U.S. Department of the Interior

U.S. Geological Survey

Circular 1377

Materials Flow of Indium in the United States

in 2008 and 2009
Cover (clockwise, from top left). A, Indium ingot (modified from 

Hi-Res Images of Chemical Elements, http://images-of-elements.com/

indium.php); B, molten indium (modified from Hi-Res Images of Chemical 

Elements, http://images-of-elements.com/indium.php); C, indium in a test 

tube (modified from Wikipedia, http://en.wikipedia.org/wiki/Indium); and 

D, freshly cut indium (modified from Hi-Res Images of Chemical Elements, 

http://images-of-elements.com/indium.php).

A B

C

D
Materials Flow of Indium in the United States in 

2008 and 2009

By Thomas G. Goonan

Circular 1377

U.S. Department of the Interior

U.S. Geological Survey
U.S. Department of the Interior

KEN SALAZAR, Secretary

U.S. Geological Survey

Marcia K. McNutt, Director

U.S. Geological Survey, Reston, Virginia: 2012

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Suggested citation:

Goonan, T.G., 2012, Materials flow of indium in the United States in 2008 and 2009: U.S. Geological Survey Circular 

1377, 12 p., available at http://pubs.usgs.gov/circ/1377/.
iii

Contents

Abstract...........................................................................................................................................................1

Introduction.....................................................................................................................................................1

Structure of the Indium Industry in the United States.............................................................................4

World Production...........................................................................................................................................4

Production Processes...................................................................................................................................5

Stockpiles........................................................................................................................................................6

Consumption...................................................................................................................................................6

Prices .............................................................................................................................................................8

Recycling.........................................................................................................................................................8

Outlook.............................................................................................................................................................9

References Cited............................................................................................................................................9

Appendix 1.....................................................................................................................................................12

Figures

1. Diagram showing the flow of indium within the U.S. economy in 2008...............................2

2. Diagram showing the flow of indium within the U.S. economy in 2009...............................3

3. Bar chart showing world production of indium from zinc concentrates 

from 1990 through 2009 ................................................................................................................5

4. Bar chart showing U.S. consumption of indium metal from

1979 through 2010 .........................................................................................................................6

5. Chart showing U.S. prices of indium metal from 1950 through 2010....................................7

Table

1. Structure of the indium industry in the United States in 2011.........................................................4
iv

Temperature in degrees Celsius (°C) may be converted to degrees Fahrenheit (°F) as follows:

°F=(1.8×°C)+32.

Temperature in degrees Fahrenheit (°F) may be converted to degrees Celsius (°C) as follows:

°C=(°F–32)/1.8.

Vertical coordinate information is referenced to the North American Vertical Datum of 1988 

(NAVD 88).

Horizontal coordinate information is referenced to the North American Datum of 1983 (NAD 83).

Conversion Factors
Abstract

Indium is a material that has many applications. It is used 

by anyone who watches television or views a computer screen. 

It is found in solar energy arrays and in soldering applications 

that are required to be lead free. In 2009, about 550 metric tons 

(t) of indium metal was produced from primary sources worldwide; it was estimated that the United States consumed about 

110 t of indium metal (20 percent of world primary production). 

However, when imports of consumer products that contain 

indium are considered, the United States consumed about 200 t 

of indium (36 percent of world primary production).

When one considers the recovery from the low-efficiency 

sputtering process that coats indium-tin oxide onto glass and 

other surfaces, the recycling rate (within the manufacturing process that uses indium-tin oxide in flat panel displays) 

approaches 36 percent. However, indium recovery from old 

scrap generated from end-of-life consumer products is not sufficiently economic to add significantly to secondary production.

Between 1988 and 2010, indium prices averaged $381 

per kilogram (in constant 2000 dollars). However, prices have 

been quite volatile (deviating from the average of $381 per 

kilogram by ±$199 per kilogram, a 52 percent difference from 

the average), reflecting short-term disequilibrium of supply 

and demand but also responsiveness of supply to demand. 

The dynamics of zinc smelting govern the primary supply of 

indium because indium is a byproduct of zinc smelting. Secondary indium supply, which accounts for about one-half of 

total indium supply, is governed by indium prices and technological advances in recovery. Indium demand is expected to 

grow because the number and volume of cutting edge technology applications that depend on indium are expected to grow.

Introduction

Indium is a very soft metal that has many uses in cutting 

edge technology (high-tech) applications, including as a transparent conductive coating to glass substrates (such as flat panel 

displays), in semiconductors, light-emitting diodes (LEDs) 

and laser diodes, and alkaline batteries and in cryogenics and 

ultra-high vacuum applications. The properties of indium that 

make it attractive include low-temperature malleability and 

ductility (for cryogenic applications), low melting point (for 

solder alloys that are free of lead and mercury), self-attraction 

(for cold weldability and bonding of unlike substances coated 

with indium), electrical conductance with light-transparency 

(for flat panel displays used by computers, handheld electronics, and televisions) in the form of iron-tin oxide (ITO), and 

infrared light reflectance (for architectural and photovoltaic 

glass used in buildings, automobiles, and aircraft).

Flow data (production, consumption, trade, and recycling) for indium are not reported to as great an extent as 

for other mineral commodities. The flows reported here are 

presented with two significant digits because of the paucity of 

the underlying data. Appendix 1 details the assumptions that 

underlie the calculations.

In 2008, consumption of indium metal in the United States 

(fig. 1) was 130 metric tons (t), which was about 22 percent of 

the 600 t of primary production of indium worldwide (Tolcin, 

2011). When all indium sources are considered (alloys, chemicals, and ITO contained in consumer products, such as imported 

computers, monitors, and televisions), about 220 t of indium 

was consumed in the United States in 2008, or roughly 37 

percent of primary production of indium worldwide. The United 

States imported 100 percent of the indium it consumed, regardless of the form in which indium was consumed.

The flow patterns for indium in 2009 (fig. 2) were somewhat 

different from those in 2008, mostly with regard to the amounts 

and direction of flows into the supply of indium for semifabrication. In 2009, consumption of indium metal in the United States 

was 110 t, which was about 20 percent of the 550 t of primary 

production of indium worldwide (Tolcin, 2011). When all indium 

sources are considered, it was estimated that about 200 t of indium 

was consumed in the United States in 2009, or roughly 36 percent 

of primary world indium production. The United States continued 

to import 100 percent of the indium it consumed in 2009.

The greatest use for indium (about 56 percent) is in formulation of ITOs (composition of 78 percent indium, 17.5 percent oxygen, and 4.5 percent tin), which are used to coat the 

glass or plastic substrates used in flat panel displays (FPDs) 

(Tolcin, 2011). The FPD market (as expressed in metric tons 

of materials) in the United States grew at an average annual 

rate of about 31 percent between 2004 and 2010; this corresponded to a growth in the consumption of indium for ITOs, 

caused primarily by increases in televisions sold (ICF International, 2011) and the increase in the average screen size. 

DisplaySearch (2009) projected that the average rate of FPD 

shipments from 2010 through 2015 would be 5 percent. The 

market grew by 7.3 percent in 2010 (ICF International, 2011).

Materials Flow of Indium in the United States in 2008 and 2009

By Thomas G. Goonan
2 Materials Flow of Indium in the United States in 2008 and 2009 140,000 Indium contained in other products Indium as ITO powder for flat panel display manufacture Indium semifabrication Indium contained in flat panel display consumption (170,000) Indium metal alloys (wrought) consumption Indium consumption (220,000)

Supply of indium for semifabrication

(140,000)

Indium dispositionRecycledDiscarded

Net of exports, and 

stock changes

8,900

90,000

57,000

78,000

57,000

73,000

51,000

5,100

46,000

Imports of 

metal, waste, 

and powders 

(unwrought) 

Net imports 

of indium 

contained in 

flat panel 

displays

Loss

Figure 1. Diagram showing the flow of indium within the U.S. economy in 2008. Values are in kilograms of indium and are rounded to two significant digits. The addition of the parts may not equal the totals owing to independent rounding. Data are modified from Euromonitor International (2008), Mikolajczak (2009), and Tolcin (2011).
Introduction 

3

Figure 2. Diagram showing the flow of indium within the U.S. economy in 2009. Values are in kilograms of indium and are rounded to two significant digits. The addition of the parts may not equal the totals owing to independent rounding. Data are modified from Euromonitor International (2008), Mikolajczak (2009), and Tolcin (2011).

110,000 

Indium contained 

in other products 

Indium as ITO powder 

for 

flat panel display 

manufacture 

Indium semifabrication 

Indium contained in flat 

panel display 

consumption 

(150,000) 

Indium metal 

alloys (wrought) 

consumption 

Indium consumption 

(200,000) 

Supply of indium for semifabrication 

(110,000) 

Recycled Discarded Indium disposition 

Net of exports and 

stock changes 

9,300 

90,000 

48,000

66,000 

48,000 

43,000 

4,300 Loss 

62,000 

39,000 

Indium 

contained in 

imports of flat 

panel displays

Imports of 

metal, waste, 

and powders 

(unwrought) 
4 Materials Flow of Indium in the United States in 2008 and 2009

Structure of the Indium Industry in the 

United States

The indium manufacturing industry in the United States 

is entirely supported by imports of indium. The indium 

manufacturing industry produces high-purity indium metal, 

fusible alloys, ITO, and other indium chemicals (chlorides, 

hydroxides, oxides, sulfamates, and others). Production of 

indium metal in the United States in 2008 consisted of upgrading imported indium metal. Lower grade (99.97 percent) and 

standard-grade (99.99 percent) indium was imported and 

refined to purities of up to 99.9999 percent. Indium Corporation of America, Utica, New York, and Umicore Thin Film 

Products (a division of n.v. Umicore s.a.) accounted for the 

largest share of production of indium metal and products in the 

United States (Tolcin, 2011). Table 1 lists the companies that 

produced indium products in the United States in 2011.

World Production

Indium can be produced as a byproduct of tin and lead 

production; however, under present economic conditions, 

virtually all indium production is currently [2011] associated 

with zinc smelting. Figure 3 shows worldwide production of 

indium from zinc concentrates by country of origin from 1990 

through 2009. For comparison, the annual average nominal 

price for indium is also depicted. From the data depicted in 

figure 3, indium production appears to be occuring in steps, 

each about 5 years long.

1990–1994 Annual indium production averaged about 140 

t, and the nominal price of indium declined 

moderately the first 4 years of the cycle and more 

steeply the last year.

1995–1999 Annual indium production increased to average 

about 230 t, with the growth mostly attributed to 

increased production in China and countries in 

the “other” category. Between 1994 and 1995, 

world procuction increased by 65 percent, and 

prices increased by 172 percent, indicating strong 

demand for indium. Prices started a decreasing 

trend after 1995.

2000–2004 Annual production increased to average about 

400 t, with the growth mostly attributed to China 

and Japan. The decreasing trend that started after 

1995 continued through 2002 to the point where 

the nominal price for indium in 2002 was 32 

percent lower that that in 1994, indicating that the 

added world capacity and production from 1995 

through 2004 far outpaced demand for the period. 

In 2003, prices began to increase, and the increase 

continued in 2004 when they increased by 268 

percent in a single year.

2005–2009 Annual production increased to average about 

600 t, with the growth attributed to China and the 

Republic of Korea. Indium prices continued to 

increase dramatically (by about 798 percent) from 

the low in 2002 to a new high in 2005, driven by 

demand for FPDs for televisions and computer 

monitors. From the time that production increased 

Table 1. Structure of the indium industry in the United States in 2011

[Conn., Connecticut; Fla. Florida; ITO, iron-tin oxide; New York, N.Y., Pennsylvania, Pa.; Wis., Wisconsin]

Company Location Indium product Form

AIM Specialty Materials

http://www.aimspecialty.com/

Cranston, R.I. Alloys, chemicals, ITO, and metal Foil, pastes, preforms, ribbon, 

seals, and wire.

Belmont Specialty Metals Inc.

http://www.belmontmetals.com/

Brooklyn, N.Y. Alloys Solders and wire.

Exotech Inc.

http://www.exotech.com/

Pompano Beach, Fla. Alloys, ITO, and metal Solids.

Fry Technology USA

http://www.frymetals.com/

Altoona, Pa. Alloys Solders.

Indium Corporation of America

http://www.indium.com/

Utica, N.Y. Alloys, ITO, and metal Fluxes, preforms, solders, and 

sputtering targets.

Materion Advanced Chemicals Inc.

http://materion.com/

Milwaukee, Wis. Vapor deposition materials Sputtering targets.

MCP Metalspecialties Inc.

http://mcpmetspec.thomasnet.com/

Fairfield, Conn. Alloys, chemicals, ITO, and metal Forms and powders.

Reade Advanced Materials Inc.

http://www.reade.com/

Providence, R.I. Alloys and metal Forms, pieces, and powders.

Umicore Thin Film Products

http://www.thinfilmproducts.umicore.com/

Providence, R.I.. Alloys, chemicals, ITO, and metal Forms, solders, and sputtering 

targets.
Production Processes 5

in 2005, nominal prices for indium through 2009 

have decreased (by about 52 percent from the 

2005 high). In 2009, China dominated world 

production of indium with about 51 percent of the 

world’s market share (Tolcin, 2011).

Companies in the United States have not produced indum 

metal from zinc concentrates since the early 1970s. However, 

there are companies that further refine imported, 99.97 percent 

indium to higher purity levels (Jorgenson and George, 2005).

Production Processes

Indium production processes are mostly proprietary. 

However, the steps for indium recovery from zinc concentrates 

can be described in general terms. Indium source materials 

include alloys from zinc or lead-and-zinc pyrometallurgical 

processing (smelting or calcining), dusts, fumes, residues, and 

slags. These materials may contain many elements that must 

be separated from the desired indium. The first step is to leach 

the materials with a weak acid (sulfuric or hydrochloric) solution. Indium and other metals will go into solution. Depending on the nature of the leach solution, selective precipitation 

through pH-control or solvent extraction technologies can be 

used to concentrate the indium. Whatever the interim concentrated indium product, the final step is electrolytic refining to 

obtain high-purity, 99.9999 percent indium metal, which can 

be formed into ingot, powder, ribbon, shot, wire, and other 

shapes (Swarz-Schampera and Herzig, 2002; Alfantazi and 

Moskalyk, 2003; Lahtinen and others, undated).

As with most commodities, indium is available in 

nanoparticle formats. End uses for nanoparticle indium include 

inkjet printing, catalysts for chemical synthesis, gas sensing, 

and infrared attenuation.

0

100

200

300

400

500

600

700

800

900

1,000

0

100

200

300

400

500

600

700

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

World production of indium, in metric tons

Annual average nominal price of indium, in dollars per kilogram

Year 

Belgium Canada

China Republic of Korea

Japan Others

Price

EXPLANATION

Figure 3. Bar chart showing world production of indium from zinc concentrates from 1990 through 2009. Values are in metric tons of 

indium metal. Not all material is refined in the country of origin. Data are from Jasinski (1990–1995), Brown (1996–2001a), George (2005), 

Carlin (2006), Callaghan and Carlin (2007), and Tolcin (2008–2011).
6 Materials Flow of Indium in the United States in 2008 and 2009

Stockpiles

Some governments maintain stockpiles of indium. In 

December 2008, China’s State Reserve Bureau (SRB) purchased 30 t of indium ingots from Huludao Zinc Industry and 

was expected to continue stockpiling indium in the form of 

ingots (SMG Indium Resources Ltd., 2011).

In 2006, the Republic of Korea planned to launch a 

stockpile of 13 rare metals (including indium) and ferroalloys 

(SMG Indium Resources Ltd., 2011). In 2009, the Republic 

of Korea budgeted $200 billion for the national metal stockpile, of which 20 percent was allocated for the procurement of 

minor metals, including indium (Tolcin, 2011).

In June 2009, the Government of Japan planned to purchase 60 t of refined indium domestically through a public tender 

(Metal Bulletin, 2009). In 2010, Japan imported 417 t of indium, 

a 94 percent increase compared with the 215 t of indium imported 

in 2009. This move has lead to speculation that Japan is involved 

with indium stockpiling (RareMetalsInvesting, 2011).

The National Defense Stockpile Center (NDSC) of the 

United States held stocks of indium, but the last of the indium 

held by the NDSC was sold in December 1998 (Brown, 2001b).

As of June 20, 2011, SMG had taken delivery of 6.1 t of 

a total purchased amount of 11.1 t of indium metal and was 

expecting to purchase an additional 14.5 t of indium by the 

end of 2012 (SMG Indium Resources Ltd., undated).

Consumption

From 1990 through 2010, the average annual consumption of indium (excluding indium contained in net imports of 

semifabricated products or manufactured consumer products) 

in the United States was 20.5 percent of primary production of 

indium metal worldwide. If imported consumer products (containing indium) were included, then the percentage of primary 

indium produced worldwide that was consumed by the United 

States would have been 37 percent in 2008 and 36 percent in 

2009 (Euromonitor International, 2008; Tolcin, 2011). Figure 

4 shows the consumption of indium metal (excluding indium 

contained in imported consumer products) in the United States 

from 1979 through 2010.

Consumption of indium metal in the United States grew 

steadily from 1979 to 2000 at about 7.4 percent compounded 

0

20

40

60

80

100

120

140

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009

Year

Consumption of indium, in metric tons

Figure 4. Bar chart showing U.S. consumption of indium metal from 1979 through 2010. Values are in metric tons indium metal. Data 

are from DiFrancesco and others (2010).
Consumption 7

annually. However, the growth rate from 2000 through 2008 

was much greater, about 11 percent compounded annually. 

In 2009 and 2010, growth ceased largely owing to general 

economic conditions. Market concerns about indium priced 

at $10,000 per kilogram have receded as reflected by commodity prices that declined in general during 2009 and 2010 

(Azom, 2009).

The end use that takes the largest share of indium end-use 

markets is ITO mainly in the form of coatings for FPDs, which 

provides both electrical conductivity and optical transparency. 

In general, the thickness of ITO substrates is measured in 

nanometers. Sputtering is one method used to apply the ITO 

to glass or plastic. These coated thin-film transistors are used 

to manufacture liquid crystal displays (LCDs), which are further assembled as components in computers, mobile phones, 

televisions, and handheld electronic devices (SMG Indium 

Resources Ltd., 2011).

Thin films of ITOs are commonly deposited on surfaces 

by electron beam evaporation, physical vapor deposition, or a 

range of sputtering deposition techniques. Production of ITO 

thin-film coatings accounted for approximately 56 percent 

of primary production of indium worldwide (SMG Indium 

Resources Ltd., 2011, p. 54).

Potential substitutes and alternatives to indium (SMG 

Indium Resources, Inc., 2011) include the following:

• antimony-tin oxide (ATO) coatings, which have been 

successfully annealed to LCD glass but have the potential drawback that antimony is considered toxic

• carbon nanotubes, which are being heavily researched 

and have advantages compared with ITOs, such as relative lower cost, compatibility with flexible substrates, 

and improved performance in certain applications, 

including flexible displays, solar cells, and touch screens

• graphene, which is another substitute for ITO that 

works well in laboratories, especially for touch screens 

and flexible displays; some laboratories actually manufacture graphene by growing it on an indium substrate

• poly(3,4-ethylenedioxythiophene) (PEDOT), which has 

also been developed as a substitute for ITO in flexible 

displays and organic LEDs

• zinc-oxide, of which a more adhesive nanopowder has 

recently been developed to replace ITO in LCDs

Although graphene, carbon nanotubes, PEDOTs, and the 

other transparent conductive oxides may be viable alternatives, 

EXPLANATION

-200

0

200

400

600

800

1,000

1,200

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

Nominal price

Constant dollar price (2000 base)

Linear (Nominal price)

Linear (Constant dollar price

 (2000 base))

Year

Price, in dollars per kilogram

Figure 5. Chart showing U.S. prices of indium metal from 1950 through 2010. Values are in dollars (nominal and constant at 2000 values) 

per kilogram of indium metal. Data are from DiFrancesco and others (2010) and Bureau of Labor Statistics (2011).
8 Materials Flow of Indium in the United States in 2008 and 2009

it remains unknown if manufacturers of special materials can 

successfully commercially produce enough of these specialty 

materials to supply the industry. Furthermore, it is not known 

how well these new materials will perform for the long term 

in consumer products (SMG Indium Resources Ltd., 2011, 

p. 54). If any of these materials meet the production and 

performance challenges stated and can compete in terms of 

price, then the future demand for indium in the transparentconductor market could decrease.

ITO for FPDs accounts for 56 percent of indium consumption. About 14 percent of the total end use of indium is 

as metal and alloy shapes, solders, and pastes. Indium solder 

alloys are lead free and can substitute for lead-and-tin solders 

where there are concerns about lead toxicity. The remaining 

30 percent of indium is used for electronic and miscellaneous 

applications (24 percent) and as thermal interface material 

(6 percent) (Indium Corporation of America, 2011).

Some indium compounds—such as indium antimonide, 

indium nitride, and indium phosphide—are semiconductors 

that are used in the solar energy industry. Copper indium gallium diselenide (CIGS) is a semiconductor material used in 

high-efficiency photovoltaic cells in the form of thin-film photovoltaic cells. In solar cells, ITO is usually used as the anode 

where it is particularly suited for increasing the conversion 

efficiency of the cells because of its advanced light trapping 

capability, high transparency, and low resistivity. The thinfilm photovoltaic cell is lightweight, can be applied on uneven 

surfaces, and can be rolled up when not in use (SMG Indium 

Resources Ltd., undated). LEDs use a layer of indium and 

gallium in a ratio of 1:8. Worldwide indium use in LEDs could 

reach 40 t by 2016 (Indium Corporation of America, 2011).

Prices

The market prices of indium are affected by rates of 

reclaiming and recycling of indium, rates of production of 

indium as a byproduct from mining of zinc, the economic 

condition of the zinc industry, and demand from end users of 

indium and ITO; prices of indium may also be affected by a 

variety of unpredictable international economic, monetary, 

and political considerations (SMG Indium Resources Ltd., 

undated). Indium prices are affected by spot sales to some 

degree but more closely pertain to large-volume contracts 

between producers and semifabricators.

Between 1988 and 2010, indium prices have averaged 

$381 per kilogram (in constant 2000 dollars). However, prices 

have been quite volatile (deviating from the average by as 

much as $199 per kilogram), reflecting short-term imbalances 

of supply and demand (fig. 5).

The spike in the price of indium in the late 1970s and 

early 1980s was likely owing to increasing demand for indium 

in nuclear reactors, the construction of which was experiencing growth at that time. World production of indium peaked 

at 50 t in 1980, the same year that the price of indium reached 

its highest level, of the maximum price for indium), and again 

in 1982, when indium prices fell to levels last seen before the 

price of indium started increasing in 1974 (DiFrancesco and 

others, 2010).

From 1975 through 2010, indium prices have a steady 

peak-to-peak and trough-to-trough cycling frequency of about 

8 years. From a price peak in 1995 to a price trough in 2002, 

the decline in indium prices was attributed to such factors 

as stagnant markets for FPDs in 2001 and 2002, oversupply 

from Chinese production, cost-competitive recycling, and 

fears of Ukrainian stockpile releases (Brown, 2001b, 2002, 

2003). Prices for indium began to rise again in 2003 and 2004 

driven by a large imbalance between supply and demand. The 

demand for ITO for use in LCDs grew, especially in Japan 

and the Republic of Korea, and there was growth in demand 

for low-melting-point indium in China. Production of indium 

was lower than in 2002 because of shortages of raw material in China and the closure of primary production facilities 

in France (George, 2005; Carlin, 2006). In 2005, indium 

prices peaked at twice the previous peak of 1995 after the 

accumulation of large stock levels based on speculation that 

there would be supply shortages occasioned by the closure of 

environmentally underperforming smelters in China (Tolcin, 

2007). From 2005 through 2010, indium prices have declined, 

but are still higher than the peak of 1995 because of continued 

strong demand for FPDs, even when facing a worldwide economic recession. Secondary production of indium worldwide 

increased significantly from 2005 through 2007 and by 2007 

accounted for a greater share of production of indium than 

primary production (U.S. Department of Energy, 2010).

Recycling

Recycling of indium has increased in recent years to the 

point where indium recycling accounts for a larger porion of 

the supply of indium than primary refinery production (SMG 

Indium Resources Ltd., undated). The greatest portion of 

indium recycling involves recovery from the inefficient ITO 

sputtering process. Only about 30 percent of an ITO sputtering target is effectively deposited as quality substrate material. 

The remaining 70 percent consists of the spent ITO target, 

grinding sludge, and after-processing residue left on the walls 

of the sputtering chamber. This recovery process used to 

be about 60 to 65 percent efficient, but research is directed 

toward achieving recovery levels of 90 percent (Tolcin, 2011).

Typically, end users (for example, FPD manufacturers) 

establish contracts directly with recyclers. Pursuant to such 

contracts, the end user supplies the recycler with scrap indium, 

and the recycler refines and then returns the recovered indium 

to the end user. Under the terms of the contract, recyclers cannot sell the recycled indium to anyone other than the end user 

who supplied the scrap indium. This type of scrap is generally 

called prompt scrap, and the ITO recycling loop, from collection of scrap to production of secondary materials, takes less 

than 30 days (Tolcin, 2011). Recent research efforts have been 

directed toward further improving the recovery of recirculating 
References Cited 9

indium-containing materials in the sputtering process and finding ITO coating process alternatives to sputtering.

More challenging is the recovery of indium from consumer products that reach the end of their life cycle after serving consumers; this category includes old scrap, particularly 

old FPDs in computers, electronic devices, and televisions, 

and indium-containing semiconductor materials in solar cells. 

Sharp Corporation (Japan) has succeeded in recycling indium 

from LCD panels. The panels are crushed into cullet (small 

chips) and then treated in an acid solution to dissolve the ITO, 

from which the indium is selectively recovered (Kawaguchi, 

2006). Solar cells have a service life ranging from 20 to 30 

years, so the amount of waste currently generated from this 

source is small. Presently, CIGS semiconductors are used in 

only a fraction of the currently active solar arrays, which will 

not be a subject of recycling concern for many more years. 

However, research has begun to address the potential for 

recovery of indium from these future applications at end-oflife (Nickdel, 2009).

Outlook

The use of ITO in LCDs is expected to remain the major 

market for indium and will likely continue to drive growth 

in indium consumption (PR Newswire, 2010). Photovoltaic 

cells for solar applications are a newer and perhaps faster 

growing application in terms of the numbers of new solar 

installations. However, there remains significant uncertainty 

about growth rate scenarios and the technologies that will 

be involved. Projections by AIM Specialty Materials (2011) 

expect growth rate for global primary consumption of indium 

for photovoltaic cells to be more than 15 percent per year from 

2009 through 2013. Consumption of indium in ITO applications is expected to grow at a rate of 17 percent per year, while 

solar applications for indium could increase by nearly 40 

percent per year, albeit from a much smaller base level than 

the amount recycled from ITO. Even if solar applications were 

to be removed from the projections owing to the uncertainty 

surrounding them, demand for primary indium would still be 

projected to grow at about 13 percent per year.

Indium Corporation of America (2011) projected growth 

in two market segmentse for indium (current as of April 2011). 

LCD panel demand was expected to grow from about 540 

million units in 2009 to about 900 million units in 2014, with 

compound annual growth (2009–2014) being 14 percent for 

notebooks, 13 percent for televisions, 4 percent for computer 

monitors, and 1.5 percent for other applications in the LCD 

market segment. The photovoltaic market was projected to 

be equivalent to about 43 gigawatts (GW) of rated electrical 

capacity in 2016, about four times the total produced in 2009, 

and the CIGS share of that market was projected to grow from 

2 percent to 12 percent, which equates to a CIGS-driven consumption of 225 t of indium in 2016. Finally, consumption of 

indium in LEDs, an emerging market for indium, could reach 

15 t by 2013.

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12 Materials Flow of Indium in the United States in 2008 and 2009

Appendix 1.—Explanation of Flow 

Diagrams

The flow into “supply of indium for semifabrication” 

from “imports of metal, wastes, and powders” (140 tons (t) in 

2008) is reported annually in volume I of the U.S. Geological 

Survey Minerals Yearbook.

The flow of “net exports and stock changes” (8.9 t in 

2008) is what is left after all other flows are accounted.

U.S. consumption of semifabricated indium (130 t in 

2008) is reported annually in volume I of the U.S. Geological 

Survey Minerals Yearbook.

The flows to consumption (130 t in 2008) have been split 

56 percent (73 t in 2008) to “indium as ITO powder for flat 

panel display manufacture” and the remaining 44 percent (57 

t in 2008) to “indium contained in other products” based on 

information provided by Indium Corporation of America as to 

market shares for each indium end use.

The flows into “indium as ITO powder for flat panel 

display manufacture” have two components; the one includes 

material from “metal, waste, and powders” imports for consumption (78 t in 2008), and the other, includes the material 

available from the constant return (reclamation) loop from the 

ITO sputtering process (46 t in 2008).

The sputtering process is 30 percent efficient. So, if 73 

t (in 2008) of indium reaches the consumption stage, then 

roughly 51 t (70 percent of 73 t) goes to a reclaiming process. 

Assuming this process is 90 percent efficient, then 46 t reenters FPD manufacturing, and 5.1 t is lost.

Of the worldwide primary production of 600 t of indium 

in 2008 (reported from volume I of the U.S. Geological 

Survey Minerals Yearbook), 130 t is 470 t of indium is unassigned. Assuming the 56 percent ratios for the percentage of 

indium in FPDs, 300 t of this unassigned material in FPD 

products (computer monitors displays, handheld electronics, 

and televisions) in 2008. The United States accounted for 37 

percent of the world’s consumption of primary indium, leading 

to 90 t of indium contained in FPD products imported and 

total U.S. consumption of 220 t of indium in 2008. Of the 220 

t of total indium consumed in the United States in 2008, 170 t 

was as ITO used in FPDs.
Prepared by the Pembroke and Reston Publishing 

Service Centers.

For more information concerning this report, contact:

Director

U.S. Geological Survey

National Minerals Information Center

12201 Sunrise Valley Drive

Reston, VA 20192

nmicrecordsmgt@usgs.gov

or visit our Web site at 

http://minerals.usgs.gov/minerals/.
Goonan, T.G.—Materials Flow of Indium in the United States in 2008 and 2009—Circular 1377