Tokyo, Oct. 28, 2022 (GLOBE NEWSWIRE) -- The global physical vapor deposition (PVD) market size was valued at USD 23.5 billion in 2021. The extensive demand for the thin-film coating in the decorative applications in the microelectronic industry is expected to drive the growth of the physical vapor deposition market. Moreover, the demand for the physical vapor deposition is growing significantly across various end use applications such as solar products, data storage, medical equipment, and cutting tools.
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The rising demand for the various digital devices such as mobile phones, desktops, and laptops owing to the rising popularity of remote working or work from home has significantly influenced the demand for the physical vapor deposition as the physical vapor deposition coating is highly used in the coating applications. The PVD coating is very helpful in cutting applications like threading, milling, and drilling, where the demand for the tough cutting edge is extensively high.
The PVD coating on the cutting tools decreases wear, reduces cycle time, and reduced pick up of tool that significantly drive the demand for the PVD. The PVD coating is known for providing wear resistant and durable medical and surgical tools and equipment. The thin film coating provided by the PVD on the orthopedic and dental implants, Bio-MEMS, and biomaterials helps in performance enhancement and thus drives the growth of the global PVD market.
Key Insights:
- Asia Pacific has accounted market share of over 46% in 2021 and is growing at a CAGR of 6.7% over the forecast period 2022 to 2030.
- The PVD equipment application segment is poised to grow at a CAGR of 5.7%.
- By application, the data storage segment has accounted 23.5% market share in 2021.
- By category, the PVD services segment is expected to reach at a CAGR of 6.9% from 2022 to 2030.
- Based on the category, the PVD equipment segment has held market share of over 59% in 2021.
- By application, the microelectronics segment has accounted revenue share of over 37% in 2021.
Regional Snapshot
Asia Pacific dominated the global physical vapor deposition market, garnering a market share of 46% in 2021. Asia Pacific is the home to numerous manufacturers of various industries such as healthcare, consumer electronics, automotive, medical devices, and microelectronics. The huge production volumes from various industries has led to the huge demand for the physical vapor deposition. The rapid industrialization of the region owing to the various government initiatives and policies in the nations like China, Japan, India, and South Korea has significantly contributed to the growth of the Asia Pacific physical vapor deposition market growth. China is the largest producer of electric vehicles and consumer electronics, which has augmented the market growth in the region. The growing demand for the various medical equipment and consumer electronics in the region is expected to have a significant and positive impact on the growth of the physical vapor deposition market in the forthcoming years.
Physical Vapor Deposition (PVD) Market Share, By Region, 2021 (%)
| Region | Revenue Share in 2021 (%) | |
| North America | 18.6 | % |
| Europe | 28.6 | % |
| APAC | 46 | % |
| Rest of the World | 6.8 | % |
North America is expected to be the fastest-g rowing market during the forecast period. This growth is attributable to the rapidly surging demand for electric vehicles, solar panels, and medical equipment in the region. The significantly growing geriatric population and rising prevalence of diseases in US is boosting the demand for various medical and surgical equipment. It is estimated that more than half of the US population is suffering from chronic diseases. Further, the geriatric population will constitute 24% of the total US population by 2060.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 47.7 Billion |
| CAGR | 8.18% from 2022 to 2030 |
| Largest Revenue Holder | Asia Pacific |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | sp3 Diamond Technologies, Inc., Sumitomo Electric Industries, Ltd., Morgan Advanced Materials Plc, Advanced Diamond Technologies, Inc., Anglo American plc, Diamond Materials GmbH, and Scio Diamond Technology Corp. |
Market Dynamics
Driver: Surging demand for the solar panels
The deteriorating environmental conditions and depleting traditional fuel across the globe is forcing the government to shift to renewable energy sources. The rapid industrialization and urbanization and high demand for fuel for power generation has significantly contributed to the carbon emission. The rising government initiatives to control carbon emission is driving the demand for the solar panels as the world is moving towards the adoption of renewable energy sources. PVD is extensively used in the solar panels to make it corrosion resistant and enhance it life.
Restraint: High cost of PVD equipment and services
There are some processes that operates in high temperatures and some under vacuum. Therefore, special attention and highly skilled professionals are required to achieve desired results. This increases the costs of the PVD services offered by the PVD companies. Moreover, the PVD equipment involves a high initial capital investment. Furthermore, the prices of various raw materials such as titanium, zirconium, and chromium keep on fluctuating which further presents a challenge for the manufacturers as it can decrease the profitability.
Opportunity: Rising demand for eco-friendly coating process
The industrial sector contributes more than half of the total emission across the globe. The rising concerns pertaining to the greenhouse gases is boosting the demand for the sustainable and eco-friendly products. The use of various eco-friendly materials such as titanium nitride and chromium nitride in the physical vapor deposition process is expected to offer lucrative growth opportunities to the market players in the forthcoming future.
Challenge: Fluctuations in raw material prices
Fluctuations in the prices of the raw materials is a major concern for the market players. The various raw materials like titanium, aluminum, chromium, and zirconium keeps on fluctuating that limits the growth of the service providers and the raw material suppliers.
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Report Highlights
- Based on category, the PVD services is expected to be the fastest-growing segment during the forecast period. The high prices and high maintenance costs of the PVD equipment restricts the users to buy the PVD equipment and as a result they increasing adopting the PVD services. Hence the demand for the PVD services is expected to grow significantly.
- By application, the microelectronics segment dominated the market, capturing a market share of 37% in 2021. The PVD coating is extensively used in the production of hard disk drives. Therefore, the rising demand for the desktops and laptops across the globe has led to the dominance of this segment.
Market Segmentation
By Category
- PVD Materials
- PVD Equipment
- PVD Services
By Application
- Data Storage
- Microelectronics
- Cutting Tools
- Solar products
- Medical Equipment
- Others
By Substrate
- Metals
- Plastics
- Glass
By Process
- Cathodic Arc Deposition
- Electron Beam Deposition
- Sputter Deposition
By End User
- Tools
- Components
- Aerospace and Defense
- Automotive
- Electronics and Semiconductors (Including Optics)
- Power Generation
- Other Components
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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