Physical Vapor Deposition Market Overview: Size, Share, Trends, Opportunities & Forecast to 2032
The global physical vapor deposition market size was USD 27.10 billion in 2023 and is projected to grow from USD 29.41 billion in 2024 to USD 57.04 billion in 2032 at a CAGR of 8.6% during the forecast period 2024-2032. This information is published by Fortune Business Insights in its report, titled “Physical Vapor Deposition Market, 2025-2032.” Physical vapor deposition (PVD) is a vacuum-based coating technique that enhances the surface properties of organic and inorganic substrates through processes like evaporation, transport, reaction, and deposition at the atomic level. It is eco-friendly and widely applied in electronics, automotive, medical, and other industries. Market growth is fueled by diverse applications and expansion activities of key players. For example, in April 2024, Oerlikon Balzers opened its first customer center in Vietnam, strengthening its presence in Asia’s growing market.
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List of the Companies Profiled in the Market:
- Advanced Energy Industries, Inc. (USA)
- Intevac (USA)
- Oerlikon Balzers (Switzerland)
- Impact Coatings AB (Sweden)
- AJA International, Inc. (USA)
- Dynavac (USA)
- Denton Vacuum (USA)
- Angstrom Engineering, Inc. (Canada)
- CHA Industries, Inc. (USA)
- IHI HAUZER Techno Coating B V (The Netherlands)
- The Kurt J Lesker Company (USA)
- Other Key Players
Market Segmentation
On the basis of category, the market is divided into PVD equipment, PVD material, and PVD services.
- Based on category, the PVD equipment segment held a global physical vapor deposition market share of about 59.5% in 2020 and is expected to showcase exponential growth during the forecast period. This is due to the increasing PVD adoption in several industrial applications such as medical, solar products, and data storage worldwide.
On the basis of application, the market is segmented into data storage, microelectronics, solar products, cutting tools, medical equipment, and others. Finally, based on region, the market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
What does the Report Provide?
The market report provides an in-depth analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the physical vapor deposition market growth in the forthcoming years.
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DRIVING FACTORS
Increasing Demand for Eco-friendly Coating Processes to Promote Growth
According to Eurostat, the industrial sector accounts for more than half of the total emissions in Europe. The rising concern over greenhouse emissions has propelled the demand for environmentally safe products. For instance, the physical vapor deposition process adopts eco-friendly products such as titanium nitride (TiN) and chromium nitride (CrN). These materials are coated on corrosion-resistant electroplating and further enhance the finish of the surface. In addition, they offer superior performance without the risk of environmental hazards. Therefore, owing to this, the high demand for eco-friendly coating processes across several industrial applications is expected to favor the growth of the market during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 10.25 billion in 2020 and is expected to hold the highest position in the market during the forecast period. This is owing to the increasing consumption of medical equipment and solar products in countries such as China. Besides, the presence of eminent physical vapor deposition solution providers will favor regional growth during the forecast period.
North America – The region is expected to experience significant growth owing to the well-established supply chain network and distributorship in the region. Moreover, the increasing adoption of the physical vapor deposition process in the manufacturing of solar panels and cutting tools will boost the growth of the market between 2021 and 2028.
COMPETITIVE LANDSCAPE
Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are investing in R&D activities to develop advanced physical vapor deposition solutions to cater to the growing demand from several industrial applications. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for market growth.
Industry Development:
- April 2022: Impact Coatings established a subsidiary in Shanghai, China, to increase the availability of coating solutions and services in the country.
- February 2021: Dynavac announced a significant increase in capital investment, facility size, and workforce. The company focuses on competitive advantage based on growth in both the thin film and space simulation markets. These investments will allow them to keep up with the needs of their customers.
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