OTTAWA, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The global optical coatings market was valued at US$ 13.21 billion in 2019 and expected to reach US$ 20.43 billion by 2027, with at a compound annual growth rate (CAGR) of 5.6% during the forecast period 2020 to 2027. View Full Report@ https://www.precedenceresearch.com/optical-coatings-market
Optical coating is the deposition of thin layers of coatings with different refractive indexes on the optical component this in turn modifies the transmission &reflection characteristics of the system. These coatings protect the optical component from unfavorable environmental conditions. Further, these products expected to have significant demand in corrective lenses, camera lens, solar cells, and other various components.
Growth Factors
Significant growth in the demand for consumer electronic devices such as tablets, smartphones, smartwatches, and smart televisions estimated to drive the market growth. Rapid urbanization that results in changes in the consumer lifestyle expected to offer lucrative growth opportunities for smart consumer electronic products over the forecast period. In addition, rise in demand for clean and green generation along with smart and green products across various industries such as construction, automotive, and others expected to further propel the market growth over the upcoming years.
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However, volatility in the price of raw materials is one of the major concerns that further affect the overall prices of optical coatings products. This decreases the profitability ratio for manufacturers as well as increases the total market costs for the product, thus restricting the market growth. Although metal prices are witnessed to have a declining trend in the past few years, sudden fluctuation in prices may have a negative impact on the market growth.
Report Highlights
- North America led the global market accounting for a value share of more than 37% in 2019 owing to prominent growth of solar industry particularly in the U.S.
- The Asia Pacific estimated to exhibit significant growth over the upcoming years because of rising demand for consumer electronics along with immense opportunity from automotive and manufacturing sectors
- The anti-reflective product segment dominated the market accounting for over 30% share of the overall revenue in 2019 due to its increasing application in display screens, magnifying lenses, and eyeglasses
- Conductive coatings segment estimated to exhibits lucrative growth over the forthcoming years because of its large-scale application in solar panels
- Consumer electronics captured major market share in the global market accounting for over 33% of value in 2019 due to rapid growth in demand for smartphones and rising disposable income of consumers
- Automotive industry is the other most important application segment for the market owing to its application in speedometer display and other components in the automotive industry
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Regional Snapshots
North America emerged as the global leader for optical coatings market, in terms of value, in the year 2019. Increasing demand for eco-friendly and non-toxic optical coating materials especially in sensing applications, semiconductor & circuit assembly, aerospace applications, and laser systems are the major factors that attributed towards the prominent growth of optical coatings within the region. The region is a major manufacturing hub for small-scale and mid-scale companies dedicated for the development and manufacturing of medical equipment and devices that further anticipated to propel the market growth over the upcoming years.
Furthermore, North America being technology leader across the globe provides immense growth opportunity for various industries such as microelectronics, instrumentation, Information Technology (IT), and biotechnology that in turn ultimately leads to an increased demand for optical coatings products over the analysis period.
On the contrary, the Asia-Pacific projected to witness the highest growth rate in the global optical coatings market during the forecast years from 2020 to 2027. The growth of the region is majorly driven by the growing demand for sophisticated and advanced electronic devices for example LCDs, smartphones, and computers. Furthermore, increasing investments by the foreign manufacturers in order to expand their production facilities along with enhanced living standard of people accounted as the other most prominent factors contributing towards the market growth in this region.
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Key Players & Strategies
The optical coatings industry offer enormous growth potential for the industry participants to strengthen their footprint in the emerging and flourishing end-use markets such as solar, automotive, green building construction, telecommunication, and many more. Most of these players have integrated their distribution operation and raw material production sectors to maintain the product quality along with expanding their geographical reach. Apart from this, several industry participants are immensely focusing towards research & development (R&D) activity to create product differentiation in the market as well as to strengthen their foothold on the global scale.
Some of the key players operating in the market are Cascade Optical Corporation, Alluxa, Inc., Chroma Technology Corp., Optical Coatings Japan, Berliner Glas, Inrad Optics, PPG Industries Inc., Schott Ag, Viavi Solutions Inc., and Abrisa Technologies among others.
Market Segmentation
By Product
- Reflective Coatings
- Anti-reflective Coatings
- Filter Coatings
- Electrochromic Coatings
- Conductive Coatings
Others
By Application
- Solar
- Consumer Electronics
- Telecommunication
- Architecture
- Medical
- Automotive
- Aerospace & Defense
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World
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