Physical Vapor Deposition (PVD) Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Physical Vapor Deposition (PVD) Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for the physical vapor deposition coatings market is expected to register a CAGR of greater than 5%, during the forecast period. Major factors driving the market studied include demand from electronics sector and increasing usage in medical industry.

• Declining machine tool production, slowdown in automotive production, and impact of COVID-19 outbreak on various industries is expected to majorly hinder the growth of the market studied.
• Asia-Pacific has dominated the market and is expected to continue dominating the market through the forecast period.

• 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 of the metals which are extensively used for commercial applications include iron, steel, aluminum, copper, brass, titanium, bronze, zinc, tin, chromium, and nickel. PVD coatings can be applied to most of such metals and their alloy substrates, though some materials require a base layer of chromium and nickel to improve corrosion resistance and increase durability.
• PVD coating helps to produce metal vapors (chromium, titanium, and aluminum), which gets deposited on the metal substrate as a thin, highly adhered pure metal or alloy coatings.
• Today, metals and their alloy applications can be found almost everywhere, ranging from construction, electronics, arms and ammunitions, machines and equipment, refractories, and automobiles to jewelry sets, decorative products, medical devices, furniture, safes, and locks.
• Therefore, with vast applications of metal substrates, the demand for application of PVD coating on metal substrates is also huge.

• China is the largest economy in terms of GDP. The annual growth rate of the Chinese GDP was 6.6% in 2018 and 6.3% in 2019. China is one of the fastest-growing economies globally, and almost all the end-user industries have been growing, owing to the rising population, living standards, and per capita income. However, owing to the international trade turbulences and unfavorable geopolitical affairs, the growth rate is expected to slow down in the initial years of the forecast period. Moreover, the COVD-19 pandemic is having a substantial economic impact, as the Chinese economy contracted 6.8% for the first time in decades in the first quarter of the year, as the virus forced factories and businesses to close.
• China is on course to overtake the United States as the world's biggest air travel market within the next three years, and still, the country’s appetite for aviation seems set to continue growing exponentially. High demand for aviation has led to the government's decision to introduce airport building programs, which include huge investment in terminals and runways.
• China is the world’s largest automotive producer. However, in 2018, the country witnessed about 4.16% decline in the production of vehicles, accounting for 27,809,196 units of motor vehicles. The performance of the automotive industry was affected by the economic shifts and China's trade war with the United States. This trend sustained during 2019 as well, as the domestic automotive production and sales declined by 7.5% and 8.2%, respectively.
• China has the world’s largest electronics production base. Electronic products, such as smartphones, OLED TVs, tablets, wires, cables, and earphones, among others, account for the highest demand. The country serves not only domestic demand for electronics but also exports electronic output to other countries. However, in 2019, the country’s electronics industry was hit hard by the US-China trade war, owing to which, the Chinese electronic product assembling companies have been strategizing to shift their base away from China, in order to avoid the US tariffs.
• Chinese health expenditure was recorded to be ~USD 750 billion, which accounted for ~5.3% of the country’s GDP. The medical device market in China has been witnessing strong growth with a growing number of hospitals and increasing demand for medical assistance. According to the China Association for Medical Device Industry, the medical device market size was recorded to be around ~USD 80 billion in 2019. About 70% of the growth was majorly fueled by hospital procurement.
• However, currently, due to the COVID-19 outbreak, the economic activities and industrial manufacturing activities have been affected significantly in the country. As of mid-2020, IMF predicted that China is likely to register GDP growth of about 1.2% for 2020, which reflects a significant decline from 6.1% in 2019.

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 major players in the market include are voestalpine eifeler group, OC OerlikonManagement AG, MITSUBISHI MATERIALS Corporation, IHI Ionbond AG (IHI Corporation), and HEF, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support