 billion in 2025. Analysts at the China Business Industry Research Institute predict that the market size of China's sputtering target industry will increase to RMB 3.8 billion in 2026.

3. Application Field Share

Sputtering targets are mainly used in the flat panel display field, accounting for more than half of the market. The market size for solar cell targets and semiconductor targets is still growing, accounting for 19% and 14% of the three major downstream application markets, respectively.

4. Analysis of Key Enterprises

Overall, leading enterprises in China's sputtering target industry have formed an industrial landscape that advances both differentiation and platformization. First-tier companies, such as Jiangfeng Electronics and Youyan New Materials, leveraging their deep accumulation in the field of ultra-high purity metal materials, have successfully entered the global advanced semiconductor process supply chain and are actively expanding into related fields like semiconductor precision components to build platform competitiveness. Second-tier companies have established advantages in niche markets such as display panels, photovoltaics, and optics, and are diversifying into emerging tracks to hedge against industry cycles. The overall industry is transforming from a single material supplier to a comprehensive service provider offering "materials + process solutions," with domestic substitution and expansion into high-value-added areas becoming common development themes.

Key Enterprises in the Sputtering Target Industry

1. Jiangfeng Electronics

Ningbo Jiangfeng Electronic Materials Co., Ltd.'s main business is the R&D, production, and sales of ultra-high purity metal sputtering targets and semiconductor precision components. Jiangfeng Electronics' main products are ultra-high purity metal sputtering targets, including ultra-high purity aluminum targets, ultra-high purity titanium targets and rings, ultra-high purity tantalum targets and rings, ultra-high purity copper targets and copper alloy targets, tungsten-titanium targets, nickel targets, and tungsten targets.

In the first quarter of 2026, it achieved operating revenue of RMB 1.306 billion, a year-on-year increase of 30.6%; and net profit attributable to the parent company of RMB 210 million, a year-on-year increase of 33.76%. In 2025, its main products included ultra-high purity targets and precision components, with revenues accounting for 61.90% and 23.54% of the total, respectively.

2. Youyan New Materials

Youyan New Materials' sputtering target layout is mainly implemented through its controlled subsidiary, Youyan Yijin. The latter is one of the few domestic semiconductor target platforms that has opened up the entire chain of "ultra-high purity metal purification - target hot pressing/smelting - precision machining - cleaning and packaging". Its core products cover ultra-high purity metal targets such as Al, Cu, Ti, Ta, as well as Au/Ag/Pt precious metal targets and evaporation materials, with a focus on promoting 12-inch wafer fab certification and mass production introduction. Meanwhile, leveraging the group's material purity advantages from the Youyan system and policy windows like the "First Batch Catalog" and encouraged categories, it combines "ultra-high purity metal self-supply + target finished product certification" to form a barrier based on material positioning rather than just processing incoming materials.

In the first quarter of 2026, it achieved operating revenue of RMB 2.957 billion, a year-on-year increase of 60.71%; and net profit attributable to the parent company of RMB 88 million, a year-on-year increase of 31.34%. In 2025, its main businesses included electronic new materials, rare earth metal smelting, and medical device materials, with revenues accounting for 79.02%, 20.06%, and 0.66% of the total, respectively.

3. Antai Technology

Antai Technology Co., Ltd.'s main business consists of three segments: high-end powder metallurgy materials and products, advanced functional materials and devices, and high-quality special steel and welding materials. Antai Technology's main products include tungsten-molybdenum sintered products, high specific gravity alloy products, heat sink substrates for semiconductors, molybdenum sputtering targets, tungsten-copper composite assemblies, tungsten-tantalum composite parts, target inserts, tungsten string limiters, first wall blanket components, conventional diamond tools, professional tools and industrial tool products, diamond composite thermal management materials and high-performance cemented carbide materials, integrated molded inductor powders, metal magnetic powder core powders, MIM powders, metal injection molded products, NdFeB magnets and products, amorphous strip and products, nanocrystalline strip and products, precision alloys, special alloy strips, electronic-grade precision alloy strips, high-performance high-speed steel, powder metallurgy tool and die steel, spray-formed steel, high-performance flux-cored wires, special solid-core wires, special welding electrodes, welding strips, submerged arc welding wires, and fluxes.

In the first quarter of 2026, it achieved operating revenue of RMB 2.403 billion, a year-on-year increase of 34.85%; and net profit attributable to the parent company of RMB 99 million, a year-on-year increase of 19.28%. In 2025, its main products included advanced functional materials and devices, special powder metallurgy materials and products, and high-quality special steel and welding materials, with revenues accounting for 39.04%, 37.53%, and 23.43% of the total, respectively.

4. Acetron

Fujian Acetron New Materials Co., Ltd.'s main business is the R&D, production, and sales of PVD coating materials. Acetron's main products are sputtering targets, evaporation materials, and coating accessories.

In the first quarter of 2026, it achieved operating revenue of RMB 426 million, a year-on-year increase of 41.53%; and net profit attributable to the parent company of RMB 18 million, a year-on-year increase of 550%. In 2025, its main products included sputtering targets, evaporation materials, and alloys and metal materials, with revenues accounting for 39.89%, 33.35%, and 24.43% of the total, respectively.

5. Longhua Technology

Longhua Technology Group (Luoyang) Co., Ltd.'s main business is the R&D, production, and sales of electronic new materials, polymer composite materials, and industrial heat exchange energy-saving equipment; as well as environmental water treatment products and services. Longhua Technology's main products are electronic new materials, polymer composite materials, and energy-saving and environmental protection products and services.

In the first quarter of 2026, it achieved operating revenue of RMB 829 million, a year-on-year increase of 29.73%; and net profit attributable to the parent company of RMB 64 million, a year-on-year increase of 42.22%. In 2025, its main products included energy-saving and environmental protection products and services, electronic new materials, and polymer composite materials, with revenues accounting for 61.47%, 26.72%, and 11.82% of the total, respectively.

Development Prospects of the Sputtering Target Industry

1. Breakthroughs in Core Processes Solidify the Foundation for Autonomy

As a core coating material for semiconductors, flat panel displays, photovoltaics, and other fields, sputtering targets have long faced overseas monopoly in high-end areas. The industry is continuously tackling core processes such as high-purity metal purification, grain homogenization control, backing plate bonding, and precision machining, and is developing differentiated composition systems and microstructure solutions for different downstream scenarios. Breakthroughs in these underlying technologies help the industry gradually reduce its dependence on imported high-end targets, build autonomous and controllable capabilities from raw materials to finished products, provide stable material support for key downstream manufacturing links, and solidify the industrial safety foundation.

2. High-End Downstream Demand Drives Product Iteration

With the advancement of advanced semiconductor processes, the ramp-up of high-generation OLED panel production capacity, the iteration of high-efficiency photovoltaic cell technology, and the development of emerging fields such as advanced packaging and magnetic storage, downstream requirements for target purity, density, batch consistency, and process compatibility have become more stringent, also creating application demand for various new types of targets. This layered and categorized downstream demand guidance helps the industry clarify directions for technology R&D and product upgrades, avoiding low-level repetitive investment, and quickly refines product reliability through real-world feedback from downstream production lines, accelerating the certification and volume production of high-end products.

3. Full Industry Chain Synergy Optimizes Supply Efficiency

The industry is building deep collaborative mechanisms with upstream high-purity metal suppliers, downstream thin-film deposition equipment manufacturers, wafer fabs, and panel makers, achieving full-chain linkage from raw material purity control, target structure design and deposition process window matching, to scrap recovery. This cross-link synergy helps target companies reduce R&D trial-and-error costs, shorten the certification cycle from lab to mass production line, and respond more flexibly to downstream customers' customized needs, enhancing the overall supply chain's resilience and response efficiency.

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