by The global Physical Vapor Deposition Market is estimated to be valued at US$ 21.07 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Physical Vapor Deposition is a thin film deposition technique in which the material goes from a condensed phase to a vapor phase and then back to a thin film condensed phase. This technique allows the deposition of various functional and decorative coatings onto various substrates. Physical vapor deposition provides a controlled thin film coating for industries such as microelectronics, data storage, cutting tools, medical equipment, and decorative applications. The deposited films have excellent adhesion, uniform thickness, and step coverage which makes it an ideal technique for various industrial applications.
Market key trends:
One of the key trends in the physical vapor deposition market is the growing adoption of PVD techniques in the solar industry. PVD technology helps in depositing antireflective coatings on solar cells and modules which significantly improves their efficiency. PVD provides excellent barrier properties against moisture and oxidation and hence is a preferred technique for solar cell coating. Expanding solar power generation across regions is expected to drive the demand for PVD coatings for solar cells over the forecast period.
Porter’s Analysis
Threat of new entrants: The physical vapor deposition market requires high initial capital investments for setting up vacuum deposition equipment and related infrastructure, which acts as a barrier for new players.
Bargaining power of buyers: The presence of a large number of global players operating in this market gives buyers high bargaining power to negotiate on prices.
Bargaining power of suppliers: Major raw material suppliers for this market include manufacturers of vacuum equipment, deposition sources, and other auxiliary equipment. Their specialist expertise makes it difficult for buyers to switch suppliers.
Threat of new substitutes: There exists no close substitute for PVD coatings. Emerging technologies like atomic layer deposition provide some competition but are limited in application.
Competitive rivalry: The physical vapor deposition market witnesses intense competition among the top players. Companies strive to enhance product portfolio and upgrade technologies to gain competitive edge.
Key Takeaways
The Global Physical Vapor Deposition Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from microelectronics and cutting tool industries.
Regional analysis: Asia Pacific dominated the physical vapor deposition market in 2023 and is estimated to grow at the fastest rate during the forecast period. Countries like China, Japan, South Korea and India are major manufacturing hubs for electronics and automotive components driving regional market growth.
North America physical vapor deposition market is supported by thriving aerospace and medical device sectors in the region. Presence of key OEMs in the US and Canada boosts product adoption.
Key players operating in the physical vapor deposition market are Oerlikon Balzers (Oerlikon Group), IHI Corporation, Silfex Inc., Lam Research Corp, Singulus Technologies AG, Applied Materials, Inc., ULVAC Inc., Veeco Instruments Inc., Buhler AG, Semicore Equipment, Inc., and Platit AG. Major players are focused on developing specialized coating capabilities to address application-specific requirements of target industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
