The vacuum coating equipment market is primed to exhibit lucrative growth by 2028 owing to increased use of physical vapor deposition (PVD) and chemical vapor deposition (CVD) processes in the automotive industry.
The PVD and CVD processes offer various features like uniform coverage, better functionality, improved aesthetic appearance, and corrosion resistance. Notably, major developments in the semiconductor industry have positively influenced vacuum coating equipment market demand.
Vacuum coating turns metals and alloys of automobiles into condensed films that are easily applicable to the exterior of the vehicle. Coatings are essential for the protection of substrates of electric vehicles and their parts from rust formation and other damages. Rising prominence of coatings and coated electronic devices in electric vehicles is promoting product uptake in the automotive sector.
The vacuum coating equipment market has witnessed significant developments in recent years. Rapid industrialization, along with increased government investments in manufacturing, have been favorable for business growth in leading regions across the globe.
Furthermore, companies operating in the sector have been adopting effective strategies to improve their foothold in the industry, which has been favorable for the global product landscape. For instance, in May 2021, Singulus Technologies AG, a German engineering company, signed an agreement with China National Building Materials (CNBM), a building material specialist, to design next-gen vacuum coating machines for use in the production of CdTe thin film solar modules.
Overall, the vacuum coating equipment market has been fragmented on the basis of region, application, and technology, to outline the industry’s growth. Based on technology, the industry has been divided into sputtering, physical vapor deposition (PVD), and chemical vapor deposition (CVD).
The chemical vapor deposition (CVD) segment is anticipated to grow at a CAGR of more than 5.9% through 2028. Widespread usage of CVD technology in the production of high-performance and top-quality coatings is foreseen to bolster segmental expansion in the upcoming years.
With reference to application, the vacuum coating equipment market has been divided into PVD application, sputtering application, CVD application, and others. Among these, the sputtering application segment is estimated to witness a CAGR of around 5.5% through the assessment timeframe.
Rising investment by the governments of developing and developed nations is stipulated to propel the growth of the segment. From the regional standpoint, the Middle East and Africa vacuum coating equipment industry is projected to exceed USD 1,002.7 million in revenue by the end of the forecast period. Favorable government policies in MEA are set to positively impact the growth of the market in the future.