Optical Coatings Market Forecasted to Reach Value of Around US$ 20.43 Bn by 2027

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Optical coating is the deposition of thin layers of coatings with different refractive indexes on the optical component this in turn modifies the transmission &reflection characteristics of the system. These coatings protect the optical component from unfavorable environmental conditions. Further, these products are expected to have significant demand in corrective lenses, camera lens, solar cells, and other various components.

The optical coatings market size is expected to reach USD 20.43 billion by 2027, registering a CAGR of above 5.6% during the forecast period 2020 to 2027. The study provides an analysis of the global optical coatings market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2020 is considered as the base year.

The study includes drivers and restraints of the global optical coatings market. The main goal of this research study is to offer a clear picture and a better understanding of the market to the manufacturers, traders, and the suppliers operational in it. The readers can gain a deep insight into this market from this piece of information that can enable them to convey and develop critical approaches for the further growth of their businesses.

Market Estimations:

Market Was Valued In 2019: US$ 5.6 Billion

Market Is Projected To Grow By 2027: US$ 20.43 Billion

Compound Annual Growth Rate (CAGR): 5.6 percent

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Growth Factors

Significant growth in the demand for consumer electronic devices such as tablets, smartphones, smartwatches, and smart televisions estimated to drive the market growth. Rapid urbanization that results in changes in the consumer lifestyle expected to offer lucrative growth opportunities for smart consumer electronic products over the forecast period. In addition, rise in demand for clean and green generation along with smart and green products across various industries such as construction, automotive, and others expected to further propel the market growth over the upcoming years.

However, volatility in the price of raw materials is one of the major concerns that further affect the overall prices of optical coatings products. This decreases the profitability ratio for manufacturers as well as increases the total market costs for the product, thus restricting the market growth. Although metal prices are witnessed to have a declining trend in the past few years, sudden fluctuation in prices may have a negative impact on the market growth.

Report Highlights

  • North America led the global market accounting for a value share of more than 37% in 2019 owing to prominent growth of solar industry particularly in the U.S.
  • The Asia Pacific estimated to exhibit significant growth over the upcoming years because of rising demand for consumer electronics along with immense opportunity from automotive and manufacturing sectors
  • The anti-reflective product segment dominated the market accounting for over 30% share of the overall revenue in 2019 due to its increasing application in display screens, magnifying lenses, and eyeglasses
  • Conductive coatings segment estimated to exhibits lucrative growth over the forthcoming years because of its large-scale application in solar panels
  • Consumer electronics captured major market share in the global market accounting for over 33% of value in 2019 due to rapid growth in demand for smartphones and rising disposable income of consumers
  • Automotive industry is the other most important application segment for the market owing to its application in speedometer display and other components in the automotive industry

Regional Snapshots

North America emerged as the global leader for optical coatings market, in terms of value, in the year 2019. Increasing demand for eco-friendly and non-toxic optical coating materials especially in sensing applications, semiconductor & circuit assembly, aerospace applications, and laser systems are the major factors that attributed towards the prominent growth of optical coatings within the region. The region is a major manufacturing hub for small-scale and mid-scale companies dedicated for the development and manufacturing of medical equipment and devices that further anticipated to propel the market growth over the upcoming years.

Furthermore, North America being technology leader across the globe provides immense growth opportunity for various industries such as microelectronics, instrumentation, Information Technology (IT), and biotechnology that in turn ultimately leads to an increased demand for optical coatings products over the analysis period.

On the contrary, the Asia-Pacific projected to witness the highest growth rate in the global optical coatings market during the forecast years from 2020 to 2027. The growth of the region is majorly driven by the growing demand for sophisticated and advanced electronic devices for example LCDs, smartphones, and computers. Furthermore, increasing investments by the foreign manufacturers in order to expand their production facilities along with enhanced living standard of people accounted as the other most prominent factors contributing towards the market growth in this region.

Key Players & Strategies

The optical coatings industry offer enormous growth potential for the industry participants to strengthen their footprint in the emerging and flourishing end-use markets such as solar, automotive, green building construction, telecommunication, and many more. Most of these players have integrated their distribution operation and raw material production sectors to maintain the product quality along with expanding their geographical reach. Apart from this, several industry participants are immensely focusing towards research & development (R&D) activity to create product differentiation in the market as well as to strengthen their foothold on the global scale.

Some of the key players operating in the market are Cascade Optical Corporation, Alluxa, Inc., Chroma Technology Corp., Optical Coatings Japan, Berliner Glas, Inrad Optics, PPG Industries Inc., Schott Ag, Viavi Solutions Inc., and Abrisa Technologies among others.

Market Segmentation

By Product

  • Reflective Coatings
  • Anti-reflective Coatings
  • Filter Coatings
  • Electrochromic Coatings
  • Conductive Coatings

Others

By Application

  • Solar
  • Consumer Electronics
  • Telecommunication
  • Architecture
  • Medical
  • Automotive
  • Aerospace & Defense
  • Others

By Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The optical coatings report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Why should you invest in this report?

If you are aiming to enter the global optical coatings market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for optical coatings are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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