Pune India, April 05, 2022 (GLOBE NEWSWIRE) -- The global mirror coatings market size is predicted to reach USD 1.10 billion by 2028 and exhibit a CAGR of 7.2% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Mirror Coatings Market, 2021-2028”. The demand for the use of mirror coatings is rapidly increasing due to the growth of the automotive & transportation, architectural, decorative mirrors, and solar power industries.
Increased demand from the construction industry and rising uses in the solar power industry are propelling the market forward. The market for these coatings is expected to grow over the projected period because of increased demand from water and wastewater treatment plants. The market size stood at USD 0.63 billion in 2020 and USD 0.67 billion in 2021.
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List of Key Companies in Mirror Coatings Market:
- Sherwin-Williams Company (Ohio, U.S.)
- Casix (Fuzhou, China)
- Fenzi (Milan, Italy)
- JENOPTIK AG (Jena, Germany)
- Dynasil Corporation (Massachusetts, U.S.)
- Ferro Corporation (Ohio, U.S.)
- North American Coating Laboratories (Ohio, U.S.)
- Reynard Corporation (California, U.S.)
- ZEISS International (Oberkochen, Germany)
- Tianjin Xin Lihua Color Materials (Tianjin, China)
- Abrisa Technologies (California, U.S.)
- AccuCoat inc (New York, U.S.)
COVID-19 Impact-
Pandemic-related Disruptions Affected Market Dynamics during 2020-2021
The COVID-19 pandemic has wreaked havoc on every region, industry, and facet of life, and the mirror coatings industry is no exception. COVID-19's emergence, as well as the accompanying economic slump, impacted most of the major end-use industries, including construction, automotive, and solar, to name a few. Due to the tight restrictions and restricted order intake, several coatings firms have reported reducing production capacity and even temporarily shutting down manufacturing plants around the world.
Due to market uncertainty, several industrial and end-use industries faced unprecedented hurdles at this time. Furthermore, trade restrictions imposed by several nations, as well as a shortage of workers and freight containers, compounded the problems, producing supply chain delays for both manufacturers and end-user sectors.
Report Coverage-
The market study examines the industry in-depth, focusing on critical elements such as the industry's leading competitive landscape, products, and products. It also provides market trends and highlights important industry developments. The study includes different variables that have contributed to the market's growth in recent years, in addition to the factors listed above. It examines the industry's newest market dynamics and opportunities, as well as historical data and revenue growth estimates at the global, regional, and country levels.
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Drivers & Restraints-
Market Growth Will Be Driven By Rising Construction Sector Demand
Over the last few decades, the building industry has grown rapidly in many parts of the world. Glass architecture has become a symbol of advancement in many countries, with people seeing these structures as symbols of luxury and riches. Mirror-coated glass is rapidly being used in the construction sector as an insulation material, structural component, external glazing material, and cladding material, among other things, in addition to being used as a decorative element.
Mirror coatings reflect light well while also protecting coated surfaces from chemical and abrasion degradation. By retaining the color, durability, and texture of architectural structures, these coatings lower maintenance costs and extend the life of the coated surface. During the projected period, the worldwide construction sector is expected to grow substantially, notably in Asia Pacific's growing countries.
Rising environmental concerns are expected to lead to an increase in innovative materials like these coatings being used in new residential and commercial construction. More building materials coated with these coatings, notably glass, are projected to be used more frequently during construction activities as a result of the adoption of green technology in construction will aid in the mirror coatings market growth.
Regional Insights-
The Market in Asia Pacific to Grow Rapidly
In 2020, the Asia Pacific market was worth USD 0.29 billion. The Asia-Pacific market is expected to rise rapidly because of increased demand from the building and infrastructure development industries. Emerging economies like China and India, as well as other Southeast Asian countries, are likely to invest heavily and undertake enormous infrastructure transformations during the forecast period.
The Asia-Pacific area now houses more than 60% of the world's population, and people's purchasing power and living standards have dramatically improved over the last few decades. This trend is expected to continue during the projected period, resulting in higher demand for new residential and commercial buildings, as well as other infrastructure projects. Mirror coatings are expected to grow in popularity due to their widespread use in the building industry. With the region's rapidly growing construction sector, the market is likely to grow.
North America's vehicle industry is predicted to grow rapidly, propelling the mirror coating market. Electric car sales have risen fast in recent years in the U.S., and this trend is expected to continue during the forecast period. As demand for electric vehicles grows in the consumer and commercial vehicle segments, the automotive industry is likely to develop.
The European market is likely to grow because of increased demand from the automobile industry. The European automobile industry currently provides a major portion of the EU's GDP and is expected to do so in the future. Europe contains roughly 298 automotive production plants, according to the European Automobile Manufacturers Association, with major automakers such as Volkswagen, BMW, Renault, and Peugeot.
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Competitive Landscape-
Companies to Focus on Investing in R&D Initiatives
Most multinational firms have merged their raw material manufacturing and distribution activities to maintain product quality and expand their geographical reach. This provides firms with a cost-cutting advantage, allowing them to boost their profit margin. To stay competitive and fulfill changing end-user expectations, companies often prioritize R&D initiatives to manufacture new goods. Research on innovative materials that combine multiple properties is predicted to gain widespread usage in the industry in the next few years. Casx, Sherwin-Williams Company, JENOPTIK AG, Fenzi, and Dynasil Corporation are some of the prominent players in the global market.
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry Porter Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Resin Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Mirror Coatings Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Mirror Coatings Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Resin Type (Value)
- Polyurethane
- Epoxy
- Acrylic
- Others
- By Formulation Technology (Value)
- Solvent-based
- Water-based
- Others
- By End-use Industry (Value)
- Architectural
- Automotive & Transportation
- Solar Power
- Decorative
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Resin Type (Value)
Toc Continued…
Industry Developments-
June 2020: Scientists and engineers at NASA's Goddard Space Flight Center (GSFC) have produced telescope mirror coatings with the highest reflectivity in the far-ultraviolet (FUV) spectral region ever documented. The more reflective a telescope mirror is at far-ultraviolet (FUV) wavelengths, the better the images it can acquire.
Read Related Insights:
Powder Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Thermoset {Epoxy Polyester, Polyester, Epoxy, Polyurethane, Acrylic, and Others}, and Thermoplastic {Polyvinyl chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF)}), By Coating Method (Electrostatic Spray, Fluidized Bed, and Others), By Application (Appliance, Automotive, Architectural, Furniture, Agriculture, Agriculture, Construction and Earthmoving Equipment (ACE), General Industries, and Others), and Regional Forecast, 2021-2028
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