인듐 시장 보고서 : 동향, 예측 및 경쟁 분석(-2035년)

Indium Market

The future of the global indium market looks promising with opportunities in the flat panel display, semiconductor material, photovoltaic, solder, alloy, thermal interface material, and battery markets. The global indium market is expected to reach an estimated $2.1 billion by 2035 from $1.1 billion in 2027 with a CAGR of 10.8% from 2027 to 2035. The major drivers for this market are the increasing demand from consumer electronics, the rising adoption in renewable energy, and the growing use in automotive applications.

• Lucintel forecasts that, within the product category, primary is expected to witness higher growth over the forecast period due to increasing demand for high-purity raw material production.
• Within the application category, flat panel display is expected to witness the highest growth over the forecast period due to rising flat panel display manufacturing.
• In terms of regions, APAC is expected to witness the highest growth over the forecast period due to expanding electronics manufacturing and increasing display production.

Emerging Trends in Indium Market

The indium market is broadening beyond a niche by-product market due to expanding display manufacturing and diverse applications of semiconductors. Between 2025 and 2027, buyers will concentrate on the sourcing of recovered material, process efficiency, and the traceability of sourcing. According to Lucintel, between now and then, the competitive advantage will increasingly rest on stable refining and the development of new applications.

• Circular Economy: Refining capacity is gaining importance given USGS estimated global production of refined indium at approximately 1,000 tonnes in 2024 (February 2025), while recovery from ITO is pursued by manufacturers. Over the next three to five years, the secondary supply will moderate volatility and reduce the dependence on zinc-processing output.
• Display Technology: ITO remains the dominant large area display technology, but investment in advanced displays, touch screens, and OLED technology over the next three years will focus on the development of high-performance, coating utilization-optimized materials by suppliers. For the next three years, display technology demand will remain the dominant market. However, indium consuming technologies will become more important and will encourage a greater focus on lowering the indium intensity of display technology.
• Semiconductor Applications: Indium demand for advanced semiconductor devices, including high-speed, high-reliability devices, and infrared device technology, will become larger than demand for display technologies. Production of indium phosphide will support increased demand for optical devices during the next three years. These higher purity applications will allow refiners to charge higher prices over the next five years.
• Supply Diversification: Given that 70% of assessed refined indium production was from China (February 2025) conducted by the USGS, alternative suppliers will be qualified by buyers. Over the next five years, supply chain diversification will be a procurement requirement as the disruption of logistics and the imposition of trade restrictions on concentrated supply chains will become more evident."
• Material Efficiency: Improvements in controlling sputtering, recycling targets, and use of new film designs means producers report losses in coating down to less than 10%. This has allowed some pilot programs in 2025 to actually exceed 90% recovery. This improved efficiency will especially impact purchasing because costs will go down as primary supplies get tighter and each percent loss recovered means a price benefit for the purchaser.

It seems Inadd's next growth phase will come less from primary mine supply and more from improved efficiency, substitution, and growing high-value uses. Display demand will likely remain the main volume buyer, with the semiconductor and photovoltaic industries providing increasing high-value buyers. It is likely suppliers of secondary feedstock that consistently meet purity and supply whole environmental data will help keep supplier margins in the face of purchaser demands for tighter supply over the next ten years.

Recent Developments in the Indium Market

The indium market dynamically adjusts with display manufacturing and evolving semiconductor applications. During 2025-2027, buyers will emphasize procurement of recovered indium and efficient systems. Lucintel predicts that, during this period, an advantage will largely lie in companies that develop applications and refine indium reliably.

• Resource Cycle: The USGS has estimated world production of refined indium for 2024 at around 1,000 tonnes (February 2025), and while manufacturers target indium recovery from ITO, there will be a focus on secondary supply in the next 3-5yrs. This will reduce the volatility of the supply and diminish the reliance on the output from the zinc processing.
• Display Technology: While large area displays continue to rely on ITO technology, the 2025-2027 investment in OLED, advanced touch screens and other sophisticated displays will lead manufacturers to adopt more sophisticated materials and thinner coatings. Display technology will continue to be the largest segment of the market, despite an increased focus on lowering the use of indium in display technologies.
• Semiconductor Applications: Indium is increasingly being used in compound semiconductors, infrared devices and other high reliability applications beyond consumer displays. Indium Phosphide wafers will support the upgrades to communications during 2025-2027, in which exceptionally high purity indium will support increased demand and allow refiners to charge higher prices for their services.
• Supply Diversification: According to the USGS assessment for February 2025, 70% of refined indium output was from China. This will prompt buyers to source from alternative refiners and stockpiles in different regions. Diverse sourcing will become a necessity as the market concentration due to trade restrictions and other logistical issues will increase the risk of supply chain disruptions.
• Material Efficiency: Producer effects include tighter control on sputtering, target recycling, and the use of thinner films. Reported recovery rates are recorded above 90% in pilot programs conducted in 2025. Producer effects on tight primary materials availability will create positive purchasing effects to the buyers since with each percentage point recovered, costs are reduced.

The next phase of Indium's growth will be more from efficiency and management of substitution along with the introduction of higher value applications as mine output will be less. The demand for displays will remain the volume buyer while the revenue will expand from innovations in semiconductor and photovoltaic technologies. Suppliers who secure secondary materials, maintain consistent purity, and provide accurate environmental data will defend their margins as buyers implement more rigorous procurement globally for the next decade.

Strategic Growth Opportunities in the Indium Market

Between 2024 and 2026, the demand for indium becomes less display-centric and more energy-centric, along with advanced electronics and supply security. Lucintel indicates that in such a market, customers may look toward higher margin or premium niches where reliable chemistry is valued over high volumes.

• CIGS Solar Materials: Beyond display applications, there may be growing opportunities for indium use in high efficiency thin film designs. In January 2025, the U.S. Department of Energy included thin film photovoltaics in their Strategic research areas. Manufacturers may look toward light weight photovoltaic modules for buildings, automobiles, and other constrained sites.
• Compound Semiconductor Supply: Indium phosphide and indium gallium arsenide are used in high speed communications, sensing, and data center equipment. Light Counting projected that optical transceiver sales exceed $20 billion in 2025. Demand for specialty wafers will grow as data networks require higher bandwidth and lower loss connectivity.
• Recycling and Urban Recovery: Creating a reliable secondary supply of indium from sputtering targets and production scrap or end of life PV panels may become viable. In March 2025, the European Commission's Critical Raw Materials Act set a 2030 goal of at least 25% recycling for strategic raw materials. Processors may have improved margins and customer loyalty from closed loop contracts.
• Regional Refining Capacity: More regional refining capacity may help meet customer demands for less concentration of supply. In May 2025, the International Energy Agency indicated that China was the dominant refiner of several strategic minerals, including over 70% of several minerals. New refining partnerships will attract customers from the solar and electronics industries."
• High-purity Customized Products: Semiconductor and photonics customers will buy high precision specifications, application-specific alloys, and traceable chemistry. SEMI foresees global spending on semiconductor equipment to reach $112 billion by 2025. As devices become miniaturized and as optical performance becomes more demanding, suppliers that provide technical qualification and batch-level reports can be justified to charge a premium.

Indium's next growth phase will not be achieved through a single market. Increased demand will be driven by advances in solar and semiconductor, reducing the risk of volatile supply. Suppliers that provide customers with traceable feedstock and customize indium chemistry profitably will have a competitive advantage. In this market cycle, reliable supply will be rewarded by premium pricing over the best available spot price.

Indium Market Drivers and Challenges

Advanced technologies, economic trends and cycles, conditions along the supply chains, and regulatory frameworks impact Indium's market growth. Display, semiconductor, photovoltaic, and advanced electronics market growth creates demand, while limited production and poor recycling create risk. Innovation, material efficiency, and strategic sourcing will affect market performance according to Lucintel.

Lucintel identifies the following as key drivers for the indium market:

• Harnessing Touch Technology: Currently Indium-Tin-Oxide (ITO) is the preferred material for touch screens and flexible display technology. More than a billion displays were shipped worldwide in 2025 (December 2025), sustaining demand even with improved material efficiencies. Over the next 3 to 5 years, advances in technology will encourage manufacturers to produce screens that are thinner and more conductive.
• Expanding Semiconductors: Indium compounds are increasingly used in compound semiconductors, high-speed communications, and advanced computing. With global semiconductor sales estimated at $700 billion in 2025 (December 2025), there is increased demand for high-purity indium. The next 3 to 5 years will see a rapid expansion of the infrastructure of artificial intelligence and enhance data centers, 5G networking and advanced sensing, all of which will provide new markets of considerably higher value.
• Innovation in Photovoltaics: The lightweight flexible and efficient power generation offered by copper indium gallium selenide (CIGS), and related thin film photovoltaic systems, continues to gain interest. Global solar capacities exceeding 500 GW in 2025 (December 2025) will spur more research for advanced photovoltaic systems. In the next 3 to 5 years, demand will arise for thin flexible photovoltaic modules and integrated photovoltaic systems.
• Electronics Product Innovation: Indium has the potential to enable low-temperature soldering, thermal interface materials, transparent conductors, and alloys used in electronic devices with reduced size. The number of connected devices worldwide exceeded 18 billion in 2025 (December 2025) and growing. This will increase demands for high-performance materials of smaller size and new product innovations. There will also be increasing demands for high-performance innovative materials driven by the growing demand for wearables, electric vehicles, and medical and industrial sensors within the next three-five years.
• Recycling and Material Efficiency: With increasing prices and concerns surrounding indium supplies, it will be worthwhile to recover indium from manufacturing waste of displays, photovoltaics, and electronics. Commercial recycling efforts in 2025 (December) collected over 1,000 tonnes of indium-bearing materials worldwide, thus improving the secondary supply of indium. Within the next three-five years, with the implementation of closed-loop recycling along with improvements towards waste minimization and collection, the supply can be made more stable and cheaper.

The challenges this Market is facing are:

• Supplies Are Concentrated: Indium is obtained as a by-product of zinc refining. Therefore, any potential rises in demand cannot be immediately fulfilled. In 2025 (December), global production of refined indium was around 1,000 tonnes. Disruptions to zinc mining, refining, or geopolitical trade routes can potentially create shortages and volatile pricing and procurement issues.
• Indium: Indium prices tend to be extremely reactive to changes in many factors, including production of displays and semiconductors, supply and demand of zinc, speculative buying, and stocks. This market sensitivity was evident in December of 2025 when spot prices fluctuated over 20%. Rapidly fluctuating prices over the next 3 to 5 years will cause increased manufacturing costs, issues with negotiations for long term contracts with customers, substitution, and delays for customers looking to purchase indium for volume intensive applications.
• Substitution and Compliance: Indium intensity for displays is decreasing and companies are substituting indium with options such as conductive polymers, silver nanowires and graphene. Many display manufacturers have scaled down their Indium usage, which increases competition for the remaining business, by around 10%, in December of 2025. Environmental compliance and substitutions will likely cause a decrease in demand for primary indium, while there will be demand for indium in specialized applications due to performance requirements.

While the growth of the market will depend on innovations and new technologies, factors such as substitution, by-product supply and environmental requirements will constrain growth. Over the next 3 to 5 years, demand for indium will be important for producers and users of indium while they work on new technologies to increase recovery as well as increase sourcing to new customers.

List of Indium Market Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies indium market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the indium market companies profiled in this report include-

• DOWA HOLDINGS CO., LTD.
• 5N Plus
• AIM Solder
• Belmont Metals
• Changsha Santech Materials Co., Ltd.
• Guangxi Debang Technology Co. Ltd.
• Indium Corporation
• Indium Corporation (Suzhou) Co., LTD
• KOREAZINC
• Nyrstar

Indium Market by Segment

The study includes a forecast for the global indium market by product, application, and region.

Indium Market by Product [Value ($B) from 2019 to 2035]:

• Primary
• Secondary

Indium Market by Application [Value ($B) from 2019 to 2035]:

• Flat Panel Displays
• Semiconductor Materials
• Photovoltaics
• Solders
• Alloys
• Thermal Interface Materials
• Batteries

Indium Market by Region [Value ($B) from 2019 to 2035]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Indium Market

The reshaping of the indium market occurs due to expansion of semiconductor capacity, localization of display materials, and increased scrutiny of critical-mineral supply chains. From 2025 to 2027, investment focuses on recycling, high-purity refining, and increasing domestic manufacturing resilience. Lucintel's latest market analysis suggests that these changes require attention in major consuming countries.

• United States: High-purity indium demand is strengthened by critical-mineral policy and semiconductor investments. With the $52.7 billion investment provided by the CHIPS and Science Act and the U.S. Geological Survey continuing to list indium as a critical material (January 2025), this would help advance domestic refining, recycling, and secure supply agreements during the next three to five years.
• China: Beijing is focused on the self-sufficiency of semiconductors and control of strategic materials. In 2025, the Chinese Ministry of Commerce expanded the administration of export controls for several critical minerals, while major display and semiconductor producers continued to invest in capacity. BOE reported capital expenditure of approximately RMB 38.8 billion in 2024 (March 2025). These policies will keep the flow of indium closely aligned with domestic industrial policy and export licenses.
• Germany: Semiconductor subsidies coordinated with the European supply chain are combined by Germany. In June 2024, the European Commission approved Germany's €5 billion Intel support package. The EU Chips Act aims for €43 billion in public and private investment by 2030 (2025 implementation). This will strengthen the region's case for local materials qualification, recycling, and long-term procurement of indium."
• India: Indian policies for its SEMI program are increasingly translating to execution. Tata Electronics' semiconductor fab scheme in Gujarat, approved by the government for a cost of ₹91,000 crore, will begin production by 2026. The policy is likely to enable the establishment of domestic suppliers for materials containing indium by 2026 and beyond.
• Japan: Japan's plans for a secure supply chain include partnerships for advanced recycling and semiconductors. JX Advanced Metals completed its IPO for semiconductor materials recycling on the Tokyo Stock Exchange in March 2025. JX Advanced Metals has the expertise to recover indium at high purity and has secured partnerships for the supply of indium for the next five years.

Features of the Global Indium Market

• Market Size Estimates: indium market size estimation in terms of value ($B).
• Trend and Forecast Analysis: Market trends (2019 to 2026) and forecast (2027 to 2035) by various segments and regions.
• Segmentation Analysis: indium market size by product, application, and region in terms of value ($B).
• Regional Analysis: indium market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different products, applications, and regions for the indium market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape of the indium market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

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This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the indium market by product (primary and secondary), application (flat panel displays, semiconductor materials, photovoltaics, solders, alloys, thermal interface materials, and batteries), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

Table of Contents

1. Executive Summary

2. Market Overview

• 2.1 Background and Classifications
• 2.2 Supply Chain

3. Market Trends & Forecast Analysis

• 3.1 Macroeconomic Trends and Forecasts
• 3.2 Industry Drivers and Challenges
• 3.3 PESTLE Analysis
• 3.4 Patent Analysis
• 3.5 Regulatory Environment

4. Global Indium Market by Product

• 4.1 Overview
• 4.2 Attractiveness Analysis by Product
• 4.3 Primary : Trends and Forecast (2019 to 2035)
• 4.4 Secondary : Trends and Forecast (2019 to 2035)

5. Global Indium Market by Application

• 5.1 Overview
• 5.2 Attractiveness Analysis by Application
• 5.3 Flat Panel Displays : Trends and Forecast (2019 to 2035)
• 5.4 Semiconductor Materials : Trends and Forecast (2019 to 2035)
• 5.5 Photovoltaics : Trends and Forecast (2019 to 2035)
• 5.6 Solders : Trends and Forecast (2019 to 2035)
• 5.7 Alloys : Trends and Forecast (2019 to 2035)
• 5.8 Thermal Interface Materials : Trends and Forecast (2019 to 2035)
• 5.9 Batteries : Trends and Forecast (2019 to 2035)

6. Regional Analysis

• 6.1 Overview
• 6.2 Global Indium Market by Region

7. North American Indium Market

• 7.1 Overview
• 7.2 North American Indium Market by Product
• 7.3 North American Indium Market by Application
• 7.4 The United States Indium Market
• 7.5 Canadian Indium Market
• 7.6 Mexican Indium Market

8. European Indium Market

• 8.1 Overview
• 8.2 European Indium Market by Product
• 8.3 European Indium Market by Application
• 8.4 German Indium Market
• 8.5 French Indium Market
• 8.6 Italian Indium Market
• 8.7 Spanish Indium Market
• 8.8 The United Kingdom Indium Market

9. APAC Indium Market

• 9.1 Overview
• 9.2 APAC Indium Market by Product
• 9.3 APAC Indium Market by Application
• 9.4 Chinese Indium Market
• 9.5 Indian Indium Market
• 9.6 Japanese Indium Market
• 9.7 South Korean Indium Market
• 9.8 Indonesian Indium Market

10. ROW Indium Market

• 10.1 Overview
• 10.2 ROW Indium Market by Product
• 10.3 ROW Indium Market by Application
• 10.4 Middle Eastern Indium Market
• 10.5 South American Indium Market
• 10.6 African Indium Market

11. Competitor Analysis

• 11.1 Product Portfolio Analysis
• 11.2 Operational Integration
• 11.3 Porter's Five Forces Analysis
  • Competitive Rivalry
  • Bargaining Power of Buyers
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Threat of New Entrants
• 11.4 Market Share Analysis

12. Opportunities & Strategic Analysis

• 12.1 Value Chain Analysis
• 12.2 Growth Opportunity Analysis
  • 12.2.1 Growth Opportunity by Product
  • 12.2.2 Growth Opportunity by Application
  • 12.2.3 Growth Opportunity by Region
• 12.3 Emerging Trends in the Global Indium Market
• 12.4 Strategic Analysis
  • 12.4.1 New Product Development
  • 12.4.2 Certification and Licensing
  • 12.4.3 Mergers, Acquisitions, Agreements, Collaborations, and Joint Ventures

13. Company Profiles of the Leading Players Across the Value Chain

• 13.1 Competitive Analysis Overview
• 13.2 DOWA HOLDINGS CO., LTD.
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.3 5N Plus
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.4 AIM Solder
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.5 Belmont Metals
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.6 Changsha Santech Materials Co., Ltd.
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.7 Guangxi Debang Technology Co. Ltd.
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.8 Indium Corporation
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.9 Indium Corporation (Suzhou) Co., LTD
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.10 KOREAZINC
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.11 Nyrstar
  • Company Overview
  • Indium Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing

14. Appendix

• 14.1 List of Figures
• 14.2 List of Tables
• 14.3 Research Methodology
• 14.4 Disclaimer
• 14.5 Copyright
• 14.6 Abbreviations and Technical Units
• 14.7 About Us
• 14.8 Contact Us