LONDON, Sept. 19, 2016 /PRNewswire/ -- The global physical vapor deposition (PVD) market is expected to reach USD 31.63 billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand for thin film coatings from microelectronics and solar products is expected to drive demand. Moreover, an increasing number of end-use industry players are projected to drive the PVD market over the forecast period. Also, advancement in technology is another driving factor that is likely to boost the global physical vapor deposition market.
The need for highly sophisticated surface related properties such as super plasticity, magnetic, optical, electronic, and catalytic properties by advanced mono-structured coatings is contributing to the growth of the market. PVD is also used for making the coated product more attractive and durable for industrial applications that require high-speed machining, tooling, and magnetic storage devices.
Further key findings from the report suggest:
The market for physical vapor deposition was estimated at USD 14,411.8 million in 2015. Physical vapor deposition (PVD) is a coating mechanism carried out in a vacuum, in the presence of high temperature. Rising efficiency and environmental benefits offered by these coatings coupled with the growth of the manufacturing sector in developing markets of Asia Pacific are expected to augment growth over the forecast period.
The market in microelectronics was estimated at USD 5.45 billion in 2015. These products are used for coating semiconductors; and LEDs to provide the base material with aesthetic properties such as heat resistance, and rigid surface.
Asia Pacific accounted for 45.4% of the global market in 2015 and is expected to witness growth in light of rising government spending on the manufacturing sector. The falling price of renewable-generated electricity is projected to be the key driver for the growth of the market over the next eight years. Moreover, the presence of a large electronic manufacturing sector is expected to bolster growth over the forecast period.
The Middle East & Africa is expected to witness substantial growth at a CAGR of 8.6% from 2016 to 2024.Growing private sector participation in healthcare industry owing to rising health concerns is expected to drive the PVD coating market in this region. The strong presence of key service providing companies due to high demand from applications such as microelectronics and data storage is leading the market growth in MEA.
Key players in the PVD market include Advanced Energy Industries Inc., AJA International Inc., Veeco Instruments, Angstrom Engineering and Applied Materials Inc. These companies focus on R&D for product development to enhance their PVD coatings portfolio.
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