Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The global optical coating market size was USD 12.01 billion in 2020. The market is expected to grow from USD 13.04 billion in 2021 to USD 22.57 billion in 2028 at a CAGR of 8.1% during the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Optical Coating Market, 2021-2028.” As per our analysts, the rising usage of the thin-film optical types of coating in semiconductor technologies, solar energy, scientific apparatus, and army gear is likely to bolster the market. Furthermore, with the upsurge in the population, the demand for eye accessories such as spectacles and sunglasses continues to rise, and these coatings are utilized in both of these industries.
COVID-19 Impact: Halted Industrial Production to Hinder Sales of Optical Coating
The global outbreak of the COVID-19 pandemic was seen disrupting several industries across the globe since it first hit the world. This market was no exception and was not spared either. On account of the stringent government rules imposed in several regions, the transportation affected, which led to a major disruption in the supply-chain demand cycle. Due to decline income sources, people refrained from making any new and expensive purchases such as electronics, vehicles, and many others amid the pandemic. As optical coatings are majorly used in mirrors, sunglasses, spectacles, the lockdown rules restrained traveling, which then reduced the sales of sunglasses. Renovations in the construction industry were halted, and hence installations of new mirrors were declined. This is expected to hamper market growth amid the pandemic and in the near future.
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Competitive Landscape
Tactical Planning Implemented by Companies Set to Reinforce their Market Values
The key players have adopted a new strategy of combining raw material manufacturing along with self-owned delivery services. This allows businesses to gain a tactical advantage in terms of budget efficiency, permitting them to upsurge their yield percentage. Corporations frequently incline towards R&D activities in order to develop novel technologies to maintain their competitive environment and fulfill fluctuating end-user requirements. In the future, research on novel materials that pool together various properties is anticipated to attain extensive approval in the market.
Key Industry Development
September 2020: Optimax Systems, Inc. declared that it has initiated supplying mil-spec grade High-efficiency Anti-Reflective Coatings for Ultraviolet usage in the army and commercial businesses. The coatings are scheduled to be manufactured at Applied Optics Center (AOC) unit in Dallas, Texas, owned by Optex Systems, Inc.
List of Key Players Covered in this Optical Coating Market Report
- Jenoptik (Jena, Germany)
- SCHOTT (Mainz, Germany)
- Optimax Systems, Inc. (New York, U.S.)
- Surface Optics Corporation (California, U.S.)
- GELEST, INC. (Pennsylvania, U.S.)
- Materion Corporation (Ohio, U.S.)
- VAMPIRE OPTICAL COATINGS (Ohio, U.S.)
- Optics Balzers AG (Liechtenstein, Germany)
- VIAVI Solutions Inc. (California, U.S.)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- DuPont (Delaware, U.S.)
- ZEISS International (Oberkochen, Germany)
- Nippon Sheet Glass Co., Ltd (Tokyo, Japan)
- Newport Corporation (California, U.S.)
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Report Coverage
We have performed elite research that comprises data triangulation grounded on the famous bottom-up and top-down tactics. Our researchers have led comprehensive primary research as well as secondary research to validate the estimated value of the market. The data employed to represent the shares for multiple segments at the national, regional, and global levels are extracted from important discussions with countless professionals. Our analysts have also mined information from financed databases, industry journals, SEC filings, and many other corresponding resources.
Segmentation
On the basis of product, the market is categorized into anti-reflective coatings, reflective coatings, filter coatings, conductive coatings, electrochromic coatings, and others. In terms of region, the market is further segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Based on the end-use industry, the market is segmented into consumer electronics, telecommunication, medical, transportation, aerospace & defense, and others. The consumer electronics segment is predicted to be responsible for the chief optical coating market share and continue to steer the market during the given timeframe. The segment generated 51.0% in 2020 in terms of share.
Drivers and Restraints
Rising Application of Optical Coating in Automobile Industry to Aid Market Growth
The coatings utilized in automobile finishing have an extended custom of augmenting value and adaptability. The replication of the interior from the windscreen back to the spectator, which is known as veiling glare, reduces the visual insight of the driver. Additionally, the fresh victory of high installation angle windscreen designs intensifies the concern of veiling glare. Optical antireflection coatings supplemented to the windscreen shall reduce reflection, abolishing veiling glare.
In comparison with uncoated glass, an innovative three-layer AR structure produced by this method decreases the inboard reflectance of a coated windscreen at a 60-degree installation angle from 13.6% to 9.7%. The reflecting property of the structure declines to 7.3% as AR films are applied to both the inboard and outboard planes of the windscreen cover. In addition to the decreased reflections, the mirrored hue of the AR windscreen is comparatively neutral than typical AR designs, leading to a more visually pleasing completed creation. This is anticipated to spur the optical coating market growth in the near future.
Regional Insights
High Demand for Consumer Electronics to Help Asia Pacific Grow
The market size in Asia Pacific stood at USD 5.48 billion in 2020. The regional market is expected to be driven by increasing population and rising demand for consumer electronics such as laptops, cameras, cell phones, video game consoles, LED TVs, and personal computers.
The need for non-toxic and environmentally friendly coatings materials in semiconductor and circuit assembly, sensor applications, laser systems, and aerospace applications has fuelled the growth of the market in North America.
In the telecommunications industry, Europe has the most liberalization, privatization, and competition. Because of the increasing use of these coatings in car windows, automobile displays, and headlamps, the region is expected to witness steady growth.
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Detailed 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 SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Optical Coating Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Optical Coating Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Anti-Reflective Coatings
- Reflective Coatings
- Filter Coatings
- Conductive Coatings
- Electrochromic Coatings
- Others
- By End-use Industry (Value)
- Consumer Electronics
- Telecommunication
- Medical
- Transportation
- Aerospace & Defense
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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