The global physical vapor deposition (PVD) market is expected to reach US$ 29.70 billion by 2026, according to a new report by Reports and Data. It is a combined set of processes deployed to deposit thin layers of material, usually ranging from few nanometers to several micrometers.
Several drivers have fueled the growth of PVD market, including the rising demand from the semiconductor industry, which has deployed physical vapor deposition on a large scale. The growing demand for microelectronics in various application areas such as the automotive industry is playing a significant role in driving market growth. The worldwide increase in demand for consumer electronic goods such as internet of things (IoT) devices and portable devices such as smartphones are also expected to fuel market growth.
Moreover, PVD coatings provide excellent decorative finishing that increases its application in several areas, boosting the market growth in upcoming years. PVD coating cutting tools run faster, thereby reducing cycle time and increasing demands for the cutting tools.
The requirement of high capital investment is a major factor that may create hindrances in the market growth during the forecast period. The market is also restricted by strict regulations as regards to the prevalent PVD technologies. Strict legislation is creating barriers for new entrants, which in turn, reduces the competition and hinders the market growth.