Mirror Coatings Market to Reap Excessive Revenues by 2031

Posted by Anup Kumar on May 31st, 2021

Award-winning consulting firm Fact.MR has recently published a new report on the global mirror coatings market for the forecast period of 2021 to 2031. According to the study, the market is anticipated to surge at a healthy CAGR of over 6% through 2031, reaching over US$ 1 billion in valuation.

Historically, the market posted credible gains, reaching nearly US$ 700 million in 2020, amid extensive uptake across the renewable energy generation sector, particularly solar cell panel manufacturing. As of 2019, global solar photovoltaics (PV) generation increased 22%, or 131 TWh, representing the second-largest absolute generation growth of all renewable technologies, according to an IEA report. Hence, manufacturers are leveraging mirror coatings to enhance energy generation capacities.

Opportunities are also opening up across architectural applications, amid rising demand for commercial- and residential-grade infrastructure amid rapid urbanization.

For instance, Euramax offers extensive mirror-based exterior building cladding solutions made from coated metal. It is the perfect alternative to polished stainless steel, thus eliminating corrosion concerns, thereby offering superior exterior durability.

Likewise, Edmund Optics manufactures a wide range of precision parabolic, spherical and flat mirror with several different substrate materials.

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“Prominent mirror coating manufacturers are fulfilling the dual objective of enhancing the aesthetic value of existing infrastructure while simultaneously offering high reflective properties, prompting a flurry of product launches,” remarks a Fact.MR analyst.