The global physical vapor deposition market size is expected to experience considerable growth by reaching USD 40.97 billion by 2028 while exhibiting a CAGR of 8.2% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Physical Vapor Deposition Market, 2025-2032.” The report further mentions that the market stood at USD 22.43 billion in 2020. Factors such as the increasing demand for eco-friendly coating processes and the growing demand for medical equipment amid the COVID-19 crisis are expected to propel the product’s demand in the forthcoming years.
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List of the Companies Profiled in the Market:
Advanced Energy Industries, Inc. (USA)
Intevac (USA)
Oerlikon Balzers (Switzerland)
Impact Coatings AB (Sweden)
AJA International, Inc. (USA)
Dynavac (USA)
Denton Vacuum (USA)
Angstrom Engineering, Inc. (Canada)
CHA Industries, Inc. (USA)
IHI HAUZER Techno Coating B V (The Netherlands)
The Kurt J Lesker Company (USA)
Other Key Players
Market Segmentation
By Category Analysis:
The global physical vapor deposition (PVD) market is segmented into equipment, materials, and services. The equipment segment, comprising thin film deposition devices for thermal evaporation, sputtering, and arc vapor deposition, dominates the market. These are widely used in industries such as solar, microelectronics, data storage, and medical. Asia-Pacific is expected to witness the fastest growth, driven by the rising demand for high-performance coatings offering superior thickness, uniformity, and adhesion.
By Application Analysis:
The microelectronics segment held the largest share in 2023, accounting for over one-third of the market. PVD is extensively used in device fabrication and plating seed layers, providing hard, uniform, and temperature-resistant coatings that enhance microelectronics performance. Rapid industrialization in China, India, Japan, the U.S., Germany, and Brazil supports segment growth.
DRIVING FACTORS
Increasing Demand for Eco-friendly Coating Processes to Promote Growth
According to Eurostat, the industrial sector accounts for more than half of the total emissions in Europe. The rising concern over greenhouse emissions has propelled the demand for environmentally safe products. For instance, the physical vapor deposition process adopts eco-friendly products such as titanium nitride (TiN) and chromium nitride (CrN). These materials are coated on corrosion-resistant electroplating and further enhance the finish of the surface. In addition, they offer superior performance without the risk of environmental hazards. Therefore, owing to this, the high demand for eco-friendly coating processes across several industrial applications is expected to favor the growth of the market during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 10.25 billion in 2020 and is expected to hold the highest position in the market during the forecast period. This is owing to the increasing consumption of medical equipment and solar products in countries such as China. Besides, the presence of eminent physical vapor deposition solution providers will favor regional growth during the forecast period.
North America – The region is expected to experience significant growth owing to the well-established supply chain network and distributorship in the region. Moreover, the increasing adoption of the physical vapor deposition process in the manufacturing of solar panels and cutting tools will boost the growth of the market between 2021 and 2028.
COMPETITIVE LANDSCAPE
Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are investing in R&D activities to develop advanced physical vapor deposition solutions to cater to the growing demand from several industrial applications. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for market growth.
Industry Development:
April 2022: Impact Coatings established a subsidiary in Shanghai, China, to increase the availability of coating solutions and services in the country.
February 2021: Dynavac announced a significant increase in capital investment, facility size, and workforce. The company focuses on competitive advantage based on growth in both the thin film and space simulation markets. These investments will allow them to keep up with the needs of their customers.
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