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Physical Vapor Deposition Market 2017–2027

Physical vapor deposition (PVD) is also referred to as physical vapor transport (PVT) which includes a variety of vacuum deposition the process that is used to produce thin films and coatings. In this process materials transferred from condensed phases to vapor phases and then get back to the condense phase of thin films. Physical vapor deposition (PVD) is used across various applications such as fabrication of microelectronic devices, surface modifications battery and fuel cell electrodes, interconnects, diffusion barriers, optical and conductive coatings. Thermal evaporation, sputtering, and ion plating are the three commonly used physical vapor deposition in almost all industries. This process is used widely used in, manufacturing of semiconductor devices such as thin-film solar panels, titanium nitride coated cutting tools for metalworking and aluminized PET film for food packaging.

The global physical vapor deposition market is projected to reach around US$ 25.7 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.4% during the forecast period (2019-2027).

Drivers

Increasing penetration of microelectronics across various industries is primarily fueling the market growth of physical vapor deposition. Microelectronics is used to production of small electronic equipment that is micrometers in size and they find application across automotive, defense, and healthcare industries. Microelectronics is one of the major application areas for physical vapor deposition (PVD). Hence the growth of the microelectronics market is fueling the market growth of physical vapor deposition.

Rising usage of physical vapor deposition in the production of low-e glass for construction and automotive industries is projected to accelerate market growth. PVD materials for coating of low-e glass include aluminum & aluminum alloy, Silver, copper & its alloy, chromium. Low-e glass helps in the reduction of heat loss which is gaining huge importance from the construction industry. Hence, rising demand for low-E glass from the construction industry is expected to propel the market growth of physical vapor deposition.

On basis of the region, Europe region dominated the global physical vapor deposition market in 2018, accounting for 41.3% share in terms of volume, followed by North America and Latin America respectively.

Figure 1. Global Physical Vapor Deposition Market, Revenue Share (%), By Region, 2018

Market Restraints

High capital investment and lack of product differentiation and innovation is expected to restrict the market growth of physical vapor deposition. New and advance product development technology require huge capital investment in research and development and this the high cost of investment is expected to hinder the market growth of physical vapor deposition technology.

Lack of skilled labor and a line of sight process as physical vapor deposition technology requires both is expected to hinder the market growth. Moreover, parts used for coating require high-strength electroplated layers in order to protect from corrosion because the coating surface is exposed to extremely high temperatures and this is difficult to obtain. This factor is expected to restrict the market growth of physical vapor deposition over the forecast period.

Market Opportunities

Rising demand for physical vapor deposition coating for improving the appearance of products and durability coupled with the renovating the product’s base material is expected to propel the market growth of physical vapor deposition. In addition, the process is also gaining demand because of eco-friendly nature and other advantages that provides durability, appealing, and bright finishes to a wide range of industrial products.

Growing application of physical vapor deposition in a solar panel in order to improve the performance and efficiency is expected to provide potential growth opportunities to the market of physical vapor deposition. Rising adoption of the solar panel around the globe due to increasing need to reduce energy consumption and global warming is expected to fuel the demand for PV technology in order to boost efficiency, which in turn propelling the market growth.

Figure 2. Global Physical Vapor Deposition Market– Opportunity Analysis

Market Trends

Rising trend of using plastic materials in place of metal across the electrical industry is expected to propel the market growth of physical vapor deposition. Such plastic used in the electrical industry should be durable and scratch-resistant to meet functional requirement and aesthetic appearance. PVD technology is highly preferred over conventional coating technologies, thus propelling the market growth of physical vapor deposition.

Increasing focus of manufacturer on product innovation in order to improve the efficiency and performance is expected to fuel the market growth. For instance, in November 2015, Intevac Incorporated a supplier of thin-film deposition equipment and photonics products announced the launch of the INTEVAC VERTEX (Vertex) Physical Vapor Deposition (PVD) System. Therefore, the advent of such as advanced technology will favor market growth over the forecast period.

Figure 3. Global Physical Vapor Deposition Market, Revenue Share (%), By Product Form, in 2018

On the basis of industry, in 2018, the PVD equipment has accounted the largest market share of 57.7% in terms of value, followed by the PVD services and PVD material.

Competitive Section

Key players operating in global physical vapor deposition market are Oerlikon Balzers (Oerlikon Group), IHI Corporation, Silfex Inc. (Lam Research Corp.), Lam Research Corp, Singulus Technologies AG, Applied Materials, Inc., ULVAC Inc., Veeco Instruments Inc., Buhler AG, Semicore Equipment, Inc., and Platit AG.