Global Physical Vapor Deposition Market: Snapshot
Physical vapor deposition (PVD) is a vacuum coating process in which the surfaces of various products such as microelectronics, cutting tools, storage devices, medical equipment, solar products, etc. are coated with materials to form a thin protective film. Manufacturers are increasingly giving preference to PVD coating over conventional coating techniques due to the environment-friendly properties of the PVD process along with other operational benefits. Furthermore, companies are adopting innovative technologies in order to differentiate their products in an increasingly competitive market scenario.
The global physical vapor deposition market has been boosted by a number of drivers such as the rising demand from the electronics industry, which has adopted physical vapor deposition on a large scale. The growing demand for microelectronics in a number of application areas such as the automotive industry is also vital for the physical vapor deposition market. The global physical vapor deposition market is anticipated to grow at a fast CAGR of more than 8% during the forecast period.
According to Transparency Market Research, the global physical vapor deposition market was valued at US$ 19,248.2 Mn in 2018 and is projected to reach US$ 40,110.4 Mn by 2027 at a CAGR of 8.5% from 2019 to 2027.
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PVD Equipment Likely to Dominate Global Physical Vapor Deposition Market
The global physical vapor deposition market can be segmented based on category, applications, and region. On the basis of category the physical vapor deposition market is segmented into PVD equipment, PVD services, and PVD materials. PVD equipment mainly comprises vacuum, heating, condensation, and coating equipment. PVD equipment dominated the global market in terms of revenue in 2018. The market revenue share of PVD equipment stood at above 50% in 2018 and is expected to experience significant growth in the coming years. PVD services include installation of equipment and coating services. Growth in end-use industries such as microelectronics and solar is projected to drive the PVD services market. PVD services is estimated to emerge as the fastest growing segment during the forecast period. PVD materials include various raw materials such as titanium, aluminum and nitrogen.
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Physical vapor deposition is used for a broad range of applications such as microelectronics, data storage, solar products, medical equipment, cutting tools, architectural glasses, and others. Microelectronics is one of the leading application segments for physical vapor deposition (PVD) and held more than 40% of the global physical vapor deposition market in 2018. Rapid expansion of the microelectronics segment has thus been a major factor driving the PVD market.
Demand for PVD for cutting tools applications is projected to increase at the fastest rate during the forecast period. PVD coatings are widely employed on cutting tools in order to provide excellent wear resistance, advanced oxidation resistance, increased cutting speed and feed rate, etc.
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Asia Pacific Likely to Dominate Global Physical Vapor Deposition Market
Asia Pacific held the largest market for physical vapor deposition, with a share of more than 40% in global figures in 2018. China, India, and Japan are expected to dominate the demand for physical vapor deposition in Asia Pacific. North America constituted the second-largest market for physical vapor deposition in 2018. Growing use of PVD in microelectronics application is likely to boost demand from the physical vapor deposition market in North America. Following North America, Europe accounted for more than 19.0% of the total market revenue in 2018. Demand for physical vapor deposition is comparatively low in Latin America, the Middle East, and Africa. However, rise in demand for PVD in manufacturing of architectural glass and low-e glass is anticipated to provide lucrative opportunity for PVD in the Middle East and Africa during the forecast period.
