The Physical Vapor Deposition Market is estimated to be valued at US$ 21.07 Bn or 21.07 Billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Physical Vapor Deposition (PVD) refers to a variety of vacuum deposition methods used to deposit thin films by the condensation of a vaporized form of the desired material onto various surfaces under vacuum. PVD is widely used in applications such as microelectronics, data storage, cutting tools, medical equipment, and decorative coatings. Key products in the PVD market include PVD coatings, PVD equipment, and PVD materials. PVD coatings offer properties such as wear resistance, corrosion resistance, and aesthetic appearance which increase their demand in various end-use industries.
Market Dynamics:
Rising demand from the microelectronics industry is one of the major drivers of the Physical Vapor Deposition Market. PVD processes such as sputtering are extensively used for depositing thin films for applications such as integrated circuits, optical coatings, and read/write heads for data storage devices. With growing demand for consumer electronics and increasing miniaturization of chips, the demand for PVD in the microelectronics industry is surging. Additionally, growing applications of PVD coatings in cutting tools, medical devices, decorative applications, and data storage devices is also fueling the demand for physical vapor deposition processes, thereby driving market growth over the forecast period.
Segment Analysis
The global physical vapor deposition market can be segmented based on type into PVD equipment, PVD materials and PVD services. Among these, the PVD equipment segment currently accounts for the largest market share owing to wide range of applications of PVD coatings in the electronics, data storage, cutting tools, solar industry as well as decorative applications where equipment are required for the deposition of thin films and coatings.
PEST Analysis
Political: The growing government initiatives towards renewable energy especially across Europe and Asia Pacific is driving the growth of solar industry which in turn is positively impacting the demand for PVD coatings and equipment.
Economic: The rising economy of developing nations such as China, India along with recovery of global economy post pandemic is augmenting the growth across different industries utilizing PVD coatings.
Social: Increasing consumer preference for smart and wearable devices is acting as a driver for electronics and semiconductor industry thereby boosting the PVD market.
Technological: Advancements in vacuum coating technologies have enabled higher throughput and uniform deposition of thinner films across complex geometries which is further expanding the applications of PVD coatings.
Key Takeaways
The Global Physical Vapor Deposition Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from electronics and semiconductor industry. The market size for physical vapor deposition is estimated to reach US$ 32.36 Bn by 2030.
Asia Pacific dominates the global PVD market and is estimated to grow at the fastest rate during the forecast period owing to presence of major PVD equipment manufacturers such as Oerlikon Balzers and Ulvac in the region along with significant market size of end use industries like electronics and solar. China represents the largest market for PVD coatings in the Asia Pacific region.
Key players operating in the physical vapor deposition market are Oerlikon Balzers, IHI Corporation, Silfex Inc., Lam Research Corp, Singulus Technologies AG. Oerlikon Balzers is the global leader in PVD coatings and equipment market with strong presence across various end-use industries. IHI Corporation of Japan offers wide range of PVD, CVD and ALD systems for various industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.