Press Release

Global Physical Vapor Deposition Market to reach USD 25.11 Billion, Further Expected to grow at 5.25% CAGR

The Global Physical Vapor Deposition Market is projected to grow at a CAGR of 5.25% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The global physical vapor deposition industry’s market size in 2023 was around USD 25.11 billion. The increasing focus on improving product durability and performance has led to the widespread adoption of Physical Vapor Deposition (PVD) coatings in various industries. Manufacturers across different sectors are driven by the desire to enhance wear and corrosion resistance as well as prolong product lifespans, which PVD coatings excel at achieving.

In addition to these performance benefits, PVD coatings also bring environmental advantages compared to traditional plating methods, as they are typically manufactured without harmful chemicals or heavy metals. This aligns with the global push for sustainable and environmentally friendly manufacturing practices, prompting industries to increasingly turn to PVD as a responsible choice.

Furthermore, the rapid expansion of the medical devices and electronics industry, characterized by the miniaturization of components and devices, is a significant catalyst for global PVD sales. As electronic devices become smaller and more powerful, there is a need for advanced coatings to protect sensitive components from wear and corrosion. As the electronics sector continues to innovate and expand, the demand for PVD coatings is expected to remain robust, contributing significantly to the demand for this technology, further states the research report, “Global Physical Vapor Deposition Market Analysis, 2024.”

Segmentation Analysis

Aerospace & Defense Industries Dominating the Market

Based on the end-user, the market is further bifurcated into, Automotive, Aerospace & Defense, Medical, Electronics, and Others (Packaging, etc.). Among them, the aerospace & defense industries are becoming significant players in the Global Physical Vapor Deposition (PVD) Market. This surge is primarily due to the increasing adoption of PVD coatings across various aerospace and defense equipment components. These coatings enhance attributes such as wear resistance, corrosion protection, and reduced friction, thereby reducing maintenance costs and downtime.

Moreover, in aerospace and defense, there is a growing emphasis on weight reduction to improve fuel efficiency and overall performance. This technology also offers precision and uniformity in coatings, which is crucial for aerospace and defense applications, where even slight deviations can lead to performance issues or structural failures. Consequently, renowned aerospace and defense manufacturers like Rolls-Royce, Lockheed Martin, Northrop Grumman, General Electric, and Pratt & Whitney employ PVD coatings on various components, including fighter jets, missile systems, military vehicles, turbine blades, and nozzles.

The Asia-Pacific Region Presents Substantial Revenue Growth Opportunities

The Asia-Pacific region is currently experiencing a significant surge in demand for Physical Vapor Deposition (PVD) technology. This demand is primarily driven by the region's prominence in electronics manufacturing, encompassing semiconductors, LEDs, and solar cells, where PVD plays a pivotal role in the production process. Additionally, the thriving automotive and aerospace industries in Asia-Pacific are increasingly relying on PVD for purposes such as coating engine components and bolstering the wear resistance of aerospace materials.

Furthermore, the rapid industrialization and urbanization in the region have led to a heightened need for decorative coatings on consumer products and architectural structures, further elevating the usage of PVD. Simultaneously, as several countries, including China, Japan, India, etc., are investing heavily in defense modernization and expansion, PVD coatings are likely to find applications in enhancing the durability and performance of critical defense components. These factors are expected to widely facilitate the revenue growth of the market from the Asia-Pacific region.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Oerlikon Group, Angstrom Engineering Inc., Kurt J. Lesker Company, NISSIN ELECTRIC Co. Ltd., IHI Corporation, HEF Groupe, Lafer S.p.A., Inorcoat, KOLZER SRL, Denton Vacuum, Intevac Inc., Advanced Coating Service, Voestalpine AG, Kobe Steel Ltd., Impact Coatings AB, Tanury, Vergason Technology Inc., Richter Precision Inc., PVD Products Inc., Linde, Surface Modification Technologies, ASSAB Steels Singapore (Pte) Ltd., Mustang Vacuum Systems, Thermalytica, Sutton Tools, and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & technology adoption?
5. How has the competition been shaping across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?