Physical Vapor Deposition Market Size & Industry Analysis Report 2032
- Pallavi Garudkar
- 8 hours ago
- 4 min read
The global physical vapor deposition market size was USD 27.10 billion in 2023 and is projected to grow from USD 29.41 billion in 2024 to USD 57.04 billion in 2032 at a CAGR of 8.6% during the forecast period 2024-2032. This information is published by Fortune Business Insights in its report, titled “Physical Vapor Deposition Market, 2025-2032.”
Physical vapor deposition (PVD) is a vacuum-based coating technology that operates at the atomic level through processes such as evaporation, transportation, reaction, and deposition. This environmentally friendly technique is widely used to improve the surface properties of both inorganic and organic substrates. The growing adoption of PVD across diverse industries—including electronics, automotive, and medical—continues to drive market growth. Moreover, expansion initiatives by major players are further supporting market development in emerging economies. For example, in April 2024, Oerlikon Balzers strengthened its presence in Asia by opening its first customer center in Vietnam, marking a strategic investment to tap into the region’s expanding market potential.
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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:The physical vapor deposition market is categorized into equipment, materials, and services. The equipment segment holds a significant share, driven by its use in thin film deposition processes such as thermal evaporation, sputtering, and arc vapor deposition. These systems are widely applied in industries like solar, microelectronics, data storage, and medical devices. Asia-Pacific leads the market growth, followed by North America and Europe, owing to the increasing demand for high-quality thin film coatings with superior adhesion and uniformity.
By Application:Based on application, the market is segmented into data storage, microelectronics, solar products, cutting tools, medical equipment, and others. The microelectronics segment dominated the market in 2023, accounting for over one-third of the total share. PVD coatings enhance device performance by offering hardness, heat resistance, and abrasion strength. Growing electronics manufacturing in countries such as China, India, Japan, the U.S., Germany, and Brazil is fueling this segment’s expansion.
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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 enhance the availability of its coating solutions and services in the region.
February 2021: Dynavac expanded its capital, facilities, and workforce to strengthen its position in the thin film and space simulation markets and better meet growing customer demand.
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