Report Predicts Vacuum Coating Equipment Market to Surpass $47 Billion by 2024
OCEAN VIEW, DE - According to a new research report by Global Market Insights Inc., the vacuum coating equipment market will reach $47 billion by 2024.
The industry has recorded substantial growth in past few years with varied applications in the electronics, power generation and automotive sectors. It is commonly used in the electronics industry for integrated circuits, photovoltaic devices and microelectronics. The global consumer electronics market is expected to record a compound annual growth rate (CAGR) of 4% to 2024.Industrial automation and manufacturing of high-end vehicles have increased adoption of integrated circuits in these fields. The escalating electrical and electronics industries will help to boost vacuum coating equipment market demand.
PVD coating is applied on engine parts such as valve train components, drive train components, piston pins, piston rings and gears. In 2013, over 21 million units of commercial vehicles were manufactured; in 2016, manufacturing crossed 22.8 million units. Global passenger vehicles sales registered a growth of 7.2% between March 2015 and March 2016. Increasing adoption of this coating in the automotive industry and other industrial applications will strengthen the vacuum coating equipment market in the future. It is specifically replacing chrome plating, as chromium is carcinogenic in nature and is being banned in many regions. On the other hand, complex machinery requirements and the need for skilled operators are some of the factors that will hinder growth in the PVD coating market.
PVD coating accounted for a significant share of around 39% of the vacuum coating equipment market in 2015. It has an edge over traditional coating methods (electroplating and painting) of providing a longer shelf life, bright colors and a scratch-resistant surface to the product. It provides a coating for engine components that reduces friction and wear between the parts, resulting in better efficiency and performance of the engine.
Magnetron sputtering has wide and diversified applications such as in gas sensors, corrosion-resistant films, magnetic films, metallizing for microelectronic circuits and chip carriers. Metallizing is an innovative technology replacing electroplating in the electronics industry. Magnetron sputtering application will grow above 9% CAGR in the global vacuum coating equipment market to 2024.
Asia-Pacific contributes significantly in the market, with a nearly 50% share in revenue generation. Rapid industrialization has increased energy requirements of this region and boosted the power generation industry significantly. Leading players in smartphone production are moving into the manufacturing of premium smartphones, a category that requires luxurious external body displays. This will also stimulate the vacuum coating equipment market demand.
A positive outlook for the automotive market in Germany makes Europe a significant region in the global vacuum coating equipment market. The market revenues in Germany crossed $910 million in 2015.
According to the report, the major companies participating in the vacuum coating equipment market include Buhler AG, PVD Products Inc., BCI Blösch Group, Applied Materials Inc., Singulus Technologies AG and Kolzer SRL.
For additional information about the report, visit https://www.gminsights.com/industry-analysis/vacuum-coating-equipment-market.