Mirror Coatings Market Size Worth USD 1,093.37 Million in 2032 | Emergen Research

Rising demand for mirror coatings in building and construction industries is a major factor driving Mirror Coatings market revenue growth

Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global mirror coatings market size was USD 687.04 Million in 2022 and is expected to register a rapid revenue CAGR of 4.8 % during the forecast period The global mirror coatings market is experiencing robust growth, primarily fueled by increasing demand from the building and construction, automotive, and solar power industries. The rising need for mirror coatings in urban areas, driven by a surge in construction activities and the growing adoption of Electric Vehicles (EVs), is propelling market revenues.

Building and Construction Driving Growth:

Mirror coatings play a pivotal role in the building and construction sector by preventing heat from entering buildings, thereby reducing maintenance costs. The United Nations reports that 55% of the global population resides in urban areas, a figure expected to rise to 68% by 2050. This urbanization trend, coupled with investments in new construction activities, is creating opportunities for the mirror coatings market.

Automotive Safety and Visibility:

Automobile component manufacturers are incorporating mirror coatings to enhance the visibility, safety, and security of vehicles. The adoption of Electric Vehicles (EVs) is further boosting the demand for mirror coatings, aligning with the World Economic Forum's data, which indicates global EV sales reached 10.5 million in 2022.

Solar Power Industry as a Key Contributor:

The mirror coatings market is also seeing a surge in demand from the solar power sector. According to the International Energy Agency (IEA), Solar Photovoltaic (PV) installed power capacity is expected to exceed that of coal by 2027, driving market growth. The cumulative solar PV capacity is anticipated to triple over the forecast period, surpassing natural gas by 2026 and coal by 2027.

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Challenges with Cost:

Despite the positive trends, the high cost of mirror coatings poses a challenge to market growth. The metallic composition of coatings, often silver or aluminum, contributes to fluctuating prices, impacting the overall cost of mirrors.

Resin Types and End-Use Segments:

- Polyurethane Dominates: Polyurethane emerged as the leading resin type, protecting surfaces from corrosion, weathering, and abrasion. It accounted for the largest revenue share in 2022.

- Automotive Sector Leads: The automotive and transportation segment is expected to hold a significant revenue share due to the rising demand for mirror coatings to enhance vehicle safety and vision.

- Building and Construction Steady: The building and construction segment is anticipated to experience steady revenue growth, driven by the reflective finish that mirror coatings provide, reducing light transmission and harmful UV rays.

Regional Insights:

- Asia Pacific Leads: The Asia Pacific region captured the largest revenue share in 2022, driven by the demand for mirror coatings in new infrastructures. Countries like China, Philippines, Vietnam, Indonesia, and Malaysia are witnessing rapid infrastructural development.

-North America Strong Performance: North America secured the second-largest revenue share, attributed to increasing disposable income and longer transportation times, motivating car purchases. Government initiatives supporting the automotive sector also contributed to growth.

-Europe's Rapid Growth: The European market is expected to register the fastest revenue growth rate, supported by applications in infrastructure, automotive, and solar power. Construction activities in Europe are thriving, with the UK experiencing a 5.6% increase in construction output in 2022.

Outlook and Future Prospects:

With the construction boom, the rise of EVs, and the expanding solar power industry, the global mirror coatings market is poised for continued growth. While challenges related to cost persist, advancements in resin types and increasing applications across various sectors will likely drive innovation and market expansion.

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Scope of Research

Report DetailsOutcome
Market Size in 2022USD 687.04 Million
CAGR (2023–2032)4.8 %
Revenue Forecast To 2032USD 1,093.37 Million
Base Year Of Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredResin Type, Technology, end use, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledArkema, CASIX, Inc., Diamon-Fusion International, Inc., Dynasil Corporation, Edmund Optics, FENZI S.p.A., Guardian Industries, North American Coating Laboratories, Pearl Global Ltd., The Sherwin-Williams Company, Vitro, Vibrantz, AGC Inc., Evaporated Coatings, Inc., and AccuCoat Inc.
Customization Scope10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global mirror coatings market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions in the market. Some major players included in the global mirror coatings market report are:

  • Arkema
  • CASIX, Inc.
  • Diamon-Fusion International, Inc.
  • Dynasil Corporation
  • Edmund Optics
  • FENZI S.p.A.
  • Guardian Industries
  • North American Coating Laboratories
  •  Pearl Global Ltd.
  • The Sherwin-Williams Company
  • Vitro
  • Vibrantz
  • AGC Inc.
  •  Evaporated Coatings, Inc.
  •  AccuCoat Inc.

Strategic Development

  • On 15 September 2023, SolCold a solar cooler technology company based in Israel innovated a new solution, which is solar-powered coatings with passive cooling capabilities to withstand the urban heat island. This solution if deployed at a large scale in urban areas, could help to improve the health of residents, decrease energy consumption, and aid the transition to a net zero carbon future in line with the UN’s Sustainable Development Goals.
  • On 28 March 2022, Hind High Vacuum (HHV), a Bangalore based company leading in vacuum and thin film technology introduced a Physical Research Laboratory (PRL), a department of space. The government of India offered a contract to manufacture and installation of dedicated mirror coating plant for PRL’s upcoming 2.5-meter telescope.

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For the purpose of this report, Emergen Research has segmented the global mirror coatings market on the basis of resin type, technology, end-use and region:

  • Resin Type Outlook (Revenue, USD Million; 2019-2032)
    • Epoxy
    • Acrylic
    • Polyurethane
    • Others
  • Technology Outlook (Revenue, USD Million; 2019-2032)
    • Nano coatings
    • Solvent-Based
    • Water-Based
    • Others
  • End-use Outlook (Revenue, USD Million; 2019-2032)
    • Building and Construction
    • Automotive and Transportation
    • Energy
    • Others
  • Regional Outlook (Revenue, USD Million; 2019-2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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