Global Physical Vapor Deposition Market-Analysis, Size, Share, Growth, Trends and Forecast- 2024
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Transparency Market Research states that the global PVD market will expand from a valuation of US$13,600.0 mn in 2015 to US$21,898.8 mn by 2024. The market is expected to exhibit a healthy 5.5% CAGR over the period between 2016 and 2024. Of the three core segments of the market, the segment of PVD equipment, which presently led the market with a nearly 57% share in 2015, is expected to continue its healthy run over the forecast period as well. In terms of geography, Asia Pacific dominates, accounting for an over 40% of the global market in 2015. The region is also expected to remain the dominant regional market for PVD equipment, services, and materials in the near future.
Rising Awareness regarding Benefits of PVD over Alternatives to Drive Market
The global PVD market is chiefly driven by the rising awareness regarding the advantages of physical vapor deposition coating over conventional coating technologies. The usage of several high-strength solid materials such as titanium, chromium, and aluminum in the PVD coating technique facilitate high strength, durability and corrosion resistance to the applied surface. Also, the application processes in PVD coatings do not result in any residue. This is unlike the alternate coating methodologies used in the market, such as electroplating and chemical vapor deposition (CVD).
These alternatives include a limited number of metals for deposition, whereas PVD offers a wide range of metals and substrates for coating. Also, PVD coatings allow uniform and controllable deposits compared to the uncontrollable deposits formed by electroplating. Environment-friendly characteristics of PVD, such as the low or no generation of toxic wastes, thereby mitigating the need for waste management and minimization systems and making it a preferred choice over its substitutes. The vast usage of physical vapor deposition technology in the production of low emissivity or low-e glass, which finds extensive demand across several applications in construction and automotive industries, is also expected to emerge as a key growth driver of the global PVD market in the next few years.
Patent-protected Technologies Limit Growth Opportunities for New Players
Most key aspects of the PVD industry, such as coating materials, PVD chambers, PVD targets, and PVD process kits are protected through patents owned by key market players. These patents have restricted the entry of new players as well as further expansion of smaller players in the global PVD market in the past few years. PVD technology also requires high investment at the initial stages and the PVD technology used by various end users is customized for specific applications. Most notable vendors in the market do not serve every application as the need for new products and technologies to serve an increased set of application areas becomes a capital-intensive task due to patent protected technologies.
Furthermore, differentiating manufacturing processes and developing new products requires high investment in the field of research and development. The scenario makes sustenance a big challenge for smaller vendors and is expected to hamper to growth of global physical vapor deposition market in the next few years.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Physical Vapor Deposition Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
For the study, the global PVD market has been segmented as follows:
PVD Market Analysis
PVD Market: Application Analysis
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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