Restrictions on all types of non-essential trade between countries are contributing to the declining sales of physical vapor deposition amid the global COVID-19 pandemic. On the other hand, demand for physical vapor deposition processes for antimicrobial coatings are gaining traction, bolstering the growth of physical vapor deposition market. The market is projected to grow at a 6% CAGR during the forecast period 2020 - 2030, concludes a new Fact.MR (FACT.MR) report. Physical vapor deposition processes are gaining widespread popularity amid increasing focus on IoT enabled smart devices. Top players in the physical vapor deposition industry are investing in product innovation efforts in computers and smartphones, according to the report. According to Fact.MR's analysis, the global physical vapor deposition market is projected to expand over 1.8x over the forecast period.
"The current pandemic has resulted in lowered demand for paints and coatings in construction, automotive, and electronics. Recovery in the industry is largely dependent on the duration of transport and trade restrictions being imposed," says the Fact.MR analyst.
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Key Takeaways of Physical Vapor Deposition Market Study
Sales of PVR equipment will experience a substantial surge, driven by demand for decorative finishing and tool coating through 2030.
PVD service applications are in gaining higher demand compared attributed to advanced manufacturing processes.
Extensive adoption of microelectronics is gaining momentum in view of prolific demand for energy, medical and automotive sectors.
Medical equipment production remains a prominent end user of physical vapor deposition.
East Asia holds a high growth rate in the global physical vapor deposition market, amidst the rise of disposable income among millennials.
Physical Vapor Deposition Market - Key Growth Factors
Recent increases in threading, drilling, grooving, and end-milling applications boost the revenue from physical vapor deposition.
Space, military and satellite applications with semiconductor packaging will drive the market growth through the forecast period.
The exponential demand for integrated chips and storage capacity for artificial intelligence and internet of things is boosting growth.
Heightening demand for affordable electromagnetic shielding materials will propel the market growth through 2030.
Physical Vapor Deposition Market - Key Restraints
The shortage of adequately skilled workers, and high capital costs associated with physical vapor deposition, are continuing challenges for market players.
Rising competition from chemical vapor deposition techniques, which generates lesser waste restricts the wider adoption of physical vapor deposition.
Impact of COVID-19 on Physical Vapor Deposition Market
With most countries either varying states of lockdown due to COVID-19, electronic, construction, and automotive paint or coating applications have been largely shut down. Consequently, physical vapor deposition processes witnessed a decline in sales during first half of 2020. On the other hand, select segments such as antimicrobial coatings are witnessing a surge in demand owing to application in food and medical equipment industries.
Social distancing measures set up by governments and suspension of non-essential international trade, will create substantial problems of cash flow during the initial months of 2020. Countries that are minimally impacted by the coronavirus will become the key focus of players seeking faster recovery from the covid-19 slump.
Explore the full physical vapor deposition market report with 179 illustrative figures, 96 data tables and table of contents. Request ToC of the study at: https://www.factmr.com/connectus/sample?flag=RM&rep_id=4685
Competitive Landscape of Physical Vapor Deposition Market
Some of the major companies profiled in this FACT.MR report include, but are not limited to, HEF USA, Veeco Instruments, Singulus Technologies, Applied Materials Inc, Oerlikon Leybold Vacuum GmbH, and Mustang Vacuum Systems. Product innovation for materials with minimal friction coefficients are being prioritized by players in physical vapor deposition market. Players are also seeking avenues to meet customer expectations of lightweight, low carbon materials in automotive components and cutting tools.
More About the Report
This Fact.MR study of 170 pages provides all-inclusive insights on the global physical vapor deposition market. The market analysis is based on category (PVD equipment, PVD materials, and PVD services), and applications (microelectronics, data storage, solar products, cutting tools, medical equipment, and others) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
Press Release: https://www.factmr.com/media-release/1437/global-physical-vapor-deposition-market