Description
This report addresses sputtering, the dominant PVD technique used in semiconductor device fabrication, and specifically covers the market and supply-chain for targets within that segment. The report contains data and analysis from TECHCET’s data base and Sr. Analyst experience, as well as that developed from primary and secondary market research.
• Provides a detailed look and analysis of the sputter targets market and supply chain
as applied to semiconductor device manufacturing
• Included are raw material supply chain dynamics and companies, target manufacturing cost considerations, pricing trends and more
• Provides focused information for supply-chain managers, process integration and R&D directors, as well as business development and financial analysts
• Covers information about key sputter target suppliers, issues/trends in the electronics material supply chain, estimates on supplier market share, and forecast for the electronic material segments
• Includes 3 Quarterly Updates, with updates on market trends and forecasts from the analyst
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Table of Contents
1 EXECUTIVE SUMMARY 10
1.1 SPUTTERING TARGETS BUSINESS – MARKET OVERVIEW 11
1.2 MARKET TRENDS IMPACTING 2024 OUTLOOK 12
1.3 SPUTTER TARGETS 5-YEAR UNIT SHIPMENT FORECAST BY SEGMENT 13
1.4 SPUTTERING TARGETS 5-YEAR REVENUE FORECAST BY SEGMENT 14
1.5 SPUTTERING TARGETS SEGMENT TRENDS 15
1.6 TECHNOLOGY TRENDS 16
1.7 COMPETITIVE LANDSCAPE 17
1.8 MOST RECENTLY REPORTED QUARTERLY FINANCIALS OF TOP-5 SUPPLIERS 18
1.9 EHS, TRADE, AND/OR LOGISTICS ISSUES/CONCERNS 19
1.10 ANALYST ASSESSMENT OF SPUTTERING TARGETS 21
2 SCOPE, PURPOSE AND METHODOLOGY 23
2.1 SCOPE 24
2.2 PURPOSE & METHODOLOGY 25
2.3 OVERVIEW OF OTHER TECHCET CMR™ OFFERINGS 26
3 SEMICONDUCTOR INDUSTRY MARKET STATUS & OUTLOOK 27
3.1 WORLDWIDE ECONOMY AND OUTLOOK 28
3.1.1 SEMICONDUCTOR INDUSTRIES TIES TO THE GLOBAL ECONOMY 30
3.1.2 SEMICONDUCTOR SALES GROWTH 31
3.1.3 TAIWAN OUTSOURCE MANUFACTURER MONTHLY SALES TRENDS 32
3.2 CHIPS SALES BY ELECTRONIC GOODS SEGMENT 33
3.2.1 ELECTRONICS OUTLOOK 34
3.2.2 AUTOMOTIVE INDUSTRY OUTLOOK 35
3.2.2.1 ELECTRIC VEHICLE (EV) MARKET TRENDS 36
3.2.2.2 INCREASE IN SEMICONDUCTOR CONTENT FOR AUTOS 37
3.2.3 SMARTPHONE OUTLOOK 38
3.2.4 PC OUTLOOK 39
3.2.5 SERVERS / IT MARKET 40
3.3 SEMICONDUCTOR FABRICATION GROWTH & EXPANSION 41
3.3.1 IN THE MIDST OF HUGE INVESTMENT IN CHIP EXPANSIONS 42
3.3.2 NEW FABS IN THE US 43
3.3.3 WW FAB EXPANSION DRIVING GROWTH 44
3.3.4 EQUIPMENT SPENDING TRENDS 45
3.3.5 TECHNOLOGY ROADMAPS 46
3.3.6 FAB INVESTMENT ASSESSMENT 49
3.4 POLICY & TRADE TRENDS AND IMPACT 50
3.5 SEMICONDUCTOR MATERIALS OVERVIEW 51
3.5.1 TECHCET WAFER STARTS FORECAST THROUGH 2028 52
3.5.2 TECHCET MATERIALS MARKET FORECAST THROUGH 2028 53
4 SPUTTERING TARGETS MARKET TRENDS 54
4.1 SPUTTERING TARGETS MARKET TRENDS – OUTLINE 55
4.1.1 2023 SPUTTERING TARGETS MARKET LEADING INTO 2024 56
4.1.2 SPUTTERING TARGETS MARKET OUTLOOK 57
4.1.3 SPUTTERING TARGETS 5-YEAR UNIT SHIPMENT FORECAST BY SEGMENT 58
4.1.4 SPUTTERING TARGETS 5-YEAR REVENUE FORECAST BY SEGMENT 59
4.2 SPUTTERING TARGETS MANUFACTURING LOCATIONS AND INVESTMENTS – BY REGION 60
4.2.1 SPUTTERING TARGETS MANUFACTURING LOCATIONS AND INVESTMENTS –
CAPACITY EXPANSIONS 61
4.3 PRICING TRENDS 62
4.4 SPUTTERING TARGET TECHNOLOGY OVERVIEW 63
4.4.1 SPUTTERING TARGET TECHNOLOGY- Trends 64
4.4.2 SPUTTERING TARGET technology- DRIVERS BY DIAMETER 66
4.4.3 SPUTTERING TARGET technology- SPECIALTY/ EMERGING MATERIALS APPLICATIONS 67
4.5 REGIONAL CONSIDERATIONS 68
4.5.1 REGIONAL ASPECTS AND DRIVERS 69
4.6 EHS AND TRADE/LOGISTICS ISSUES 70
4.6.1 EHS ISSUES 71
4.6.2 TRADE/LOGISTICS ISSUES 73
4.7 TECHCET ANALYST ASSESSMENT OF SPUTTERING TARGETS MARKET TRENDS 74
5 SUPPLY-SIDE MARKET LANDSCAPE 75
5.1 SPUTTERING TARGETS MARKET SHARE 76
5.2.1 CURRENT QUARTER - SUPPLIERS’ ACTIVITIES & REPORTED REVENUES 77
5.2.2 CURRENT QUARTER REPORTING – JX ADVANCED METALS 78
5.2.3 CURRENT QUARTER REPORTING – HONEYWELL 80
5.2.4 CURRENT QUARTER REPORTING – KFMI 81
5.2.5 CURRENT QUARTER REPORTING – LINDE 82
5.2.6 CURRENT QUARTER REPORTING – TOSOH 83
5.3 M&A ACTIVITY AND PARTNERSHIPS 84
5.4 PLANT CLOSURES 85
5.5 NEW ENTRANTS 86
5.5.1 NEW ENTRANTS- BARRIERS TO ENTRY 87
5.5.2 NEW ENTRANTS- COMPANIES 88
5.6 SUPPLIERS OR PARTS/PRODUCT LINES THAT ARE AT RISK OF DISCONTINUATIONS 89
5.7 TECHCET ANALYST ASSESSMENT OF MATERIAL SUPPLIERS 90
6 SUB-TIER SUPPLY-CHAIN, METALS 92
6.1 SUB-TIER SUPPLY-CHAIN: SOURCES & MARKETS OVERVIEW 93
6.1.1 SUB-TIER Metals MARKET BACKGROUND 95
6.1.2 SUB-TIER Metals MARKET TRENDS 97
6.1.3 SUB-TIER METALS MARKET STATISTICS 99
6.1.4 SUB-TIER METALS SUPPLY CHAIN MANAGEMENT CONSIDERATIONS 117
6.1.5 SUB-TIER METALS SUPPLY CHAIN SUPPLY SIDE OVERVIEW 122
6.1.6 SUB-TIER METALS SUPPLIER NEWS 130
6.2 SUB-TIER SUPPLY-CHAIN: DISRUPTIONS 132
6.3 SUB-TIER SUPPLY-CHAIN M&A OR PARTNERSHIP ACTIVITY 133
6.4 SUB-TIER SUPPLY-CHAIN EHS AND LOGISTICS ISSUES 136
6.5 SUB-TIER SUPPLY-CHAIN “NEW” ENTRANTS 139
6.6 SUB-TIER SUPPLY-CHAIN PLANT UPDATES 140
6.7 SUB-TIER SUPPLY-CHAIN PLANT CLOSURES 142
6.9 SUB-TIER SUPPLY-CHAIN TECHCET ANALYST ASSESSMENT 143
7 SUPPLIER PROFILES 145
ADVANCED TARGETS MATERIALS CO., LTD.
AMERICAN ELEMENTS
FURUYA METAL CO
GO ELEMENT
GRIKIN
...AND 20+ MORE
8 APPENDIX 258
8.1 ADVANCED PROCESSES, EMERGING STRUCTURES, AND SPECIALTY FILMS USING PVD 259
8.1.1 LOGIC, 10 NM & BELOW 260
8.1.2 DRAM – PVD VERSUS OTHER DEPOSITIONS 261
8.1.3 3D NAND – PVD VERSUS OTHER DEPOSITIONS 262
8.1.4 NEW DEVELOPMENTS IN THE TECHNOLOGY OR MARKETS: UNIVERSITY AND SUPPLIER
R&D IN 5-7 YEARS 263
8.1.5 BPR ARCHITECTURE 264
8.1.6 SPECIALTY (STT MRAM, FE RAM, OTHER) MEMORY PVD MATERIALS 265
TABLE OF FIGURES
FIGURE 1.1: SPUTTERING TARGET SHIPMENT FORECAST BY SEGMENT 13
FIGURE 1.2: SPUTTERING TARGET REVENUE FORECAST BY SEGMENT 14
FIGURE 1.3: 2023 SPUTTERING TARGET SUPPLIER MARKET SHARE ESTIMATES BY REVENUE 17
FIGURE 3.1: GLOBAL ECONOMY AND THE ELECTRONICS SUPPLY CHAIN (2023) 30
FIGURE 3.2: WORLDWIDE SEMICONDUCTOR SALES 31
FIGURE 3.3: TECHCET’S TAIWAN SEMICONDUCTOR INDUSTRY INDEX (TTSII) IN
000’S OF NTD 32
FIGURE 3.4: 2023 SEMICONDUCTOR CHIP APPLICATIONS 33
FIGURE 3.5: GLOBAL LIGHT VEHICLE UNIT SALES (IN MILLIONS OF UNITS) 35
FIGURE 3.6: ELECTRIFICATION TREND BY WORLD REGION 36
FIGURE 3.7: AUTOMOTIVE SEMICONDUCTOR PRODUCTION 37
FIGURE 3.8: MOBILE PHONE SHIPMENTS, WW ESTIMATES 38
FIGURE 3.9: WORLDWIDE PC AND TABLET FORECAST 39
FIGURE 3.10: TSMC PHOENIX CAMPUS WITH THE 2ND FAB VISIBLE IN THE BACKGROUND 41
FIGURE 3.11: ESTIMATED GLOBAL FAB SPENDING 2023-2028 42
FIGURE 3.12: FAB EXPANSIONS WITHIN THE US 43
FIGURE 3.13: SEMICONDUCTOR CHIP MANUFACTURING REGIONS OF THE WORLD 44
FIGURE 3.14: GLOBAL TOTAL EQUIPMENT SPENDING (US$ M) AND Y-O-Y CHANGE 45
FIGURE 3.15: ADVANCED LOGIC DEVICE TECHNOLOGY ROADMAP OVERVIEW 46
FIGURE 3.16: DRAM TECHNOLOGY ROADMAP OVERVIEW 47
FIGURE 3.17: 3D NAND TECHNOLOGY ROADMAP OVERVIEW 48
FIGURE 3.18: INTEL OHIO PLANT SITE AS OF FEB. 2024 49
FIGURE 3.19: TECHCET WAFER START FORECAST BY NODE SEGMENTS 52
FIGURE 3.20: TECHCET WORLDWIDE MATERIALS FORECAST ($M USD) 53
FIGURE 4.1: SPUTTER TARGET SHIPMENT FORECAST BY SEGMENT 58
FIGURE 4.2: SPUTTERING TARGET REVENUE FORECAST BY SEGMENT 59
FIGURE 4.3: US CHIPS ACT DIRECT FUNDING OVERVIEW 61
FIGURE 4.4: JX ADVANCED METALS’ PLANNED EXPANSIONS 61
FIGURE 4.5: MARKET METAL PRICE TRENDS (2019 = 100) 62
FIGURE 4.6: HIGH MAGNIFICATION IMAGES OF AL SPUTTERING TARGET SURFACES 64
FIGURE 4.7: 2023 SPUTTERING TARGET REVENUE SHARE BY REGION 68
FIGURE 4.8: AN EXAMPLE OF CIRCULARITY OF MATERIALS IN METALLURGY 71
FIGURE 5.1: 2023 SPUTTERING TARGET SUPPLIER MARKET SHARE ESTIMATES BY REVENUE 77
FIGURE 5.2: ENEOS HOLDINGS METALS SEGMENT QUARTER ENDING 06/30/2024 FINANCIALS 79
FIGURE 5.3: HONEYWELL ADVANCED MATERIALS QUARTER ENDING 06/30/2024 FINANCIALS 80
FIGURE 5.4: KFMI SALES BY REGION (M CNY) 81
FIGURE 5.5: LINDE QUARTER ENDING 06/30/2024 FINANCIALS 82
FIGURE 5.6: TOSOH SPECIALTY QUARTER ENDING 06/30/2024 FINANCIALS 83
FIGURE 6.1: METAL PURIFICATION SOURCING IN-HOUSE VERSUS OUTSOURCED TRADEOFFS 96
FIGURE 6.2: PRICE COMPARISON OF VARIOUS METALS 97
FIGURE 6.3: PRICE INDICES OF BASE VS. PRECIOUS METALS 97
FIGURE 6.4: DIAMETER AND THICKNESS IMPACT ON VOLUME 98
FIGURE 6.5: AL TARGET SAMPLE PRICING OFFERED BY A DISTRIBUTOR 98
FIGURE 6.6: TARGET EROSION PROFILE 98
FIGURE 6.7: CU PRODUCTION AND APPLICATION HIGHLIGHTS QUADRANT CHART 100
FIGURE 6.8: CU 5-YEAR PRICE HISTORY 101
FIGURE 6.9: AL PRODUCTION AND APPLICATION HIGHLIGHTS QUADRANT CHART 102
FIGURE 6.10: AL 5-YEAR PRICE HISTORY 103
FIGURE 6.11: TI PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 104
FIGURE 6.12: TA PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 105
FIGURE 6.13: W PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 106
FIGURE 6.14: NI PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 107
FIGURE 6.15: CO PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 108
FIGURE 6.16: MO PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 109
FIGURE 6.17: CR PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 110
FIGURE 6.18: IN PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 111
FIGURE 6.19: RU PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 112
FIGURE 6.20: AU PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 113
FIGURE 6.21: AG PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 114
FIGURE 6.22: PT PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 115
FIGURE 6.23: PD PRODUCTION, APPLICATION HIGHLIGHTS, AND 5-YEAR PRICE
HISTORY QUADRANT CHART 116
FIGURE 6.24: METALS MAKEUP IN CLEANTECH, BY MASS 118
FIGURE 6.25: METAL USAGE INDICES IN CLEANTECH BY SCENARIO 118
FIGURE 6.26: SUPPLY / DEMAND BALANCE AND CLEANTECH’S IMPACT 119
FIGURE 6.27: RELATED CHINA MINING AND REFINING PRODUCTION 120
FIGURE 6.28: RISK ASSESSMENT OF METALS 121
FIGURE 6.29: KEY PLAYERS IN THE SPUTTERING TARGET SUPPLY CHAIN 123
FIGURE 6.30: CAPITAL EXPENDITURE ($B) FROM EACH MINING GROUP 125
FIGURE 6.31: CAPITAL SPENDING CONTRIBUTION FROM EACH MINING GROUP 126
FIGURE 6.32: RECENT EXPLORATION SPENDING, IN $B 127
FIGURE 6.33: VENTURE CAPITAL INVESTMENT IN CRITICAL MINERALS OPERATIONS 128
FIGURE 6.34: A COMPARISON OF METAL TO MINING ETFS 129
FIGURE 6.35: A GUIDE TO UNDERSTANDING THE TVPRA LIST 137
FIGURE 6.36: PGM LCA FROM 2022 AND SELECTIVE COMPARISON VERSUS 2017 138
FIGURE 8.1: ILLUSTRATION OF 3D NAND ARCHITECTURE 262
FIGURE 8.2: ILLUSTRATION OF THE BPR ARCHITECTURE AND NOTABLE CHARACTERISTICS 264
FIGURE 8.3: ILLUSTRATION OF MRAM DEVICE STRUCTURE 265
TABLES
TABLE 1.1: SPUTTERING TARGET GROWTH OVERVIEW 11
TABLE 1.2: MOST RECENT QUARTERLY SUPPLIER SALES (IN LOCAL REPORTING CURRENCY) 18
TABLE 3.1: GLOBAL GDP AND SEMICONDUCTOR REVENUES 28
TABLE 3.2: BATTERY ELECTRIC VEHICLE (BEV) REGIONAL TRENDS 36
TABLE 3.3: DATA CENTER SYSTEMS AND COMMUNICATION SERVICES MARKET SPENDING 2023 40
TABLE 4.1: A SELECTED LIST OF SPUTTERING TARGET SUPPLIER
MANUFACTURING LOCATIONS 60
TABLE 4.2: PRINCIPAL PVD APPLICATIONS BY WAFER DIAMETER 66
TABLE 4.3: REGIONAL SPUTTERING TARGET MARKETS 69
TABLE 5.1: MOST RECENT QUARTERLY SUPPLIER SALES 78
TABLE 5.2: ENTRY BARRIERS TO THE SPUTTERING TARGET MARKET
AND MITIGATION APPROACHES 87
TABLE 6.1: HEIGHTENED RISK SUMMARIZATION 121
TABLE 6.2: KEY OPERATIONS OF SUB-TIER METALS SUPPLIERS AND THEIR
COMPANY-WIDE INVESTMENTS 124
TABLE 6.3: SUMMARY OF CAPEX GROWTH FROM EACH MINING GROUP 125
TABLE 8.1: LOGIC PVD APPLICATIONS 260
TABLE 8.2: DRAM PVD APPLICATIONS 261
TABLE 8.3: 3D NAND PVD APPLICATIONS 262
