Physical vapour deposition (PVD) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Growth Factors of Physical vapour deposition (PVD) Market
The global physical vapor deposition (PVD) market was valued at USD 21.60 billion in 2023 and is projected to grow from USD 23.47 billion in 2024 to USD 47.58 billion by 2032, according to Fortune Business Insights. This growth trajectory reflects a compound annual growth rate (CAGR) of 9.2% during the forecast period, fueled by increasing demand for durable and high-performance coatings across industries like electronics, medical, automotive, and aerospace.
Understanding Physical Vapor Deposition (PVD)
PVD is a vacuum-based coating process that involves vaporizing solid material into a plasma of atoms or molecules and depositing them on a target surface. It’s used to produce thin films and coatings that are wear-resistant, corrosion-resistant, and aesthetically superior. PVD is considered a clean and eco-friendly alternative to traditional electroplating and painting methods, as it does not involve toxic chemicals or produce hazardous waste.
Market Drivers
1. Growing Demand in the Electronics Industry: The miniaturization of electronic components and increasing demand for semiconductors are major contributors to the rising use of PVD technology. PVD provides superior coating quality and precision for hard disks, semiconductors, microelectronic circuits, and solar panels.
2. Increased Adoption in Medical Devices: PVD coatings improve the performance and biocompatibility of surgical tools, orthopedic implants, and dental instruments. With the medical sector growing rapidly, especially post-pandemic, the demand for reliable and sterile coating solutions is increasing.
3. Automotive and Aerospace Applications: PVD coatings are widely used in high-performance engine components, brake systems, and exterior finishes. These coatings extend component life and reduce maintenance costs. The automotive industry’s shift toward electric vehicles (EVs) also opens new avenues for PVD coatings in battery components and EV-specific parts.
4. Environmental Benefits: Unlike electroplating, PVD is a dry, non-polluting process that aligns with global sustainability goals. Manufacturers are under pressure to reduce emissions and comply with environmental regulations, making PVD a preferred choice.
Segmentation Highlights
The PVD market is segmented by category into:
PVD Equipment
PVD Coatings
PVD Materials
Among these, PVD coatings hold the largest market share, driven by increasing demand from consumer electronics, automotive, and medical device manufacturers.
By application, the market is categorized into:
Microelectronics
Data Storage
Solar Products
Medical Equipment
Cutting Tools
Decorative Coatings
Microelectronics and medical applications dominate due to stringent quality requirements and high functional expectations.
Regional Insights
Asia Pacific holds the largest share of the global PVD market, led by manufacturing hubs in China, Japan, South Korea, and Taiwan. The region’s booming electronics and semiconductor sectors, coupled with government support for industrial automation and clean technology, are driving PVD adoption.
North America is the second-largest market, supported by high investments in healthcare and aerospace. The presence of major medical device companies and defense contractors enhances market penetration.
Europe is also a significant player in the PVD landscape, especially in automotive coatings and industrial machinery. Strict EU environmental regulations further encourage the adoption of sustainable coating technologies like PVD.
Key Companies and Strategic Developments
Leading companies in the PVD market are focusing on expanding their global footprint, investing in R&D, and entering strategic partnerships to enhance their product portfolios. Major players include:
Kurt J. Lesker Company
Oerlikon Balzers
Veeco Instruments Inc.
IHI Corporation
Angstrom Engineering Inc.
ULVAC Technologies, Inc.
Praxair Surface Technologies, Inc.
Semicore Equipment Inc.
Advanced Energy Industries, Inc.
AJA International, Inc.
These companies are developing advanced deposition systems with improved efficiency, automation, and scalability to serve high-growth industries like semiconductors and medical technology.
Conclusion
The Physical Vapor Deposition (PVD) market is on a solid growth path, driven by the convergence of sustainability goals, technological innovation, and rising industrial applications. With the global market projected to reach USD 47.58 billion by 2032, PVD is not just a surface coating method—it’s a key enabler of advanced manufacturing and product reliability in the 21st century.
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 8.6% during 2024 to 2032
Segmentation By Category
Equipment
Material
Services
By Application
Data Storage
Microelectronics
Solar Products
Cutting Tools
Medical Equipment
Others
By Geography
North America (By Category, By Application, By Country)
The U.S.
Canada
Europe (By Category, By Application, By Country)
Germany
U.K.
France
Italy
Rest of Europe
Asia Pacific (By Category, By Application, By Country)
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America (By Category, By Application, By Country)
Brazil
Mexico
Rest of Latin America
The Middle East & Africa (By Category, By Application, By Country)
Middle East
Africa
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
The global physical vapor deposition (PVD) market was valued at USD 21.60 billion in 2023 and is projected to grow from USD 23.47 billion in 2024 to USD 47.58 billion by 2032, according to Fortune Business Insights. This growth trajectory reflects a compound annual growth rate (CAGR) of 9.2% during the forecast period, fueled by increasing demand for durable and high-performance coatings across industries like electronics, medical, automotive, and aerospace.
Understanding Physical Vapor Deposition (PVD)
PVD is a vacuum-based coating process that involves vaporizing solid material into a plasma of atoms or molecules and depositing them on a target surface. It’s used to produce thin films and coatings that are wear-resistant, corrosion-resistant, and aesthetically superior. PVD is considered a clean and eco-friendly alternative to traditional electroplating and painting methods, as it does not involve toxic chemicals or produce hazardous waste.
Market Drivers
1. Growing Demand in the Electronics Industry: The miniaturization of electronic components and increasing demand for semiconductors are major contributors to the rising use of PVD technology. PVD provides superior coating quality and precision for hard disks, semiconductors, microelectronic circuits, and solar panels.
2. Increased Adoption in Medical Devices: PVD coatings improve the performance and biocompatibility of surgical tools, orthopedic implants, and dental instruments. With the medical sector growing rapidly, especially post-pandemic, the demand for reliable and sterile coating solutions is increasing.
3. Automotive and Aerospace Applications: PVD coatings are widely used in high-performance engine components, brake systems, and exterior finishes. These coatings extend component life and reduce maintenance costs. The automotive industry’s shift toward electric vehicles (EVs) also opens new avenues for PVD coatings in battery components and EV-specific parts.
4. Environmental Benefits: Unlike electroplating, PVD is a dry, non-polluting process that aligns with global sustainability goals. Manufacturers are under pressure to reduce emissions and comply with environmental regulations, making PVD a preferred choice.
Segmentation Highlights
The PVD market is segmented by category into:
PVD Equipment
PVD Coatings
PVD Materials
Among these, PVD coatings hold the largest market share, driven by increasing demand from consumer electronics, automotive, and medical device manufacturers.
By application, the market is categorized into:
Microelectronics
Data Storage
Solar Products
Medical Equipment
Cutting Tools
Decorative Coatings
Microelectronics and medical applications dominate due to stringent quality requirements and high functional expectations.
Regional Insights
Asia Pacific holds the largest share of the global PVD market, led by manufacturing hubs in China, Japan, South Korea, and Taiwan. The region’s booming electronics and semiconductor sectors, coupled with government support for industrial automation and clean technology, are driving PVD adoption.
North America is the second-largest market, supported by high investments in healthcare and aerospace. The presence of major medical device companies and defense contractors enhances market penetration.
Europe is also a significant player in the PVD landscape, especially in automotive coatings and industrial machinery. Strict EU environmental regulations further encourage the adoption of sustainable coating technologies like PVD.
Key Companies and Strategic Developments
Leading companies in the PVD market are focusing on expanding their global footprint, investing in R&D, and entering strategic partnerships to enhance their product portfolios. Major players include:
Kurt J. Lesker Company
Oerlikon Balzers
Veeco Instruments Inc.
IHI Corporation
Angstrom Engineering Inc.
ULVAC Technologies, Inc.
Praxair Surface Technologies, Inc.
Semicore Equipment Inc.
Advanced Energy Industries, Inc.
AJA International, Inc.
These companies are developing advanced deposition systems with improved efficiency, automation, and scalability to serve high-growth industries like semiconductors and medical technology.
Conclusion
The Physical Vapor Deposition (PVD) market is on a solid growth path, driven by the convergence of sustainability goals, technological innovation, and rising industrial applications. With the global market projected to reach USD 47.58 billion by 2032, PVD is not just a surface coating method—it’s a key enabler of advanced manufacturing and product reliability in the 21st century.
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 8.6% during 2024 to 2032
Segmentation By Category
Equipment
Material
Services
By Application
Data Storage
Microelectronics
Solar Products
Cutting Tools
Medical Equipment
Others
By Geography
North America (By Category, By Application, By Country)
The U.S.
Canada
Europe (By Category, By Application, By Country)
Germany
U.K.
France
Italy
Rest of Europe
Asia Pacific (By Category, By Application, By Country)
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America (By Category, By Application, By Country)
Brazil
Mexico
Rest of Latin America
The Middle East & Africa (By Category, By Application, By Country)
Middle East
Africa
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
Table of Contents
130 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Trends
- 4.2. Key Developments
- 4.3. Recent Technological Advancements
- 4.4. Insights on Regulatory Scenario
- 4.5. PORTER’s Five Forces Analysis
- 4.6. List of Potential Customers
- 4.7. Impact of COVID-19 on Physical Vapor Deposition Market
- 5. Global Physical Vapor Deposition Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Category (Value)
- 5.2.1. PVD Equipment's
- 5.2.2. PVD Material
- 5.2.3. PVD Services
- 5.3. By Application (Value)
- 5.3.1. Data Storage
- 5.3.2. Microelectronics
- 5.3.3. Solar Products
- 5.3.4. Cutting Tools
- 5.3.5. Medical Equipment’s
- 5.3.6. Others
- 5.4. By Region (Value)
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Physical Vapor Deposition Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Category (Value)
- 6.2.1. PVD Equipment's
- 6.2.2. PVD Material
- 6.2.3. PVD Services
- 6.3. By Application (Value)
- 6.3.1. Data Storage
- 6.3.2. Microelectronics
- 6.3.3. Solar Products
- 6.3.4. Cutting Tools
- 6.3.5. Medical Equipment’s
- 6.3.6. Others
- 6.4. By Country (Value)
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Physical Vapor Deposition Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Category (Value)
- 7.2.1. PVD Equipment's
- 7.2.2. PVD Material
- 7.2.3. PVD Services
- 7.3. By Application (Value)
- 7.3.1. Data Storage
- 7.3.2. Microelectronics
- 7.3.3. Solar Products
- 7.3.4. Cutting Tools
- 7.3.5. Medical Equipment’s
- 7.3.6. Others
- 7.4. By Country (Value)
- 7.4.1. Germany
- 7.4.2. U.K.
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Rest of Europe
- 8. Asia Pacific Physical Vapor Deposition Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Category (Value)
- 8.2.1. PVD Equipment's
- 8.2.2. PVD Material
- 8.2.3. PVD Services
- 8.3. By Application (Value)
- 8.3.1. Data Storage
- 8.3.2. Microelectronics
- 8.3.3. Solar Products
- 8.3.4. Cutting Tools
- 8.3.5. Medical Equipment’s
- 8.3.6. Others
- 8.4. By Country (Value)
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. South Korea
- 8.4.5. Rest of Asia Pacific
- 9. Latin America Physical Vapor Deposition Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Category (Value)
- 9.2.1. PVD Equipment's
- 9.2.2. PVD Material
- 9.2.3. PVD Services
- 9.3. By Application (Value)
- 9.3.1. Data Storage
- 9.3.2. Microelectronics
- 9.3.3. Solar Products
- 9.3.4. Cutting Tools
- 9.3.5. Medical Equipment’s
- 9.3.6. Others
- 9.4. By Country (Value)
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Physical Vapor Deposition Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Category (Value)
- 10.2.1. PVD Equipment's
- 10.2.2. PVD Material
- 10.2.3. PVD Services
- 10.3. By Application (Value)
- 10.3.1. Data Storage
- 10.3.2. Microelectronics
- 10.3.3. Solar Products
- 10.3.4. Cutting Tools
- 10.3.5. Medical Equipment’s
- 10.3.6. Others
- 10.4. By Sub-Region (Value)
- 10.4.1. Middle East
- 10.4.2. Africa
- 11. Competitive Analysis
- 11.1. Company Market Share/Ranking Analysis, By Key Players, 2023
- 11.2. Company Profiles
- 11.2.1. Advanced Energy Industries, Inc.
- 11.2.1.1. Overview
- 11.2.1.2. Products & Services
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Strategies
- 11.2.1.6. Financials (Based on Availability)
- 11.2.2. Intevac
- 11.2.2.1. Overview
- 11.2.2.2. Products & Services
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Strategies
- 11.2.2.6. Financials (Based on Availability)
- 11.2.3. Oerlikon Balzers
- 11.2.3.1. Overview
- 11.2.3.2. Products & Services
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Strategies
- 11.2.3.6. Financials (Based on Availability)
- 11.2.4. Impact Coatings AB
- 11.2.4.1. Overview
- 11.2.4.2. Products & Services
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Strategies
- 11.2.4.6. Financials (Based on Availability)
- 11.2.5. AJA International, Inc.
- 11.2.5.1. Overview
- 11.2.5.2. Products & Services
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Strategies
- 11.2.5.6. Financials (Based on Availability)
- 11.2.6. Dynavac
- 11.2.6.1. Overview
- 11.2.6.2. Products & Services
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Strategies
- 11.2.6.6. Financials (Based on Availability)
- 11.2.7. Denton Vacuum
- 11.2.7.1. Overview
- 11.2.7.2. Products & Services
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Strategies
- 11.2.7.6. Financials (Based on Availability)
- 11.2.8. Angstrom Engineering, Inc.
- 11.2.8.1. Overview
- 11.2.8.2. Products & Services
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Strategies
- 11.2.8.6. Financials (Based on Availability)
- 11.2.9. CHA Industries, Inc.
- 11.2.9.1. Overview
- 11.2.9.2. Products & Services
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Strategies
- 11.2.9.6. Financials (Based on Availability)
- 11.2.10. IHI HAUZER Techno Coating B V
- 11.2.10.1. Overview
- 11.2.10.2. Products & Services
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Strategies
- 11.2.10.6. Financials (Based on Availability)
- 11.2.11. The Kurt J. Lesker Company
- 11.2.11.1. Overview
- 11.2.11.2. Products & Services
- 11.2.11.3. SWOT Analysis
- 11.2.11.4. Recent Developments
- 11.2.11.5. Strategies
- 11.2.11.6. Financials (Based on Availability)
- 12. Strategic Recommendation
Pricing
Currency Rates
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