Physical Vapor Deposition Market Ensures Sustained Demand By 2025
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$16,410.9 mn in 2016 and is projected to reach US$33,335.2 mn by 2025 at a CAGR of 8.3% from 2017 to 2025.
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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 2016. The market revenue share of PVD equipment stood at above 50% in 2016 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.
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 2016. Rapid expansion of the microelectronics segment has thus been a major factor driving the PVD market.
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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.
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 2016. China, India, and Japan are expected to dominate the demand for physical vapor deposition in Asia Pacific. The Asia Pacific physical vapor deposition market was valued at US$7,441.1 mn in 2016 and is likely to near double in valuation over the 2017-2025 forecast period at a robust CAGR of 8.6%.
North America constituted the second-largest market for physical vapor deposition in 2016. 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 2016. 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.
Key manufacturers in the physical vapor deposition market are Platit AG, Mustang Vacuum Systems, Oerlikon Balzers, Veeco Instruments Inc., Applied Materials, Inc., ULVAC Inc., Semicore Equipment, Inc., HEF USA, Singulus Technologies AG, IHI Corporation, Silfex Inc. (Lam Research Corp.) and Buhler AG.
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