Optical Coatings Market– Statistics And Analysis & Forecast To 2027Posted by Mrudula Anil Karmarkar on February 2nd, 2021 The global optical coatings market size is expected to reach USD 21.7 billion by 2027, expanding at a CAGR of 5.0% from 2020 to 2027, according to a new study by Grand View Research, Inc. The market is estimated to be driven by the growing smart consumer electronics industry across the globe. Rising focus on electricity generation through clean sources is also expected to drive product demand. The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor. Consumer electronic devices include smartphones, tablets, phablets, smartwatches, and smart televisions. Rapid urbanization resulting in changes in consumer lifestyles is expected to create lucrative opportunities for smart consumer electronic devices. This is projected to lead to an increase in the utilization of optical coatings as they have superior optical display and impact resistance properties. Asia Pacific is a major market for consumer electronics owing to the presence of a large number of key players. Demand in the region has shifted toward Southeast Asian countries and this trend is likely to continue over the forecast period. However, the outbreak of highly contagious COVID-19 across the globe is severely affecting manufacturing industries, which, in turn, is anticipated to negatively impact the demand for optical coatings in various applications, such as consumer electronics, automotive, aerospace, and defense, solar, and architecture. As COVID-19 continues to spread across the world, order cancellations and shipping complications are surging throughout the optical coatings industry. The reflective coating is anticipated to progress at a substantial growth rate over the forecast period. The rise in the use of this product for roofing applications in the construction industry owing to factors, such as prevention of direct exposure of sunlight on the roof and reduction in cooling cost, is anticipated to propel the demand for reflective coatings over the forecast period. Optical Coatings Market Report Highlights
Demand for both commercial and passenger automobiles has been rising in emerging economies, like South Africa, Mexico, Brazil, India, and China, in light of improving standards of living and population growth. This is projected to benefit the automotive coatings industry, which, in turn, is expected to propel the demand for optical coatings. Furthermore, the increasing requirements for protection against dust, dirt, UV radiation, and harsh climate is anticipated to drive the market in the coming years. Companies in the market witness fluctuating prices of raw materials, which are driven by factors such as changes in supplier feedstock costs, inventories, demand and supply factors, and government regulations. Therefore, manufacturers have been focusing on developing technologies for efficient coating at a low cost. In addition, key players are continuously engaged in the diversification of their existing product portfolio in order to cater to a large customer base, which ultimately enables a strong foothold in the global market. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/196/ibb The consumer electronics application segment led the market and accounted for more than 33.0% share of the global revenue in 2020. Rapidly growing demand for smartphones and rising consumer disposable income are anticipated to propel the segment growth over the forecast period. Furthermore, technological advancements in the field of smart televisions and smart consumer devices, including smartwatches and smartphones, are anticipated to positively affect market growth over the forecast period. In addition, increased demand for multipurpose devices and a growing number of key players are expected to propel the demand for optical coatings over the forecast period. Most of the key players operating in this market have integrated their raw material production and distribution operations to maintain product quality and expand regional outreach. This provides companies a competitive advantage in the form of cost benefits, thus increasing their profit margin. Companies focus on research and development activities to develop new products to sustain market competition and changing end-user requirements. Research activities focused on new materials that combine several properties are projected to gain wide acceptance in the industry in the coming years. Some of the prominent players in the optical coatings market include:
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |