The increasing demand for advanced micro and nano electronic devices in sectors like consumer electronics, automotive, aerospace, and healthcare is augmenting the growth of the physical vapor deposition market.
Physical vapor deposition (PVD) is a vacuum coating process used to deposit thin films by heating a material in a vacuum chamber. The heated material evaporates, atoms travel across the chamber and condense on substrates such as components, integrated circuits, and flat panel displays to improve performance. PVD coating technique enhances surface hardness, wear and corrosion resistance of tools and components. It is widely used for depositing metallic films on plastics, polymer coatings, and coatings in electronic devices. The growing demand for small and efficient microelectronic components requiring thin film coatings and the increasing use of PVD in cutting tools, surgical instruments and architectural applications are some of the key factors driving the physical vapor deposition market.
The global physical vapor deposition market is estimated to be valued at US$ 24.04 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the physical vapor deposition market include Oerlikon Balzers (Oerlikon Group), IHI Corporation, Silfex Inc., Lam Research Corp, Singulus Technologies AG, Applied Materials, Inc., ULVAC Inc., Veeco Instruments Inc., Buhler AG, Semicore Equipment, Inc., Platit AG., Intevac, Inc., Denton Vacuum, Impact Coatings AB, Advanced Coating Service, KOLZER SRL, Inorcoat, Lafer S.p.A., Kobe Steel Ltd., HEF Groupe.
Growing demand: The Physical Vapor Deposition Market Demand for PVD coatings is increasing owing to their enhanced physical and chemical properties. The growing demand for miniaturization of electronic components is driving the use of PVD in semiconductor industries.
Global expansion: Key players are expanding their global footprint by opening new facilities, partnerships and acquisitions to cater to the growing demand from industries and gain a competitive edge in the market.
Market key trends
The increasing focus on producing sustainable and environment-friendly coating solutions is driving innovation in PVD processes. Advances in material research has enabled the development of new functional PVD coatings for applications such as solar panels, wear resistant tools and antibacterial surfaces. The emergence of Industry 4.0 is also augmenting the adoption of advanced PVD technologies for industrial automation.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires huge investment to set up facilities and there is need for advanced technologies.
Bargaining power of buyers: The bargaining power of buyers is moderate since the market has several big players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials required in Physical Vapor Deposition.
Threat of new substitutes: The threat of new substitutes is moderate as Physical Vapor Deposition process has some unique advantages over other coating techniques.
Competitive rivalry: The competitive rivalry is high as major players compete intensely on technology, quality and price.
Geographical regions:
Currently, Asia Pacific region dominates the global Physical Vapor Deposition market in terms of value. China, Japan, South Korea and Taiwan are major countries driving the demand for Physical Vapor Deposition coatings from industries such as microelectronics, data storage, cutting tools and medical equipment.
The fastest growing region for Physical Vapor Deposition market is Europe. Countries such as Germany, UK, France and Switzerland are witnessing increasing adoption of Physical Vapor Deposition coatings across automotive, aerospace, tooling and medical device industries. Focus on reducing wear and corrosion is spurring demand in this region.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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