Key Highlights
As per the TMR, the global physical vapor deposition market is estimated to attain a valuation of US$ 40.1 Bn by the end of 2027 progressing from US$ 19.2 Bn in 2018. The market is predicted to rise at a healthy 8.5% CAGR during the forecast period 2019 to 2027.
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Rising Application of Microelectronics to Help Market Gain Momentum
The demand for the physical vapor deposition is increasing in the electronics industry as they have adopted PVD on a large scale. In addition, rising demand for microelectronics in various applications such as automotive industry, data storage, medical equipment, solar products, architectural glasses are acting as the growth driver for the global physical vapor deposition market.
PVD coating is widely employed in cutting tools by providing advanced oxidation resistance, outstanding wear resistance, improved cutting speed and feed rate, and many other benefits. Thus, PVD in cutting tools is expected to grow in coming years. Furthermore, flourishing automotive and construction industries are expected to accelerate the demand in the physical vapor deposition market in coming years. Increasing focus on the incorporation of green power technologies in their energy mixes is creating high demand for effective solar energy products, which, in turn, is also expected to drive the market.
Among various classification by category in which physical vapor deposition market is divided, PVD equipment segment leads the market by holding nearly half of the share in the market in 2018. This segment is considered one of the most lucrative segment for the growth of the market. During the forecast period, PVD equipment segment is expected to maintain its dominance mainly because of high costs of PVD equipment. Based on geography, Asia Pacific leads the market by holding 40% of the global market shares in 2018. The value of the market in this region is expected to double by the end of forecast period.
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High Initial Investment from New Entrants to Restrict Market Entry
There are certain restraining factors affecting the growth of the market. One of the major factors is stringent patent protection laws on existing PVD technologies. Due to strict laws, the market entry by the new entrants has become more difficult, thus, reducing the chance of healthy competition among the various leading as well as small players in the market. Moreover, patent protection is likely to increase initial investment required by new players that may lead to a possibility of market monopoly in coming years.
Global Physical Vapor Deposition Market High Degree of Competition
The global physical vapor deposition market witnesses a high degree competition among the leading players and entry barriers is restricted for the new and small players. Entry barriers are strict due to extensive patent protection provided to PVD technologies, materials, process, and systems. Over 200 patents have further limited expansion of small companies, as they need to be authorized under patents that have limited their scope of growth. According to the report, the leading players in market; some of the leading players are Mustang Vacuum Systems, Applied Materials, Inc., Singulus Technologies AG, Silfex Inc. (Lam Research Corp.), and IHI Corporation.
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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 2018. China, India, and Japan are expected to dominate the demand for physical vapor deposition in Asia Pacific. North America constituted the second-largest market for physical vapor deposition in 2018. 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 2018. 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.
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