Physical Vapor Deposition is Estimated To Witness High Growth Owing To Demand For Miniaturization11/27/2023 The Physical Vapor Deposition Market is estimated to be valued at US$ 21.07 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Physical Vapor Deposition (PVD) is a thin film coating technique widely used in various industries such as microelectronics, data storage, cutting tools, biomedical applications, decorative coatings and solar products. PVD enhances the hardness, abrasion resistance, corrosion resistance, optical & aesthetic appearance of surfaces on deposited materials. It offers superior surface properties to improve the performance and durability of components in various end-use industries. Market key trends: One of the major trends driving the growth of the physical vapor deposition market is the increasing demand for miniaturization of electronic devices. The miniaturization of electronic devices has increased the complexity of manufacturing processes and raised the prominence of thin film deposition techniques, such as PVD. Thin film coating helps in miniaturization by reducing the space consumed by functional materials. Manufacturers are focusing on developing PVD technologies and equipment to deposit ultrathin, uniform and pinhole-free films for miniaturized devices used in consumer electronics and semiconductors. This trend is expected to drive the demand for PVD coatings over the forecast period. Porter's Analysis Threat of new entrants: Industry barriers are relatively high, as PVD systems have high initial investment costs. Substantial technical expertise is also required. Bargaining power of buyers: Buyers have moderate bargaining power as they have minimal switching costs and multiple alternatives are available in the market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to a large number of material and component suppliers in the market. Threat of new substitutes: Threat of new substitutes is low as no major technology has been able to replace PVD on a commercial scale. Competitive rivalry: High as the market is dominated by a few large players and new entrants. SWOT Analysis Strengths: Emerging applications in various industries like automotive, electronics etc. Ability to deposit thin films with precision. Weaknesses: High initial investment costs. Complex manufacturing process requiring technical expertise. Opportunities: Increasing demand from industries like solar panels, medical devices provides growth opportunities. Rising nanotechnology applications will boost adoption. Threats: Saturation in electronics industry can hamper growth. Threat from emerging competitive deposition technologies. Key Takeaways The Global Physical Vapor Deposition Market Size is expected to reach US$ 21.07 Bn in 2023, exhibiting a CAGR of 5.5% during the forecast period. The market is set to witness substantial growth owing to increasing demand from the electronics and semiconductor industries for PVd coatings. Regionally, Asia Pacific dominates the global PVD market and is expected to maintain its lead through 2030. Rapid industrialization and growing electronics sector in China, India, Taiwan and South Korea are major factors driving the regional market. The North America and Europe markets are also significant owing to the presence of major PVd equipment and services providers like Oerlikon, Singulus Technologies and ULVAC. Key players operating in the Physical Vapor Deposition market are Oerlikon Balzers (Oerlikon Group), IHI Corporation, Silfex Inc., Lam Research Corp, Singulus Technologies AG, Applied Materials, Inc., ULVAC Inc., Veeco Instruments Inc., Buhler AG, Semicore Equipment, Inc., and Platit AG. The market is consolidated in nature with top players accounting for over 60% of the overall share. Rapid technological advancements and global expansion through partnerships remain key strategies adopted by leading Physical Vapor Deposition market players. Read more: https://www.ukwebwire.com/physical-vapor-deposition-market-demand-insights/
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