Physical Vapor Deposition Global Market Report 2024

Physical vapor deposition (PVD) refers to several different vacuum deposition techniques that can be used to create thin films and coatings. PVD is a method in which a material transforms from a condensed to a vapor phase before returning to a thin-film condensed phase.

The main categories of physical vapor deposition (PVD) are PVD equipment, PVD materials, and PVD services. PVD equipment refers to devices designed for the application of PVD coatings. PVD materials that are deposited on the material to be coated include titanium, aluminum, chromium, and nitrogen. PVD services include the use of technologies such as evaporation, vacuum, and sputtering systems to produce affordable, wear-resistant, and superior-quality coatings. The different processes include thermal evaporation and sputtering deposition and find applications in microelectronics, data storage, solar products, cutting tools, medical equipment, and other industries.

The physical vapor deposition market research report is one of a series of new reports that provides physical vapor deposition market statistics, including physical vapor deposition industry global market size, regional shares, competitors with a physical vapor deposition market share, detailed physical vapor deposition market segments, market trends and opportunities, and any further data you may need to thrive in the physical vapor deposition industry. This physical vapor deposition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The physical vapor deposition market size has grown rapidly in recent years. It will grow from $21.48 billion in 2023 to $23.64 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to the expansion of semiconductor manufacturing, increased demand for hard coatings and thin films, advancements in material science and nanotechnology, applications in aerospace and automotive industries, and the development of wear-resistant coatings.

The physical vapor deposition market size is expected to see strong growth in the next few years. It will grow to $34.18 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to green and sustainable PVD processes, the trend of miniaturization and high-performance coatings, growth in renewable energy applications, expansion of MEMS and NEMS technologies, and the demand for customized coatings for specific industries. Major trends in the forecast period include PVD for advanced energy storage, development of biocompatible and bioactive PVD coatings, coatings for flexible and wearable electronics, adherence to regulatory standards for environmental impact, and the synergy between additive manufacturing and PVD.

The anticipated increase in demand for medical devices and equipment is expected to be a driving force for the growth of the physical vapor deposition (PVD) market in the foreseeable future. Medical device manufacturers are increasingly adopting PVD techniques to apply robust and thin coatings on advanced materials such as stainless steel, titanium, and ceramics. This is particularly crucial for enhancing corrosion resistance in medical device coatings, orthopedic surgical instruments, and implants. Notably, the USA stands as the world's largest medical device sector, with an estimated value of $208 billion by 2023, as reported by the International Trade Administration (ITA). Consequently, the surge in demand for medical devices and equipment contributes to the growth of the physical vapor deposition market.

The projected growth in the semiconductor industry is poised to drive the expansion of the physical vapor deposition market in the future. The semiconductor industry involves the design, manufacturing, and distribution of semiconductor devices, including integrated circuits and microchips. Physical vapor deposition is instrumental in creating thin metal wiring for interconnecting various components and transistors on semiconductors. In 2022, the Semiconductor Industry Association (SIA) reported semiconductor sales reaching $574.1 billion, marking a 3.3% increase compared to the previous year's $555.9 billion. This underscores the growing demand in the semiconductor sector, driving the growth of the physical vapor deposition market.

Leading companies in the physical vapor deposition market are focusing on product innovation, particularly in the realm of excellent thermal stability. Excellent thermal stability denotes the ability of a material or component to maintain structural integrity and performance characteristics across a broad temperature range without significant degradation. For example, Walter AG, a Germany-based machine industry company, introduced Tiger·tec Gold (physical vapor deposition) PVD Grade WSP45G in September 2022. This product features an aluminum oxide (Al2O3) multilayer, ensuring high crystallization and excellent thermal stability. It finds applications in milling stainless steel, challenging-to-machine materials, and other high-performance materials.

Major companies in the physical vapor deposition market are investing in the development of innovative products. In May 2022, Applied Materials, Inc., a US-based semiconductor chip manufacturer, unveiled Endura Ioniq. This Integrated Materials Solution (IMS) integrates surface preparation with physical vapor deposition (PVD) and chemical vapor deposition (CVD) processes within a single high-vacuum system. Tailored to support the scaling of 2D devices and the evolution of new 3D architectures for semiconductors, Endura Ioniq represents a significant advancement in the field.

In June 2022, High Temperature Superconductors Inc., a US-based manufacturer of high-temperature superconducting wire, acquired PVD Products Inc. for an undisclosed amount. This strategic move positions High Temperature Superconductors Inc. to advance the commercialization of high-temperature superconducting wire and expand its capabilities in thin film deposition systems. PVD Products, Inc., a US-based company specializing in components based on Physical Vapor Deposition (PVD), complements the acquiring company's objectives in the market.

Major companies operating in the physical vapor deposition market include Applied Materials Inc., IHI Hauzer B.V., Oerlikon Balzers Coating AG, Advanced Energy Industries Inc., Platit AG, Semicore Equipment Inc., Angstrom Engineering Inc., Singulus Technologies AG, Veeco Instruments Inc., AJA International Inc., Buhler Alzenau GmbH, Intevac Inc., Impact Coatings AB, Mustang Vacuum Systems Inc., Silfex Inc., Denton Vacuum LLC, CHA Industries Inc., Plasma Quest Limited, Kurt J. Lesker Company, HEF USA LLC, Tokyo Electron Limited, Richter Precision Inc., Lam Research Corporation, KDF Electronics & Vacuum Services Inc., Impreglon Canada Ltd., Plasma-Therm LLC, ULVAC Inc., voestalpine AG, ASM International N.V., Techmetals Inc.

Asia-Pacific was the largest region in the physical vapor deposition market in 2023. North America was the fastest-growing region in the physical vapor deposition market share. The regions covered in the physical vapor deposition market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the physical vapor deposition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The physical vapor deposition market consists of revenues earned by entities by providing ion plating, electron beam sputtering, and magnetron sputtering. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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