The global physical vapor deposition market size is expected to reach USD 30.3 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. The rising sales of electronic goods in the emerging economies such as China, India, and Thailand is expected to surge the demand for memory chips, thereby driving the growth for physical vapor deposition technology over the coming years.
The demand for physical vapor deposition coatings is anticipated to grow significantly on account of their ability to improve product appearance and durability. The coatings do not require any process medium which makes it an environmentally friendly process that provides appealing, durable, and bright finishes on a wide variety of industrial and consumer components.
The demand for physical vapor deposition in the medical equipment industry is growing owing to the rising demand for wear-resistant and bio-compatible thin film coatings in various types of medical devices, including orthopedic plants, stents, pacemakers, medical pressure sensors, orthodontic appliances, dental instruments, and surgical instruments.
Constructive regulatory support for encouraging domestic level private investment in Mexico is likely to boost the semiconductor industry, thereby stimulating market growth of physical vapor deposition over the forecast period. In addition, increased spending on research and development by medical device manufacturers in U.S. is expected to further propel PVD market growth over the coming years.
Further key findings from the report suggest:
- PVD equipment is expected to witness a CAGR of 5.8% from 2020 to 2027 on account of the rising demand for tool coating applications in automotive components, decorative coatings, and large dies and broaches
- The data storage application segment accounted for 23.6% of the revenue share in 2019 owing to rising demand for electronic data storage devices in consumer devices, commercial IT applications, computers, and the emerging spectrum of IoT applications
- The cutting tools application segment is expected to witness a CAGR of 4.7% from 2020 to 2027 as they are preferred in sharp edges and cutting applications such as end-milling, grooving, threading, and drilling
- Asia Pacific accounted for 46.4% of the revenue share in 2019 owing to the rising demand for flash memory and DRAM in the consumer and communication applications in China, South Korea, and India
- Companies are involved in extensive research and development activities along with mergers and acquisitions with the leading manufacturers and distributors to strengthen their presence in the emerging economies.