According to a new report published by Allied Market Research, titled, "Electron Beam Vapor Deposition Coating Market by Source, Application and end user: Global Opportunity Analysis and Industry Forecast, 2020-2027,"
The global electron beam physical vapor deposition coating market was valued at $1.8 billion in 2019, and is projected to reach $2.8 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.
Electron beam physical vapor deposition (EB-PVD) coating is a thin film coating produced by the evaporated coating material deposited on the substrate under vacuum. The resulting film is only a micron level thick; thereby, not compromising the original properties of substrate along with enhancing its thermal, electrical, and corrosion resistance. Furthermore, increase in healthcare expenditure by countries around the world and rise in investments in the electronics and semiconductor markets are the major drivers presently driving the global EB-PVD coatings market. Access to better healthcare facilities and health insurance will lead to increase in demand for medical devices and equipment. Moreover, thermal barrier coatings for automotive and power turbine applications using EB-PVD technology has the potential to further accelerate the growth of the market.
The global electron beam physical vapor deposition coating market is segmented on the basis of source, application, and end users. On the basis of source, the market is divided into single and multiple. In 2019, the multiple EB-PVD coating segment was the highest contributor to the market with $1.2 billion and is estimated to reach $1.7 billion by 2027, at a CAGR of 5.1% during the forecast period. On the basis of application, the market is segmented into thermal barrier coatings, anticorrosive coatings, and others. Thermal barrier coatings segment was the highest contributor in 2019, with $1.1 billion and a CAGR of 5.5%. The end users of EB-PVD coating are automotive, medical, electrical & electronics, power, optical, and others. The automotive segment was the highest contributor in 2019 with $0.4 billion and is estimated to reach $0.7 billion by 2027, at a CAGR of 5.5%. The medical segment is projected to be the fastest growing segment, with a CAGR of 8.1%.
Key Findings of the Study:
- In 2019, the multiple EB-PVD market held a share of over 65.4% in the electron beam physical vapor deposition coating market share.
- The Asia-Pacific region is expected to grow with the highest CAGR of 6.6% during the forecast period.
- The anticorrosive coating segment is projected to grow at a CAGR of 6.8% by 2027.
- Based on end user, the automotive segment was the highest revenue contributor in electron beam physical vapor deposition coating market size and is expected to grow with the CAGR of 5.5%.
- The medical segment is projected to be the fastest growing end user with a CAGR of 8.1%
- The qualitative data in the report aims on the electron beam physical vapor deposition coating market trends, dynamics, and developments in the EB-PVD industry while the quantitative data provides information about the market share and market size in terms of revenue and volume.
Impact Of Covid-19 On The Global Electron Beam Physical Vapor Deposition Vapor Coating Market
- The growth of thin film deposition technique such as electron beam physical vapor deposition coating systems is dependent on the end users, mainly automotive, medical, and electronics.
- The outbreak of COVID-19 pandemic has disrupted the supply chain of the automotive manufacturing as well as electronic industry.
- According to data collected by AFIA – Association of Manufacturers for the Automotive Industry, the sales of automotive components dropped by 76% in April 2019 compared to the April 2018.
- However, in the global medical sector the market has witnessed significant boost, with increase in the demand for medical devices and equipment due to the pandemic.