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Indium Market

The market for Indium was estimated at $553 million in 2024; it is anticipated to increase to $775 million by 2030, with projections indicating growth to around $1.03 billion by 2035.

Report ID:DS1802212
Author:Debadatta Patel - Senior Consultant
Published Date:
Datatree
Life Science
Pharmaceutical
Indium
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Report Summary
Market Data
Methodology
Table of Contents

Global Indium Market Outlook

Revenue, 2024

$553M

Forecast, 2034

$971M

CAGR, 2025 - 2034

5.8%

The Indium industry revenue is expected to be around $585.0 million in 2025 and expected to showcase growth with 5.8% CAGR between 2025 and 2034. Emerging changes in technological landscapes and the rising demand for miniaturization in various sectors have propelled the Indium market to staggering heights. Key driving factors, such as its extensive use in flat-panel devices, LCDs, and touch screens, for its unique properties of high ductility, conductivity, and luminous efficiency have underpinned its current significance and ongoing relevance. The surging adoption of renewable energy solutions, such as photovoltaic technologies that leverage Indium Tin Oxide (ITO), additionally boosts Indiums market prominence. Furthermore, the robust expansion in the high-tech and electronics industries, propelled by the vibrant digitization wave, ensures Indiums persistent and escalating demand in the foreseeable future.

Indium, a rare, soft, malleable post-transition metal, renowned for its exceptional properties and versatile applications, continues to be a crucial element in various industries. Its key features include high thermal and electrical conductivity, transparent conductivity, and unparalleled ductility, which make it indispensable in the manufacturing of semiconductors and indium phosphide compounds.

Indium market outlook with forecast trends, drivers, opportunities, supply chain, and competition 2024-2034
Indium Market Outlook

Market Key Insights

  • The Indium market is projected to grow from $552.9 million in 2024 to $972 million in 2034. This represents a CAGR of 5.8%, reflecting rising demand across Semiconductor, Photovoltaic Devices, and LED/LCD Display.

  • Teck Resources Limited, Glencore Plc, Dowa Holdings Co. Ltd. are among the leading players in this market, shaping its competitive landscape.

  • China and Japan are the top markets within the Indium market and are expected to observe the growth CAGR of 3.8% to 5.6% between 2024 and 2030.

  • Emerging markets including Vietnam, Turkey and Mexico are expected to observe highest growth with CAGR ranging between 6.7% to 8.0%.

  • Transition like Incorporation of Indium in Touchscreen Technology has greater influence in China and Japan market's value chain; and is expected to add $24 million of additional value to Indium industry revenue by 2030.

  • The Indium market is set to add $419 million between 2024 and 2034, with manufacturer targeting Photovoltaic Devices & LED/LCD Display Application projected to gain a larger market share.

  • With

    increased demand in flat panel display industries, and

    Advances in Photovoltaic Technologies, Indium market to expand 76% between 2024 and 2034.

indium market size with pie charts of major and emerging country share, CAGR, trends for 2025 and 2032
Indium - Country Share Analysis

Opportunities in the Indium

The semiconductor industry, heavily reliant on Indium for its high electron velocity and ability to create highly efficient thin-film solar cells, is also accelerating at a breakneck speed. Increased demand for high-tech electronic devices and advancements in green technology , create a considerable growth for Indium.

Growth Opportunities in North America and Europe

The North American region plays a significant role in the global Indium market, driven by the intensifying demand for flat panel display technologies. The Indium Tin Oxide application, leveraging the exceptional properties of Indium, is central to this market growth. As the technological landscape evolves, this industry is poised for further escalation due to advancements in solar energy and LED applications, showcasing unique opportunities in these sectors. With a well-established electronics market, the competition here is intense. Market driving factors in North America include an increasing demand for high-end electronics, an ongoing transition towards renewable energy, and robust manufacturing capabilities.
On the other end, Europe's Indium market is largely propelled by its thriving automotive industry. Indiums use in engine and exhaust systems, attributing to its superior thermal conductivity, opens up a broader spectrum of market possibilities. However, other key applications of Indium in Europe such as semiconductors and batteries are also expected to surge, given the progressive transition towards electric mobility. Market competition is dense, with multiple established players competing for the lions share. The key market drivers in Europe encompass rising demand for energy-efficient vehicles, stringent environmental regulations advocating for green technologies, and the strategic focus on e-mobility.

Market Dynamics and Supply Chain

01

Driver: Rapid Expansion of Renewable Energy and Rising Demand for High-Efficiency Electronics

The global push toward renewable energy and sustainable technologies is also a key driver for the indium market. In photovoltaic applications, the growing adoption of thin-film solar cells, especially copper indium gallium selenide (CIGS) modules, increases demand for indium due to its ability to optimize bandgap alignment and enhance light absorption. Simultaneously, the surge in high-performance electronics and semiconductors, such as high-frequency devices and photonic components, relies on indium phosphide and indium gallium compounds for their superior electron mobility and optoelectronic efficiency. These two factors are also interconnected as consumers and industries demand cleaner energy solutions and faster, smaller electronics, manufacturers turn to indium-based materials for both power generation and processing applications. The dual momentum in renewable energy infrastructure and advanced electronics manufacturing is also driving consistent market growth and encouraging exploration of alternative indium sources to meet rising global consumption.
A significant driver of indium demand is also the expanding LED and LCD display market, particularly in smartphones, tablets, televisions, and signage applications. Indium tin oxide is also critical as a transparent conductive layer that enables touch functionality and high brightness in flat-panel displays. As consumers adopt larger, higher-resolution, and more energy-efficient screens, manufacturers require increasing quantities of ITO films to maintain performance standards. Technological advancements in display manufacturing, such as flexible OLEDs and foldable screens, further increase reliance on indium-based coatings. This trend directly boosts global indium consumption, making display production a stable and high-growth segment within the broader electronics and materials market.
02

Restraint: Volatile Raw Material Prices and Supply Chain Constraints Restrict Market Growth

Indium supply is heavily dependent on zinc mining as a by‑product, making its availability sensitive to fluctuations in zinc production and global commodity markets. Recent disruptions in mining and logistics have caused volatile indium prices, squeezing margins for manufacturers of CIGS solar cells and indium tin oxide coatings. For example, when indium prices spike, display and photovoltaic producers face higher input costs, leading to delayed orders or reduced production volumes. This price instability dampens investor confidence and can slow expansion plans in downstream industries, limiting overall market revenue growth and making long‑term procurement planning difficult.
03

Opportunity: An Untapped Aerospace Market and Strategic Collaborations with EV Manufacturers

With its unique physical properties like low melting point and high thermal conductivity, Indium finds significant applications in the Aerospace industry. Its used for making low melting point alloys and in radiation shields on spacecraft. The aerospace industry, being synonymous with innovation and high technology, presents untapped opportunities for growth and expansion in the realm of Indium.
Amid global efforts toward cleaner energy, the electric vehicle market is witnessing a significant surge. Indiums critical role in manufacturing Indium Tin Oxide, a crucial component in lithium-ion batteries, positions it as a strategic element in the burgeoning EV market. Exploiting this potential through strategic partnerships with EV manufacturers can result in considerable market gains.
04

Challenge: Limited Recycling Infrastructure and Low Secondary Recovery Rates Hinder Sustainable Supply

A major restraint in the indium market is the insufficient recycling infrastructure and low recovery rates from end‑of‑life products. Although indium is recyclable from displays and electronic waste, the current collection and recovery systems are inadequate, resulting in most indium demand being met through virgin sources. For instance, discarded LCD panels and solar modules containing indium are often landfilled rather than processed for secondary indium extraction. This shortfall increases reliance on primary mining, elevating environmental impact and supply risk, thereby discouraging long‑term investments and slowing adoption in sustainability‑focused applications.

Supply Chain Landscape

1

Mining & Extraction

Teck ResourcesDOWA Metals & MiningGreen Novo
2

Refinement

NyrstarYoung Poong CorpMitsui Mining & Smelting
3

Production-tin oxide (ITO)

Indium CorporationUmicoreNitto Denko
4

in Industry

ElectronicsAutomotiveRenewable Energy
Indium - Supply Chain

Use Cases of Indium in Semiconductor & LED/LCD Display

Semiconductor : In semiconductor applications, high‑purity indium phosphide (InP) and related indium compounds such as indium gallium phosphide are widely used due to their excellent electronic and optoelectronic properties. InP serves as a key substrate material for high‑speed, high‑frequency devices and photonic components used in telecommunications, optical communications, and integrated circuits where silicon falls short. Its direct bandgap and superior electron mobility enable efficient laser diodes, photodetectors, and high‑performance electronic components that support 5G, data center, and fiber optic infrastructure growth. Semiconductors using indium derivatives are vital in cutting‑edge microelectronics and advanced computing technologies.
Photovoltaic Devices : In photovoltaic devices, indium is utilized primarily in indium based thin‑film solar cells, including copper indium gallium selenide technologies that deliver higher sunlight‑to‑electricity conversion efficiency while enabling flexible solar modules. Indium’s role in these cells helps optimize bandgap alignment and enhance light absorption across the solar spectrum, contributing to durable, lightweight, and efficient renewable energy solutions. As global demand for sustainable energy rises, indium’s incorporation in photovoltaic coatings and compound semiconductor layers supports broader adoption of solar power in residential, commercial, and utility‑scale installations.
LED/LCD Display : For LED and LCD display technologies, indium tin oxide (ITO) is the predominant form of indium used, acting as a transparent conductive coating on display panels. ITO films enable touch sensitivity and electrical conduction without obstructing visibility, making them essential for modern flat‑panel displays, touchscreen devices, tablets, and TVs. Beyond displays, indium compounds also contribute to high‑brightness LEDs where indium gallium nitride and other alloys help achieve vibrant color output in lighting and signage applications. The unique combination of transparency, conductivity, and optical performance keeps indium indispensable in display manufacturing.

Recent Developments

Recent strategic developments in the indium market highlight sustained demand growth driven by electronics and renewable energy applications, as well as supply innovations that support high‑purity materials for advanced technologies. Manufacturers are expanding ITO usage in displays and photovoltaic cells while refining processes to improve recovery and efficiency. Notably, ultra‑high‑purity indium products for semiconductors have seen increased production to support chips and optical communications. A key trend is the shift toward compound semiconductor materials like indium phosphide, which are essential for high‑speed data communications and next‑generation photonic devices, reinforcing indium’s role in supporting global digitalization and energy transition efforts.

December 2024 : Semiconductor manufacturer Insys expanded its production capabilities to meet the rising demand for indium phosphide, recognizing the shifting trend towards high-performance optic telecommunications systems
October 2024 : Indium Corporation, a key player in the market, introduced a patented, low-temperature indium alloy solder paste for use in wearable Electronics. The innovative development opened up new realms of application possibilities for indium
August 2024 : SolarTech, a global leader in thin-film solar modules, announced its strategic transition towards higher usage of indium in photovoltaic panels due to its superior resistance to temperature and ultraviolet radiation.

Impact of Industry Transitions on the Indium Market

As a core segment of the Pharmaceutical industry, the Indium market develops in line with broader industry shifts. Over recent years, transitions such as Incorporation of Indium in Touchscreen Technology and The Shift to Indium Phosphide in Semiconductor Industry have redefined priorities across the Pharmaceutical sector, influencing how the Indium market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
01

Incorporation of Indium in Touchscreen Technology

Over the years, Indium Tin Oxide has become a critical component of touchscreen technology. Its unique properties such as superior electrical conductivity and high optical transparency make it an ideal choice for this application. The significant rise in the demand for smart devices, like smartphones and tablets, has provoked a substantial increase in the need for Indium, positively impacting the Indium market. Indium suppliers have seen substantial growth as companies in the electronics industry seek to meet the publics insatiable demand for the next generation of touchscreen devices.
02

The Shift to Indium Phosphide in Semiconductor Industry

The semiconductor industry’s shift toward indium phosphide is reshaping the materials landscape, driven by the need for higher-speed and high-frequency performance that traditional silicon cannot provide. InP’s superior electron mobility and direct bandgap make it ideal for high-speed data communications, optical transceivers, and 5G network components. This transition has spurred increased demand for high-purity indium, benefiting suppliers and encouraging investment in mining and refining operations. For example, manufacturers of fiber optic communication modules and photonic integrated circuits now rely heavily on InP substrates to achieve faster data transfer rates, improving network efficiency and driving adoption across telecommunications, data centers, and advanced computing industries.