Physical vapor deposition (PVD) involves depositing thin films or coatings of one or more target materials onto a substrate in a vacuum chamber. PVD is commonly used for depositing thin films of precious metals, solar panels, semiconductors, optics, and magnetic materials. PVD coatings provide corrosion protection, wear resistance, oxidation resistance, colorization, and conductivity. The growing demand for data storage devices, thin-film batteries, solar panels, microelectronics and medical implants is fueling the growth of the global physical vapor deposition market.
The global physical vapor deposition market is estimated to be valued at US$ 24.04 billion in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the physical vapor deposition market are 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.
Key opportunities: The increasing Physical Vapor Deposition Market Demand for miniaturization of electronic components and integration of multiple functionalities offers significant opportunities for growth in the coming years. In addition, the expanding solar industry due to prevalence of supporting government policies will present newer application avenues.
Global expansion: Major players are investing heavily in expansions across Asia Pacific and Latin America to tap the high growth potential in these regions. Japan, China and India are expected to be the key drivers of demand in Asia Pacific.
Market drivers: One of the major drivers for the growth of the physical vapor deposition market is the wide range of applications across data storage, microelectronics, and optics. There is a growing need for smaller and more powerful devices with high storage capacities which is driving the demand for advanced PVD coatings from data storage and electronics industries.
PEST Analysis
Political: The physical vapor deposition market growth is impacted by government regulations regarding semiconductor fabrication which influence the demand for evaporation materials and tools. Periodic changes in trade policies may also affect imports and exports of equipment.
Economic: The market experiences strong demand from industries like electronics, data storage, and optics which depend on PVD coating technologies for their manufacturing processes. Fluctuations in the global economy and investment cycles of end-use verticals impact spending on capital equipment.
Social: Growing consumption of consumer electronics and changing lifestyle trends driving demand for advanced devices positively influence the market. Social acceptance of newer technologies leads to innovation and development of newer applications.
Technological: Advancements in PVD processes allow for increased productivity, complex multilayer coatings, and lower cost of ownership. Emerging deposition techniques like selective area PVD and controlled atom by atom layering expand application scope. Integration of IoT, AI, and automation raises equipment sophistication.
In terms of geography, North America accounts for the largest share of the physical vapor deposition market value due to strong presence of semiconductor wafer fabrication and component manufacturing industries in the US and copyright. Asia Pacific is the fastest growing regional market with countries like China, Taiwan, South Korea, and Japan expanding their electronics manufacturing capacities and adopting new technologies.
Europe is another major geographical segment supported by metal coating services and tool coating applications across automotive, cutting, and forming industries. Growing prowess of European corporations in research and development also contributes to equipment procurement.
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