Physical Vapor Deposition Market Size Worth USD 46.15 Billion in 2032 | Emergen Research

Increasing adoption of digitization solutions and rising demand for surgical and biomedical devices and Low-E glass in construction and automotive industries are key factors driving Physical Vapor Deposition (PVD) market revenue growth

Vancouver, Jan. 01, 2024 (GLOBE NEWSWIRE) -- The global Physical Vapor Deposition (PVD) market is witnessing robust growth, reaching a market size of USD 22.95 Billion in 2022 and projected to maintain a rapid revenue Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period. Key drivers include the growing adoption of digitization solutions, increased demand for surgical and biomedical devices, and the use of low-E glass in construction and automotive industries.

Driving Forces

PVD, a process where matter is vaporized from solid or liquid states and transported in a vacuum or low-pressure gaseous environment, is gaining traction across various industries. Its applications span electronics, semiconductors, aerospace, aviation, solar energy, and medicine. The demand for digitization solutions, especially in the semiconductor industry, has contributed to the market's momentum, with PVD playing a crucial role in meeting the rising demand for the electronics sector.

In June 2023, Intlvac Thin Film initiated the sale of thin film solutions to the fuel cell research and manufacturing sectors, showcasing the potential to decrease the utilization of costly noble metals in fuel cell construction by approximately 90%.

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While the market is thriving, challenges such as high manufacturing costs, fluctuating raw materials, and substantial capital investments pose obstacles. The complexity and resource-intensive nature of the PVD manufacturing process contribute to higher operational expenses, potentially affecting the market's competitiveness.

Type Insights

The equipment segment dominated the global PVD market in 2022, holding the largest revenue share. The rising demand for film deposition devices used for thermal evaporation, sputtering, and arc vapor deposition drove this growth. PVD equipment, known for its resistance to corrosion and stability, is crucial for coating equipment, safeguarding against degradation over time.

Industry Collaborations

In June 2023, Oerlikon Balzers entered into a ten-year agreement with ITP Aero, leveraging their advanced industrialization and expertise to apply a new high-temperature wear-resistant coating to components of Pratt & Whitney Canada PW800 turbofan engine, showcasing the versatility of PVD technology.

Product Insights

The sputter deposition segment is expected to witness fast revenue growth in the PVD market, driven by its capability to produce deposit films of elemental material with high composition precision. This is particularly valuable in the semiconductor industry for integrated circuit processing.

Innovation in Coatings

Oerlikon Balzers set a new industry standard with BALIQ TISINOS PRO, a PVD coating developed specifically for materials with hardness up to 70 HRC, improving wear resistance when machining hardened steel.

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Application Insights

The microelectronics segment is poised to account for a significant revenue share in the global PVD market, attributed to the rising adoption of PVD in the consumer electronics industry. PVD provides stability, uniformity, corrosion resistance, and durability, making it an ideal material for microelectronic components.

End-Use Insights

The medical segment is expected to register moderate revenue growth in the global PVD market due to the increasing demand for surgical and biomedical devices. PVD's anti-corrosion and high wear-tear properties make it an ideal solution for enhancing the lifespan and performance of medical tools.

Regional Insights

The Asia Pacific market led the global PVD market in 2022, driven by increasing adoption of microelectronics and semiconductors, especially in China, Japan, South Korea, and India. The North America market is anticipated to register the fastest revenue growth, fueled by the rising demand for medical products, particularly in the U.S. and Canada. In Europe, the PVD technology market is expected to account for a considerable revenue share, driven by its use in microelectronics and solar applications.

Scope of Research

Report DetailsOutcome
Market Size in 2022USD 22.95 Billion
CAGR (2023–2032)7.3%
Revenue Forecast To 2032USD 46.15 Billion
Base Year For Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredType, product, application, end-use, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledOerlikon Group, Angstrom Engineering Inc., Kurt J. Lesker Company, Voestalphine AG, NISSON Electric Co. Ltd, IHI Corporation, HEF, Kobe Steel Ltd., Lafer, Inorcoat, Kolzer SRL, Advanced Energy, Impact Coatings AB, Denton Vacuum, Intevac Inc., Cha Industries Inc., Veeco Instruments, and Platit AG
Customization Scope10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global Physical Vapor Deposition (PVD) market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Physical Vapor Deposition (PVD) solutions in the market.

Some of the major companies included in the global Physical Vapor Deposition (PVD) market report are:

  • Oerlikon Group
  • Angstrom Engineering Inc.
  • Kurt J. Lesker Company
  • Voestalphine AG
  • NISSON Electric Co., Ltd.
  • IHI Corporation
  • HEF
  • Kobe Steel Ltd.
  • Lafer
  • Inorcoat
  • Kolzer SRL
  • Advanced Energy
  • Impact Coatings AB
  • Denton Vacuum
  • Intevac Inc.
  • Cha Industries Inc.
  • Veeco Instruments
  • Platit AG

Strategic Development

  • On 1 February, 2023, Veeco Instruments Inc. announced that it has acquired Epiluvac AB, a privately held manufacturer of Chemical Vapor Deposition (CVD) epitaxy systems that enable advanced Silicon Carbide (SiC) applications in the EV market. Epiluvac, headquartered in Sweden, was founded in 2013 by an experienced SiC team. Epiluvac's technology platform, combined with Veeco's global market reach, creates a significant long-term growth driver for Veeco.
  • On 21 March, 2021, Intevac, Inc., a leading provider of thin-film processing systems, announced an order for INTEVAC MATRIX PVD for threading applications in the advanced semiconductor packaging market. This order follows the successful completion of a deployment evaluation program with a leading Outsourced Assembly

Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global Physical Vapor Deposition (PVD) market on the basis of type, product, application, end-use, and region:

  • Type Outlook (Revenue, USD Billion; 2019-2032)
    • Materials
    • Services
    • Equipment
  • Product Outlook (Revenue, USD Billion; 2019-2032)
    • Thermal Evaporation
    • Sputter Deposition
    • Arc Vapor Deposition
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Microelectronics
    • Storage
    • Solar
    • Medical equipment
    • Cutting Tools
  • End-use Outlook (Revenue, USD Billion; 2019-2032)
    • Electronics
    • Military, Defense, and Aerospace
    •  Automotive
    • Energy
    • Medical
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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