Physical Vapor Deposition (PVD) Coatings Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10.46 Billion |
| Market Size (2029) | USD 14.29 Billion |
| CAGR (2024 - 2029) | 6.43 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
Physical Vapor Deposition (PVD) Coatings Market Analysis
The Physical Vapor Deposition Coatings Market size is estimated at USD 10.46 billion in 2024, and is expected to reach USD 14.29 billion by 2029, growing at a CAGR of 6.43% during the forecast period (2024-2029).
The COVID-19 pandemic had a negative impact on the market due to the restrictions and lockdowns imposed by governments from various countries. The recovery of manufacturing industries across the world played a crucial role in increasing the demand for the market studied in the post-pandemic period.
- One of the main factors driving the market is the growing demand from the electronics and medical industries.
- On the flip side, the availability of various alternatives is expected to hinder the demand for the market studied.
- Ongoing research and development in the field of PVD coatings are likely to act as an opportunity for the market studied in the coming years.
- Asia-Pacific has dominated the market and is expected to continue dominating it through the forecast period.
Physical Vapor Deposition (PVD) Coatings Market Trends
The Automotive Industry is Expected to Dominate the Market Studied
- PVD coatings have gained various advantages in the automotive industry. PVD coating reduces friction between moving parts in the engine, increasing its overall efficiency.
- Automotive parts with PVD coating improve the surface hardness and thus strengthen the material. In traditional combustion engines and electric motors, these coatings result in significant reductions in weight and operating costs.
- In recent times, there has been a rise in automotive manufacturing in countries across the globe. According to the data released by the International Organization of Motor Vehicle Manufacturers (OICA), the total number of vehicles manufactured in 2023 was around 93.54 million units, registering a 10.3% increase compared to the number of units manufactured in 2022.
- In 2023, 16.16 million vehicles were manufactured in North America, while 18.12 million vehicles were manufactured in Europe.
- In addition, there has been a rise in electric vehicle manufacturing in recent times owing to various environmental factors.
- According to the International Energy Agency (IEA), in 2023, the number of electric vehicles (EVs) sold reached close to 14 million, with China, Europe, and the United States making up 95% of these figures. EVs made up approximately 18% of the total car sales for the year, a significant increase from just 14% in 2022. This highlights that the expansion of the electric vehicle industry is steady as these markets continue to develop and stabilize.
- In the first six months of 2023, General Motors, a major manufacturer of electric vehicles in the United States, produced more than 50,000 electric vehicles in the country. Additionally, the company is planning to build a factory for EV manufacturing with a capacity of 1 million vehicles per year by the end of 2025.
- With the demand for automobiles increasing across the world, PVD coatings in the automotive industry are expected to have a positive impact during the forecast period.
Asia-Pacific is Expected to Dominate the Market by Region
- Asia-Pacific was found to be the major market for the consumption of PVD coatings, owing to increasing consumption from countries such as China, India, and Japan.
- China is one of the largest aircraft manufacturers and one of the largest markets for domestic air passengers. Moreover, the country's aircraft parts and assembly manufacturing sector has been growing rapidly, with over 200 small aircraft parts manufacturers increasing the usage and demand of physical vapor deposition (PVD) coatings.
- According to the latest Boeing Commercial Outlook, China requires around 8,560 new commercial airplanes through 2042. A total of 8,700 new deliveries in China are expected to be made by 2040, with a market service value of USD 1,800 billion.
- In addition, Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, valued at approximately USD 1.2 trillion, which is further expected to raise the market demand for PVD coatings. PVD coatings are hard and have minimal friction, making them an ideal functional metal coating in the aerospace industry.
- The automotive industry is another significant user of physical vapor deposition (PVD) coating. According to OICA, around 5.85 million vehicles were manufactured in India in 2023, compared to 5.45 million vehicles in 2022, an increase of 7.2%.
- In addition, in 2023, Mahindra & Mahindra Ltd announced an investment of INR 10,000 crore (USD 1,198,96 million) for electric vehicles that have been approved under the Maharashtra government鈥檚 industrial promotion scheme for electric vehicles. Through its subsidiary, the company will invest over 7-8 years to establish the manufacturing facility and develop and produce Mahindra鈥檚 upcoming Born electric vehicles (BEVs).
- Japan's electrical and electronics industry is one of the leading global industries. The country is a world leader in terms of the production of computers, gaming stations, cell phones, and various other key computer components. Consumer electronics account for one-third of the Japanese economic output.
- According to the data released by the Japanese Electronics and Information Technology Industries Association (JEITA), in 2023, the total production value of the electronics industry in Japan accounted for around USD 3,526.6 billion, showcasing a rise of nearly 3% from the previous year.
- The factors mentioned above are likely to increase the demand for PVD coatings across the application industries in Asia-Pacific.
Physical Vapor Deposition (PVD) Coatings Industry Overview
The physical vapor deposition (PVD) coatings market is fragmented with the extensive availability of international and local PVD coating material manufacturers and service providers. Some of the market's major players (not in any particular order) include the Voestalpine Eifeler Group, OC OerlikonManagement AG, IHI Corporation, Impact Coatings, and HEF.
Physical Vapor Deposition (PVD) Coatings Market Leaders
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voestalpine eifeler group
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OC OerlikonManagement AG
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IHI Ionbond AG (IHI Corporation)
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HEF
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Impact Coatings
*Disclaimer: Major Players sorted in no particular order
Physical Vapor Deposition (PVD) Coatings Market News
- April 2022: Impact Coatings announced the establishment of a Chinese subsidiary with headquarters in Shanghai. The opening is expected to disseminate Impact Coatings' market-leading expertise in PVD coatings for hydrogen solutions and increase the availability of coating services solutions to Chinese customers in the hydrogen value chain.
- January 2022: IHI Ionbond announced its significant investment in decorative coating capacity by purchasing a Hauzer Flexicoat 1500 PVD system. This large-scale coating system has an impressive coating zone of 0.9 m diameter by 1.5 m height. It is a welcome addition to the growing capabilities of the Ionbond component coating facility at Consett County Durham.
Physical Vapor Deposition (PVD) Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Demand from the Electronics Sector
4.1.2 Increasing Usage in Medical Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Alternatives to PVD Coatings
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Technological Snapshot
4.5.1 Thermal Evaporation
4.5.2 Sputter Deposition
4.5.3 Arc Vapor Deposition
4.5.4 Ion Implantation
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Substrate
5.1.1 Metals
5.1.2 Plastics
5.1.3 Glass
5.2 Material Type
5.2.1 Metals (Includes Alloys)
5.2.2 Ceramics
5.2.3 Other Material Types
5.3 End User
5.3.1 Tools
5.3.2 Components
5.3.2.1 Aerospace and Defense
5.3.2.2 Automotive
5.3.2.3 Electronics and Semiconductors (Including Optics)
5.3.2.4 Power Generation
5.3.2.5 Other Components (Solar Products, Medical Equipment, and Others)
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Malaysia
5.4.1.6 Thailand
5.4.1.7 Indonesia
5.4.1.8 Vietnam
5.4.1.9 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Spain
5.4.3.6 Turkey
5.4.3.7 Russia
5.4.3.8 NORDIC Countries
5.4.3.9 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Colombia
5.4.4.4 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 Nigeria
5.4.5.3 Qatar
5.4.5.4 Egypt
5.4.5.5 United Arab Emirates
5.4.5.6 South Africa
5.4.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Crystallume PVD
6.4.2 HEF
6.4.3 IHI Corporation
6.4.4 Impact Coatings AB
6.4.5 Inoxcolorz Private Limited
6.4.6 KOLZER SRL
6.4.7 Mitsubishi Materials Corporation
6.4.8 OC Oerlikon Management AG
6.4.9 Red Spot Paint & Varnish Company Inc.
6.4.10 Richter Precision Inc.
6.4.11 Sputtek Advanced Metallurgical Coatings
6.4.12 Surface Modification Technologies
6.4.13 TOCALO Co. Ltd
6.4.14 voestalpine eifeler Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ongoing Research and Development (R&D) in the Field of PVD Coatings
7.2 Other Opportunities
Physical Vapor Deposition (PVD) Coatings Industry Segmentation
Physical vapor deposition (PVD) coating is a dry coating process. Mostly, the coating is transferred to the substrate with the help of a medium, such as a solvent. In the case of PVD coatings, the vapor is generated, transferred in the gas phase, and then deposited as a coating directly to the substrate without using any medium.
The physical vapor deposition (PVD) coating market is segmented by substrate, material type, end user, and geography. By substrate, the market is segmented into metals, plastics, and glass. By material type, the market is segmented into metals (including alloys), ceramics, and other material types. By end user, the market is segmented into tools and components (aerospace and defense, automotive, electronics and semiconductors (including optics), power generation, and other components. The report also covers the market sizes and forecasts for the PVD coatings market in 27 major countries across various regions. For each segment, the market sizes and forecasts are provided in terms of revenue (USD).
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Physical Vapor Deposition (PVD) Coatings Market Research FAQs
How big is the Physical Vapor Deposition Coatings Market?
The Physical Vapor Deposition Coatings Market size is expected to reach USD 10.46 billion in 2024 and grow at a CAGR of 6.43% to reach USD 14.29 billion by 2029.
What is the current Physical Vapor Deposition Coatings Market size?
In 2024, the Physical Vapor Deposition Coatings Market size is expected to reach USD 10.46 billion.
Who are the key players in Physical Vapor Deposition Coatings Market?
voestalpine eifeler group, OC OerlikonManagement AG, IHI Ionbond AG (IHI Corporation), HEF and Impact Coatings are the major companies operating in the Physical Vapor Deposition Coatings Market.
Which is the fastest growing region in Physical Vapor Deposition Coatings Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Physical Vapor Deposition Coatings Market?
In 2024, the Asia-Pacific accounts for the largest market share in Physical Vapor Deposition Coatings Market.
What years does this Physical Vapor Deposition Coatings Market cover, and what was the market size in 2023?
In 2023, the Physical Vapor Deposition Coatings Market size was estimated at USD 9.79 billion. The report covers the Physical Vapor Deposition Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Physical Vapor Deposition Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
PVD Coating Industry Report
The report on the Global PVD Coating Market provides a comprehensive industry analysis, focusing on various segments such as substrate types, material types, and end users across different geographies. The market size is evaluated in terms of revenue, offering insights into the overall industry size and market value. The report also includes a detailed market forecast, projecting the market outlook and growth rate over the coming years.
In addition to market data, the report highlights industry trends and market growth, identifying key market leaders and their strategies. The market segmentation covers a broad spectrum of applications, from metals and plastics to glass substrates, and includes an analysis of the different material types used in PVD coatings, such as metals and ceramics.
The industry research provides an in-depth market overview, supported by industry statistics and market predictions. The market review encompasses a historical overview, while the industry outlook offers a forward-looking perspective on market developments. The report example and report PDF are available for further reference, providing a detailed snapshot of the market analysis and industry information.
Research companies and industry reports contribute to the comprehensive market research, ensuring that the report delivers valuable insights into the industry sales and market trends. The industry sales data and market segmentation analysis help in understanding the market dynamics and identifying growth opportunities.
Overall, the report serves as a vital resource for stakeholders, offering a detailed industry analysis and market forecast, supported by extensive research and industry statistics. The market outlook and industry trends provide a clear picture of the market's future trajectory, making it an essential tool for strategic decision-making.
