The global Optical Coating Market size is expected to reach USD 31.4 billion by 2028, registering a CAGR of 9.2% over the forecast period, according to a new study by Grand View Research, Inc. The market is estimated to be driven by the growing smart consumer electronics industry across the globe. Consumer electronic devices include smartphones, tablets, phablets, smartwatches, and smart televisions. Rapid urbanization resulting in changes in consumer lifestyles is expected to create lucrative opportunities for smart consumer electronic devices.
This is projected to lead to increased product utilization as they have a superior optical display and high impact resistance. Asia Pacific is a major market for consumer electronics owing to the presence of a large number of key players. The demand in the region has shifted toward Southeast Asian countries, a trend that is likely to continue over the forecast period. A rising focus on electricity generation through clean sources is also expected to drive product demand. However, the global COVID-19 pandemic is severely affecting the manufacturing industries.
This, in turn, is anticipated to negatively impact the market growth in various applications, such as consumer electronics, automotive, aerospace & defense, solar, and architecture. Moreover, the pandemic led to order cancellations and shipping complications throughout the global industry. The reflective products segment is anticipated to register the fastest CAGR over the forecast period due to the rising usage of these products for roofing applications in the construction industry, as they prevent direct sunlight exposure and reduce overall cooling costs.
There has been a rising demand for both commercial and passenger automobiles in emerging economies like South Africa, Mexico, Brazil, India, and China due to the improving standards of living and population growth. This is projected to benefit the automotive coatings industry, which in turn, is expected to propel the product demand. Furthermore, the increasing need for protection against dust, dirt, UV radiation, and harsh climate is anticipated to drive the product demand in the coming years.
Companies in the market experience fluctuating prices of raw materials, which are driven by factors, such as changes in supplier feedstock costs, inventories, demand and supply factors, and government regulations. Therefore, manufacturers have been focusing on developing technologies for the production of efficient products at low costs. In addition, key players are continuously engaged in the diversification of their existing product portfolio to cater to a large customer base, which ultimately enables a strong foothold in the global market.
Related Press Release@ Optical Coating Market Report
Optical Coating Market Report Highlights
- Asia Pacific dominated the global market in 2020, in terms of revenue, and is estimated to expand further at the fastest CAGR from 2021 to 2028
- Anti-reflective was the largest product segment with a revenue share of over 29% in 2020 due to their high demand from the solar industry
- The solar application segment is expected to witness the fastest CAGR over the forecast period
- Rising demand for solar photovoltaic (PV) cells and emphasis on solar energy production, especially in emerging countries like China, India, and Japan, is anticipated to augment the growth of the solar segment
- In April 2020, Alluxa, a U.S.-based optical coatings and filters manufacturer, launched Ultra Series qPCR filter for integration into medical equipment that performs COVID-19 testing of patient samples