Pune, India, Aug. 08, 2018 (GLOBE NEWSWIRE) -- The Worldwide Optical Coating Market size is projected to touch USD 11,788.3 Mn by 2023, registering a 7.07% CAGR from 2018 to 2023 (forecast period), according to a new report published by Market Research Future (MRFR).
Market Overview
The global optical coatings market, which was valued at USD 7.96 billion in 2017, and is anticipated to grow at a CAGR of 7.07% during the forecast period. Optical coatings are one or more layers of substrates placed on lenses, spectacles, and other vision care devices to modify and reflect the amount of light. They are created using various materials such as rare earth materials, oxides, and metals.
Consumer Electronic Products Driving Market Demand
Developments in production processes have culminated into an array of coatings for specific industries. These developments are ensured to lead to rapid adoption of optical coatings and drive market growth over the forecast period. Consumer electronic products are expected to garner demand owing to penetration of smartphones, tablets, smart TVs, etc. The ballooning of the consumer electronics sector coupled with demand for protective coatings is expected to create a windfall for the optical coatings market over the forecast period. The trend of adoption of latest technologies owing to the disposable incomes of consumers in developing and developed economies can positively impact the market. But government action against chromium trioxide (Cr6) plating can act as a market deterrent.
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Key Players and Competition Landscape
Noteworthy players in the market include PPG industries, Edmund Optics Inc., Optics Balzers AG, AMETEK, Carl Zeiss Jena GmbH, DowDuPont Inc., Reynard Corporation, Angstrom Engineering Inc., Inrad Optics, Optical Coatings Japan, MKS Instruments, Thorlabs Inc., Optiforms Inc., Berliner Glas, Abrisa Technologies, and II-VI Incorporation. The demand in microscopy, ophthalmics, high power lasers, and optical communications is expected to present a gamut of opportunities for the market to continuously expand over the forecast period.
Industry Development
The renewable energy sector is gaining increasing prominence owing to various subsidies offered by governments. The light absorbency power of optical coatings can be harnessed by solar power plants to store energy and replenish energy demands of other end-use industries. For instance, SolGelWay, a French company, has developed optical coatings which can increase the efficiency of solar panels. These coatings can increase the energy yield count of thermal power plants by operating them at higher temperatures.
Segmentation Analysis
The Optical Coating Market is segmented by type, coating method, coating material, end-use industry, and region. Types of optical coatings discussed include anti-reflective coatings, filter coatings (short-pass & long-pass, bandpass, notch filter, others), electrochromic (EC) coatings, partial reflection coatings, high reflective coatings, transparent conductive coatings, and beam-splitter coatings. Anti-reflective coatings accounted for the maximum market share in 2017 owing to its extensive use in solar and telecommunication sectors. But the filter coatings segment can expand at a 7.86% CAGR during the review period owing to its utilization in multiple applications. Within the filter coatings segment, the short-pass & long-pass segment held close to 8% market share in 2017. This number can rise sharply at the end of the review period.
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Sputter Deposition Touted to be the Best Coating Method
On the basis of coating method, the market is segmented into sputter deposition, vacuum deposition/evaporative deposition, and others. The vacuum deposition/evaporative deposition segment can generate significant revenue for the market owing to its use in the biomedical sector. Its high resistance to wear and tear and corrosion can provide opportunities for the market. But the sputter deposition technology segment can overtake its counterpart by the end of the forecast period owing to its implementation in the production of thin films.
Metallic Coating Material Deemed to Grow at Phenomenal Speed
Major coating materials comprise metallic and dielectric. The metallic segment accounted for the lion’s share in 2017, but the dielectric segment can experience high growth owing to the immense demand for insulation materials. Insulation materials find use in solar, electronic, and aerospace & defense sectors. It can exhibit a 7.57% CAGR during the review period.
Solar Segment Possesses Highest Revenue Generation Potential
Prominent market end-users include aerospace & defense, electronics & telecommunication, automotive, solar, healthcare, and others. The electronic & telecommunication segment can balloon to a valuation of USD 2.80 billion by 2023. The high adoption rate of consumer electronics can propel the growth of this segment. The solar segment is projected to contribute to the market revenue owing to supportive policies encouraging renewable energy generation. The energy crunch experienced by developing and developed economies can be resolved by investments in solar plants. Optical coatings deployed on solar panels can enhance their transmissive nature and absorb light.
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Regional Analysis
Regions discussed include North America, Latin America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The APAC market is expected to exhibit a robust growth rate during the forecast period owing to changing lifestyles of consumers and positive energy-efficient policies. The upsurge can be credited to economic growth in nations such as Japan, South Korea, India, and China. The North America and Europe markets follow after APAC in regards to demand. These regions have similar demographics and growth patterns. Presence of coating manufacturing behemoths and continuous developments can bolster their regional demands respectively.
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