The global market for physical vapor deposition (PVD) has been treading growth predominantly due to the rising demand from the electronics industry. Physical vapor deposition involves coating the surface of products such as cutting tools, medical equipment, microelectronics, and solar products amongst others with a thin protective film.
Physical vapor deposition is increasingly being preferred over conventional coating techniques mainly due to the environment-friendly and operational benefits of former over the latter. Moreover, manufacturers vying to offer differentiator products are also opting for PVD amongst other newer techniques in times of cut-throat competition.
As per a report by Transparency Market Research, the global market for physical vapor deposition is expected to rise at a healthy 8.3% CAGR between 2017 and 2025, for the market to reach US$33,335.2 mn by the end of 2025 up from its evaluated worth of US$16,410.9 mn in 2016.
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In this blog post, analysts have presented answers to some of the pertinent questions pertaining to developments in the global physical vapor deposition market;
Q: What are the factors paving way for the growth of PVD services segment?
A: The key category segments of the market are PVD equipment, PVD materials, and PVD services. Of them, PVD equipment led in 2016 holding a revenue share of more than 50% in the global PVD market. Going forward too, the segment is expected to hold on to its dominant position. PVD equipment mainly include vacuum, condensation, heating, and coating equipment.
Nevertheless, high costs of production, operation, and maintenance of PVD equipment are expected to favor growth of PVD services segment. PVD services is expected to display the leading growth rate of more than 8% CAGR between 2017 and 2025. The segment includes installation of equipment and coating services. The growth of microelectronics and solar are the key drivers of PVD services market.
Q: Which are the key application segments of the PVD market?
A: Physical vapor deposition is used for a host of applications such as data storage, microelectronics, medical equipment, solar products, architectural glasses, cutting tools, and others. Microelectronics is one of the key application segments, with the segment holding more than 40% of the global market for physical vapor deposition in 2016. The rapid growth of the microelectronics segment has been a key factor contributing to the growth of PVD market.
However, cutting tools is expected to display the leading growth rate among other application segments in the global PVD market over the forecast period. This is because PVD coating is widely applied on cutting tools to offer excellent wear resistance, increased cutting speed, and advanced oxidation resistance among other virtues.
Q: How are regional markets faring in terms of growth in the global PVD market?
A: Asia Pacific stood as the leading regional market holding more than 40% of the overall market in 2016. India, China, and Japan display the leading demand for PVD in the region.
North America stood as the second-leading market for PVD in the same year. The rising demand for PVD in microelectronics is acting in favor of the growth of North America PVD market.