Physical Vapor Deposition Coatings Market size is forecast to reach $27.4 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026. Physical vapor deposition (PVD) coatings is a method that uses devices such as sputtering targets and evaporation slugs to deposit thin layers of coatings on materials such as semiconductor devices and thin-film solar panels. The growing need for highly sophisticated surface-related properties through advanced mono-structured coatings, such as super magnetic, optical, catalytic, and electrical, has contributed to the growth of the physical vapor deposition industry. The rapid growth of the medical and healthcare industry has increased the demand for medical devices; thereby, fueling market growth. Furthermore, the declining electronics prices and adoption of high-end technology devices are consequently increasing the consumption of electronic devices, which is the major factor driving the physical vapor deposition coatings market growth during the forecast period.
COVID-19 Impact
The physical vapor deposition industry has been potentially hit hard by the COVID-19 outbreak on numerous fronts such as lowered demand and productivity, operational and supply chain disruptions, potentially tightening credit markets, and more. Also, the production facilities of the electronics components such as microelectronics, semiconductor devices and transistors have been halted in various regions owing to the logistics slowdown and unavailability of the workforce. Furthermore, various e-commerce companies have discontinued the delivery of non-essential items (including most of the electronics products), which is having a major impact on the electrical and electronics sector growth, which is hindering the demand for physical vapor deposition coatings. All of these factors are limiting the growth of the physical vapor deposition coatings market in various regions during the pandemic.
Physical Vapor Deposition Coatings Market Segment Analysis – By Type
The sputtering deposition segment held a significant share in the physical vapor deposition coatings market in 2020. PVD by sputtering is a term used to refer to a physical vapor deposition (PVD) technique in which high-energy particle bombardment ejects atoms or molecules from a target material so that the expelled atoms or molecules may condense as a thin film on a substrate. Sputtering has been one of the most commonly used methods, including titanium, aluminum alloys, silver, gold, TiW, and tungsten, to deposit different metallic films on wafers. Sputtering offers various advantages over other PVD methods such as sputtering simplify the deposition of uniform thickness over large wafers; it easily helps in controlling film thickness, and more. All these factors are contributing to sputtering deposition market growth during the forecast period.
Physical Vapor Deposition Coatings Market Segment Analysis – By Material
The metal segment held the largest share in the physical vapor deposition coatings market in 2020 and is growing at a CAGR of 6.5%. Iron, steel, aluminum, copper, zinc, and more are some of the metals that are used widely for industrial applications. Most of these metals and their alloy substrates can be applied with PVD coatings, although certain materials need a chromium and nickel base layer to enhance corrosion resistance and increase durability. PVD coating allows the processing of metal vapors (chromium, titanium nitride, and aluminum) which are deposited as thin, strongly adhered pure metal or alloy coatings on the metal substrate. Metals and their alloy applications have been found almost everywhere in recent times, ranging from construction, electronics, thin-film solar panels, machinery, and equipment, to cars and refractories. Therefore, the market for the application of PVD coating on metal substrates is also enormous with large applications of metal substrates.
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Physical Vapor Deposition Coatings Market Segment Analysis – By End-Use Industry
The electrical and electronics segment held the largest share in the physical vapor deposition coatings market in 2020 and is growing at a CAGR of 6.8%, owing to its high process performance, large-scale pattern-ability, lower cost, and environmentally friendly design. The physical vapor deposition coating is used in the satellite, space, and military markets for semiconductor packaging. This coating is used in wireless and photonic packaging materials, including micro-electromechanical devices, RF power amplifiers, light-emitting diodes, and laser recorders. Growing demand for chips related to the increasingly increasing use of AI is projected to increase demand over the forecast period for physical vapor deposition coating. It is one of the fundamental technologies in microelectronics and its application to the deposition of bio-molecules enables the specific properties of peptide supramolecular nanomaterials to be easily used and incorporated into various broad applications.
Physical Vapor Deposition Coatings Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the physical vapor deposition coatings market in 2020 up to 42%, owing to the increasing electronic sector in the region. The rising sales and manufacturing of electronic goods in Asia Pacific countries such as China, India, and Singapore are expected to surge the demand for memory chips, thereby propelling the market growth of the physical vapor deposition coatings market. The Chinese government will invest considerable effort to support the electronics industry, particularly the IC manufacturing and design industry, according to China’s National Integrated Circuit Development Promotion Outline. In 2022, the production of ICs in China will increase at an annual average rate of over 14 percent. The consumer electronics and appliances market in India is projected to become the fifth-largest in the world by 2025, according to Invest India. India could build an $800 billion to $1 trillion digital economy by 2025, and India’s digital economy could fuel 18-23 percent of overall economic activity by 2025. Thus, with the expanding electronics industry, the demand for physical vapor deposition coatings will also subsequently increase, which is anticipated to drive the physical vapor deposition coatings market in the APAC region during the forecast period.
Physical Vapor Deposition Coatings Market Drivers
Growing Medical Device Market
The medical device market is growing at a relatively faster pace in emerging nations, owing to the increasing income levels, an aging population, and rising health awareness. And physical vapor deposition coatings are largely utilized in a range of medical equipments such as orthopedic implants, pacemakers, surgical instruments, orthodontic appliances, and dental instruments, to deposit wear-resistant thin-film coatings. According to Invest India, The current market size of the medical devices industry in India is estimated to be $11 billion. The medical device sector is likely to grow to a $ 65 billion industry by 2024. India’s expected export of medical devices will reach ~ $10 billion by 2025. Japan’s medical device industry will exhibit a CAGR of 4.5 percent in yen terms from 2018 to 2023, according to the latest official estimates from the Ministry of Health, Labour and Welfare (MHLW) Annual Pharmaceutical Development Statistics. And since the consumer electronic products require vapor deposition for coating gadgets it acts as a driver for the vapor deposition market during the forecast period. Thus, the growing medical device market will drive the physical vapor deposition coatings market growth.
Expanding Automobile Industry
In various engine components, friction and wear have crucial effects on engine output, combustion efficiency, oil consumption, and internal combustion (IC) engine lifetime. The metallic components of the IC engine, in particular the piston and valve system, suffer from higher friction under certain loads, speeds, and temperatures. One of the novel techniques to decrease the frictional forces and enhance the mechanical properties of engine components is thin-film coating. Physical vapor deposition (PVD) coating is a preferred choice in recent time to deposit thin-film coating on engine components in automobiles due to its versatile properties such as affordable, wear-resistant, and superior quality coatings. And the automobile industry is expanding at a lucrative rate in various regions. For instance, according to OICA, the production of passenger cars has increased by 2.6 % in Malaysia in 2019. And the production of passenger cars in Africa increased from 776,967 in 2018, to 787,287 in 2019, a total increase of 1.3%. Thus, it is anticipated that with the increasing automobile industry, the demand for thin film coating of the engine will also drastically increase, which will then drive the physical vapor deposition coatings market growth.
Physical Vapor Deposition Coatings Market Challenges
Drawbacks Associated With the Physical Vapor Deposition Coatings
The most important drawback associated with physical vapor deposition coating is its higher cost. The process requires complex machines that need skilled operators, which initially increases the coating manufacturing and marketing cost. Also, the rate at which the PVD coating works is relatively slow. In addition, the parts used for coating are exposed to high temperatures and require electroplating layers that are difficult to achieve for optimum corrosion safety. All these factors highly contribute to restraining the physical vapor deposition coatings market growth. Furthermore, the growing demand for chemical vapor deposition technique due to lower waste deposition and transition sharpness is also expected to limit the market growth.
Physical Vapor Deposition Coatings Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the physical vapor deposition coatings market. Major players in the physical vapor deposition coatings market are AJA International Inc., Applied Materials Inc., Advanced Energy Industries Inc., Angstrom Engineering Inc., Intevac Inc., PG Technologies, Denton Vacuum, Oerlikon Balzers, Impact Coatings AB, and Johnsen Ultravac.
Acquisitions/Technology Launches
In November 2019, PG Technologies opened a new advanced coating facility in Singapore. The facility houses the new electron beam physical vapor deposition (EBPVD) coater from PG Technologies as well as other coating procedures.
In July 2019, Applied Materials launched Physical Vapor Deposition (PVD) equipment dedicated to the production of new memory. The firm declared that it would sell products of value USD 100.0 million in the current year.
Key Takeaways
Asia-Pacific dominates the physical vapor deposition coatings market, owing to the increasing electronic industries in the region. According to Invest India, India’s share in global electronics manufacturing has grown from 1.3% in 2012 to 3.0% in 2018.
Using PVD it is possible to cover a surface with solid material like aluminum, a metallic oxide such as titanium oxide (TiOx), or ceramic material as titanium nitride (TiNx). Thus, it has become one of the most widely used technologies for the production of semiconductor devices and thin-film solar panels.
The demand for physical vapor deposition coating is expected to grow considerably as the coating does not require a process medium which makes it an environmentally friendly coating process. Further, it provides appealing, durable, and bright finishes on a wide variety of industrial and consumer components, which will drive market growth.
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