The rising demand for physical vapor deposition (PVD) technology in automotive, cutting tools, dies and molds for processing materials, and aerospace applications is one of the major factors behind the growth of the PVD market. Further, the high usage of semiconductors in customer products and increasing demand for solar energy are driving the market. Due to these factors, the PVD market generated ~$20 billion revenue in 2020, and it is projected to witness significant growth during the forecast period (2021–2030).
The implementation of lockdowns has affected most of the industries worldwide. The resulting shutdown of end-use industries led to a massive reduction in the demand for this technology, which is why the PVD market suffered greatly during the COVID-19 pandemic.
The global PVD market is categorized into equipment, material, and service, on the basis of component. In 2020, the equipment category held the largest market share, and it would grow considerably in the upcoming years owing to the advancements in PVD equipment and growth in the solar energy sector.
Moreover, the PVD market is categorized into microelectronics, data storage, solar products, cutting tools, medical equipment, and others, on the basis of application. Among these, the microelectronics category is projected to show substantial growth during the forecast period owing to the increasing demand for the PVD technology in the electronics industry, such as solar panel components and ceramic resistors for electronic circuitry.
Geographically, in 2020, Asia-Pacific held the largest share in the PVD market, and it would experience substantial growth during the forecast period. This can be credited to the growth of the semiconductors industry due to the rising penetration of laptops and smartphones, which is resulting in a high demand for PVD equipment.
Players in the global PVD market have been entering into collaborations in order to enhance their presence. For instance, in January 2021, ASM Pacific Technology Ltd. and EV Group signed a joint development agreement (JDA) for die-to-wafer hybrid bonding solutions for 3D-IC/heterogeneous integration.
Some of the major players operating in the global PVD market are OC Oerlikon Corporation AG, Denton Vacuum LLC, IHI HAUZER Techno Coating B.V., Impact Coatings AB, Kurt J. Lesker Company, Plasma Quest Limited, PLATIT AG, Richter Precision Inc., Sulzer Ltd., Tokyo Electron Limited, Applied Materials Inc., Advanced Energy Industries Inc., and Angstrom Engineering Inc.