Physical Vapor Deposition (PVD) Coatings Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.61 Billion |
| Market Size (2029) | USD 7.65 Billion |
| CAGR (2024 - 2029) | 6.42 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
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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 5.61 billion in 2024, and is expected to reach USD 7.65 billion by 2029, growing at a CAGR of 6.42% during the forecast period (2024-2029).
The COVID-19 pandemic had a negative impact on the market but is projected to grow steadily in the forecast period owing to growth in the electronics and automotive sectors globally.
- Over the medium term, one of the main factors driving the market is the growing demand from the electronics sector.
- On the flip side, the slowdown in machine tool production is expected to hinder the market's growth.
- 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 it is expected to continue dominating the market through the forecast period.
Physical Vapor Deposition (PVD) Coatings Market Trends
This section covers the major market trends shaping the Physical Vapor Deposition (PVD) Coatings Market according to our research experts:
Metals to Dominate the Substrate Segment
- Metals are naturally occurring chemical elements, which are usually hard, lustrous, and opaque, and they are also well known for their excellent electrical and thermal conductivity. Out of 118 known chemical elements in existence, 88 elements are metals.
- Some extensively used commercial applications include iron, steel, aluminum, copper, brass, titanium, bronze, zinc, tin, chromium, and nickel.
- PVD coatings can be applied directly to most metals and their alloy substrates. However, some materials may require a base layer of chromium and nickel to achieve improved corrosion resistance and durability.
- PVD coating helps produce metal vapors (chromium, titanium, and aluminum), which are deposited on the metal substrate as thin, highly adhered pure metal or alloy coatings.
- The coating of metals such as titanium, graphite, and stainless steel can be coated without base layers. In contrast, metals such as steel, brass, and copper generally need to be electroplated with nickel/chromium metal before PVD processing to achieve better corrosion resistance.
- Metal substrates of aluminum or zinc castings require a special process for physical vapor deposition coating, i.e., the Low-Temperature Arc Vapor Deposition (LTAVD) process.
- Therefore, with vast applications of metal substrates, the demand for the application of PVD coating on metal substrates is also huge, which is further expected to grow significantly in the forecast period.
Asia-Pacific Region is Expected to Dominate the Market
- 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 Boeing Commercial Outlook 2021-2040, around 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.
- In the aerospace sector, according to the India Brand Equity Foundation (IBEF), the country's aviation industry is expected to witness INR 35,000 crore (USD 4.99 billion) investment in the next four years.
- The automotive sector is another significant user of physical vapor deposition (PVD) coating. According to OICA, around 4,399,112 vehicles were produced in 2021, which increased by 30% compared to 3,381,819 units manufactured in 2020 in India.
- 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.
- In Japan, according to Japan Electronics and Information Technology Industries Association (JEITA), the domestic production by the Japanese electronics industry witnessed a growth rate of 10.8% Y-o-Y in 2021 and reached JPY 10,954.34 billion ( USD 103.33 billion), thereby enhancing the demand for PVD coatings from various electronics segment.
- Moreover, in the first four months of 2022, the production by the Japanese electronics industry accounted for JPY 3,656.44 billion ( USD 32.60 billion), registering a growth rate of around 0.2% compared to the same period in 2021.
- The factors mentioned above are likely to ascend the demand for PVD coatings across the application industries in Asia-Pacific.
Physical Vapor Deposition (PVD) Coatings Industry Overview
The global 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 include the Voestalpine Eifeler Group, OC OerlikonManagement AG, IHI Corporation, Impact Coatings, and HEF, among others (not in any particular order).
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
- In April 2022, Impact Coatings announced the establishment of a Chinese subsidiary with headquarters in Shanghai. The opening could aim to disseminate Impact Coatings' market-leading expertise in PVD coatings for hydrogen solutions and to increase the availability of coating services solutions to Chinese customers in the hydrogen value chain.
- In 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 0.9m diameter by 1.5m. It is a welcome addition to the Ionbond component coating facility at Consett County Durham's growing capabilities.
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
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4.1 Drivers
- 4.1.1 Demand from the Electronics Sector
- 4.1.2 Increasing Usage in Medical Industry
- 4.1.3 Recovering Automotive Industry
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4.2 Restraints
- 4.2.1 Slowdown in Machine Tool Production
- 4.2.2 Alternatives to Pvd Coatings
- 4.3 Industry Value Chain Analysis
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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
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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)
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5.1 Substrate
- 5.1.1 Metals
- 5.1.2 Plastics
- 5.1.3 Glass
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5.2 Material Type
- 5.2.1 Metals (Includes Alloys)
- 5.2.2 Ceramics
- 5.2.3 Other Material Types
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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
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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 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 Italy
- 5.4.3.4 France
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle East & Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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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
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 size and forecasts for the PVD coatings market in 15 major countries across various regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Substrate | Metals | |
| Plastics | ||
| Glass | ||
| Material Type | Metals (Includes Alloys) | |
| Ceramics | ||
| Other Material Types | ||
| End User | Tools | |
| Components | Aerospace and Defense | |
| Automotive | ||
| Electronics and Semiconductors (Including Optics) | ||
| Power Generation | ||
| Other Components | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East & Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle East & Africa |
Physical Vapor Deposition (PVD) Coatings Market Research FAQs
How big is the Physical Vapor Deposition (PVD) Coatings Market?
The Physical Vapor Deposition (PVD) Coatings Market size is expected to reach USD 5.61 billion in 2024 and grow at a CAGR of 6.42% to reach USD 7.65 billion by 2029.
What is the current Physical Vapor Deposition (PVD) Coatings Market size?
In 2024, the Physical Vapor Deposition (PVD) Coatings Market size is expected to reach USD 5.61 billion.
Who are the key players in Physical Vapor Deposition (PVD) 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 (PVD) Coatings Market.
Which is the fastest growing region in Physical Vapor Deposition (PVD) 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 (PVD) Coatings Market?
In 2024, the Asia-Pacific accounts for the largest market share in Physical Vapor Deposition (PVD) Coatings Market.
What years does this Physical Vapor Deposition (PVD) Coatings Market cover, and what was the market size in 2023?
In 2023, the Physical Vapor Deposition (PVD) Coatings Market size was estimated at USD 5.27 billion. The report covers the Physical Vapor Deposition (PVD) Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Physical Vapor Deposition (PVD) 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.
