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The global physical vapor deposition market size is expected to showcase considerable growth by reaching USD 40.97 billion by 2028. Fortune Business Insights, in its report, titled “Physical Vapor Deposition (PVD) Market Size, Share & COVID-19 Impact Analysis, By Category (Equipment, Material, and Services), By Application (Data Storage, Microelectronics, Solar Products, Cutting Tools, Medical Equipment, and Others), and Regional Forecast, 2021-2028.”, observes that the market stood at USD 22.43 billion in 2020 and is projected to exhibit a CAGR of 8.2% between 2021 and 2028. Factors such as the growing demand for digitization across several industry verticals and the increasing investment in R&D activities by the companies are anticipated to boost the product’s demand globally.
Impact Coatings Secures Hyundai Order for Advanced Coating System for Fuel Cells
In June 2020, Impact Coatings, a leading industrial PVD coatings provider, announced that it secured an order from Hyundai Motor Company for its INLINE COATER system. This system will be extensively used to coat metal bipolar plates across fuel cells in the vehicles. The order is worth EUR 945,000 and is expected to brighten the market prospects of Impact in the forthcoming years. The increasing adoption of PVD surface coatings aids in maximizing durability and performance by producing advanced thin layers of ceramics and metals utilized across several industrial applications.
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Growing Adoption of Digital Solutions to Spur Demand
Since the advent of digitization, several companies have witnessed wide business opportunities and significant productivity gains. Industrial sectors such as finance, media, healthcare, travel, and retail have leveraged the opportunities provided by digitization to improve customer relationships and build a resilient value chain. In addition to this, the Electronics System Design & Manufacturing (ESDM) industry is experiencing a paradigm shift as there has been a surge in demand for electronic components. Similarly, the adoption of PVD coatings in the automotive sector aids in improving the safety and aesthetic features of the vehicle. Therefore, due to these factors, the manufacturers adopt digital solutions and advanced technologies such as artificial intelligence (A.I.) to boost productivity. This will help in contributing to the global physical vapor deposition market growth during the forecast period.
Increasing Investment in R&D Activities by Eminent Companies to Develop Advanced Product
The market is fragmented by the presence of major companies focusing on leveraging the opportunities due to the high demand for physical vapor deposition processes across various industrial applications. They are doing so by investing in R&D activities to develop advanced systems and further maintain their presence in the fiercely competitive global marketplace. The market further presents a lucrative opportunity to the new entrants to make their mark and gain a competitive edge over their rivals.
List of the Companies Profiled in the Global Market:
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Table of Segmentation:
Value (USD Billion)
By Category; By Application; and By Geography