July 21, 2024
Physical Vapor Deposition Market

Physical Vapor Deposition Market Is Estimated To Witness High Growth Owing To Growing Demand For Advanced Coating Technologies

The Physical Vapor Deposition market is estimated to be valued at US$ 18.9 billion in 2021 and is expected to exhibit a CAGR of 5.59% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. Physical Vapor Deposition (PVD) is a vacuum coating technique used to deposit thin films on various surfaces. PVD is widely used in different industries including electronics, automotive, aerospace, and medical. The increasing demand for advanced coating technologies, the growing semiconductor industry, and the rising use of PVD in various applications are driving the growth of the Physical Vapor Deposition market.

Market Dynamics

The Physical Vapor Deposition market is fueled by two key drivers:

1. Growing Demand for Advanced Coating Technologies: The need for high-performance and durable coatings across various industries is driving the demand for advanced coating technologies. PVD offers excellent coating properties such as hardness, wear resistance, and adhesion, making it suitable for applications in automotive, electronics, and medical industries.

2. Increasing Adoption in Semiconductor Industry: The semiconductor industry is witnessing rapid growth due to the increasing demand for electronic devices. PVD plays a vital role in the fabrication of microelectronic devices by depositing thin films on semiconductor substrates. The growing semiconductor industry is, therefore, driving the demand for Physical Vapor Deposition systems. These drivers are expected to propel the growth of the Physical Vapor Deposition market over the forecast period.

Segment Analysis:
The physical vapor deposition market can be segmented based on technology, application, and end-user industry. Among these segments, the application segment dominates the market due to its wide range of uses and high demand. The application segment includes microelectronics, storage, solar products, medical equipment, cutting tools, and others. Within this segment, the microelectronics sub-segment is the most dominant, accounting for a significant market share. This is mainly attributed to the growing demand for advanced microelectronic devices in industries such as smartphones, tablets, and wearables. The increasing adoption of advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI) is driving the demand for microelectronics, thereby fueling the dominance of this sub-segment in the physical vapor deposition market.

PEST Analysis:
Political: The political factors influencing the physical vapor deposition market are favorable government policies and regulations supporting the growth of the microelectronics industry. Governments across the globe are investing in infrastructure development and promoting the use of advanced technologies, creating a conducive environment for market growth.

Economic: The economic factors affecting the market include the increasing disposable income of consumers and the growth of the manufacturing sector. As disposable incomes rise, the demand for electronic devices and other products that utilize physical vapor deposition increases, thus driving market growth. The growth of the manufacturing sector also contributes to the demand for physical vapor deposition technologies for various applications.

Social: The social factors include the increasing consumer preference for advanced electronic devices and the rising awareness about renewable energy sources. As consumers seek advanced and innovative products, the demand for physical vapor deposition technologies in the microelectronics and solar industries increases. Additionally, the growing awareness about clean energy sources fuels the adoption of physical vapor deposition in the solar sector.

Technological: The technological factors influencing the market include advancements in microelectronics and the increasing use of physical vapor deposition in cutting-edge technologies. The constant advancements in microelectronics drive the demand for physical vapor deposition technologies to achieve higher performance and miniaturization. The use of physical vapor deposition in cutting-edge technologies such as AI, IoT, and 5G also augments the growth of the market.

Key Takeaways:
The global Physical Vapor Deposition Market Analysis is expected to witness high growth, exhibiting a CAGR of 5.59% over the forecast period from 2022 to 2030. This growth is primarily driven by the increasing demand for advanced microelectronic devices in various industries. The microelectronics segment is the dominating sub-segment within the application segment, attributing to the significant market share.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the physical vapor deposition market. The region’s technological advancements, presence of key players, and increasing investments in research and development activities contribute to its dominance. The Asia-Pacific region is also witnessing significant growth due to the increasing demand for electronics and the establishment of manufacturing facilities in countries like China and India.

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., and Platit AG.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it