Global Evaporation Material Market was valued at US$ 1,702.6 Mn in 2022 and is estimated to reach US$ 2,954.9 Mn by 2030, exhibiting a CAGR of 7.13% during the forecast period (2023-2030). According to Global Evaporation Material Market Report, By Material Type (Metals (Precious Metals, Nonprecious Metals), Alloys, Compounds, Others), By Application (Electronics, Optics, Power & Energy, Others), By Geography (North America, Latin America, Europe, Asia pacific, Middle East & Africa) as highlighted in a new report published by Coherent Market Insights.
Evaporation materials are those materials that are used to provide high purity coatings especially in electronic and power generation industry. These materials are used to grow thin film by an evaporation method and these materials include oxide and metals. High purity evaporation materials have a crucial role in deposition processes as they ensure high quality deposited film and are considered as one the prominent source materials for thin film deposition and electron beam evaporation. These products can be available in different forms such as pellets, granules, starter sources, crucible liners, rod, shot, wire, and random pieces.
Drivers
Incresing demand for electronics & optical applications
Rising demand for evaporation materials from electronics & optical applications is predominantly fueling the market growth of evaporation materials. Growing demand for semiconductors, and microelectronic components such as flat panel displays and data storage devices around the globe is fueling the demand for evaporation materials which are widely used during the manufacturing and processing of electronic products. Moreover, increasing demand for optical coatings for various applications is further anticipated to foster the market growth of the global evaporation materials in (2023-2030).
Market Opportunities
The advent of technological advancement in the product such as sputtering targets and chemical vapour deposition is expected to foster the market growth of evaporation materials sputtering targets and chemical vapour deposition provide lesser substrate surface damages. Also, rising adoption of thermal evaporation as it is highly advanced technology and gaining traction across various applications is anticipated to foster market growth over the forecast period.
Market Restraints
Other factors such as poor step coverage, difficulty in alloys formation and lower throughput due to low vacuum are projected to hinder the adoption of evaporation materials among end users, which in turn hampering the market growth. The step coverage of films is poor due to the directional nature of evaporated products. Therefore such factors are expected to limit the market growth of evaporation materials over the forecast period.
Key Takeaways
- On the basis of material type, metal segment has dominated the global evaluation materials market in 2022 with a 47% of market share in terms of value, followed by alloys and compounds.
- Rising applications of evaporation materials from decorative high precision coatings, corrosion-resistant coatings, low friction coatings, and wear-resistant coatings are projected to provide opportunities to the market of evaporation materials in the near future. Moreover, the growing demand for evaporation materials from the life sciences and chemical industry is gaining traction in the market and this is projected to continue to support the growth of the evaporation materials market in the near future.
Market Trends
Increasing focus of manufacturers of evaporation materials to develop innovative and novel and products are anticipated to propel the market growth over the forecast period. Increasing investment by players to boost the production of evaporation materials will favor market growth over the forecast period.
Competitive Section
Key players operating in the global evaporation material market includes Materion Corporation, Umicore Group, ULVAC, Inc., Nichia Corporation, China Rare Metal Material Co., Ltd., GRIKIN Advanced Materials Co., Ltd., Canon Optron Inc., Plasmaterials Inc., Process Materials, Inc., The Kurt J. Lesker Company, Aida Chemical Industries Co., Ltd.
Global Evaporation Materials Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has severely harmed the entire supply chain and had a significant negative impact on the industries. In some cases, the evaporation technique was used to understand the drug efficacy for COVID-19 in the market under study. In China, for instance, MAR (Medication Administration Record) has a long history of use in the treatment of chronic enteritis and hepatitis, according to the article published in March 2022 titled, "Study results in three new co-amorphous drug systems with great anti-COVID-19 potential." Beginning in 2020, MAR was combined with antiviral medications like ritonavir, lopinavir, or abidol in COVID-19 therapy. As a result of such effective evaporation materials, the market saw a positive impact from the COVID-19 pandemic.
