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
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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