The Global Optical Coatings Market - Growth, COVID-19 impact and Forecast (2021-2025)
The Optical Coatings market is segmented by Product type (Anti-reflective Coatings, Filter Coatings, Electro Chromic Coatings, Conductive Coatings and Others); Application (Consumer Electronics, Architecture, Solar, Automotive, Telecommunication and Others); Geography (APAC, North America, Europe and ROW).
Introduction
Optical Coating is the process of blending a thin layer of films on optical components such as lens, mirrors to intensify the reflection and transmission characteristics of the optical system. Optical coatings normally contain various layers of various metallic and dielectric materials such as titanium dioxide, silicon dioxide, aluminum, and others piled together according to the particular end-use application.
Table of Contents
Market Overview
The Global optical coatings market is expected to have incremental growth of $20.50 billion during 2020-2025.
Growth momentum is expected to accelerate during the forecast period with 5.75% CAGR.
Growing awareness regarding energy efficient buildings, global shift towards solar power generation and surge in demand for smart electronics are expected to drive the demand for the market in future.
North America is dominating the market due to growing solar industry in the U.S. and increased focus on developing domestic industries
Key Trends
Innovative formulation technologies directed to advances the optical deposition and fabrication have significantly facilitated to cater to numerous new and diverse consumer demands.
The increasing use of reflective coatings in green constructions for heat holding and the decreasing energy consumption is anticipated to drive its demand over the forecast period.
Key Market Players
Some of the key players in the market are EnPro Industries, Cascade Optical Corporation, Inrad Optics, Schott, PPG Industries, Chroma Technology.
The key players are rigorously competing and offering custom solutions for high-performance low-cost optical coating requirements.
Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain.
Growth Drivers and Challenges
Rising demand from the consumer electronics industry is significantly driving the market.
Need for efficient process and durable coatings with better aesthetics is driving the growth of the optical coatings market
the increasing environmental concerns and ready utilization of clean energy lead to an increase in the demand for solar PV module technology and drives the growth of the market.
Price volatility of raw materials is one of the major factors affecting the prices of optical coatings. It leads to a decrease in profitability for manufacturers and increases the market costs of optical coatings, thus restraining market growth.
Stringent and regulatory policies is hindering the market growth
High R&D cost involved in optical coatings market is hindering its growth.