LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global optical coatings market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global optical coatings market for 2017-2021 provides detailed industry analysis based on product type (anti-reflective, optical filter, transparent conductive, and high-reflective coatings), on application (consumer electronics, solar power, architecture, military and defense, and automotive sectors), and geography (North America, APAC, Europe, and ROW).
The global optical coatings market size is projected to reach USD 12,441.1 million by 2021, at a CAGR of close to 8% during the forecast period. Consumer electronics is one of the largest application segments of the market, generating over 32% of the overall revenue.
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The top three emerging trends driving the global optical coatings market according to Technavio chemicals and materials research analysts are:
- Rising demand for anti-reflective coatings
- Increased focus on R&D
- Emerging applications of optical coatings
Rising demand for anti-reflective coatings
“The anti-reflective coatings are preferred in various end-user industries such as consumer electronics, solar, power, automotive and telecommunication due to the enhance visibility, high transmittance, minimum reflection, and reduced glare,” says Ajay Adikari, one of the lead analysts at Technavio for paints, coatings, and pigments research.
The demand for anti-reflective coatings is forecast to rise in the coming years due to the growing requirement for the high light-transmitting lens and eyeglasses. Also, the anti-reflective coatings find applications in solar industry, where they enhance the efficiency of the panels. The rising demand for renewable energy will fuel the demand for anti-reflective coatings market.
Increased focus on R&D
The optical coatings market is a technology-driven market, where vendors continually invest in finding more efficient coating techniques and processes. These innovations aid vendors in decreasing the operational costs, thereby increasing profit margins. Additionally, continued investments into innovation ensure a competitive edge to the vendors and a superior quality of service to the customers. The increased focus of vendors toward R&D of optical coating processes and products will impact the global optical coatings market positively.
Emerging applications of optical coatings
“The demand for optical coatings are increasing in various emerging applications. The advancements in the optical coatings has led to its use in medical applications such as diagnostics, treatment, and analysis, and in various instruments and optical devices such as optical spectroscopy and transmission electron microscopy,” says Ajay.
Advanced optical coatings are used to enhance the contrast in high-resolution display systems and provide a high level of protection from mechanical damage such as cracking to several electronic displays. Thus, the increase in the number of new applications of optical coatings in their end-use sectors will continue to drive market growth over the forecast period.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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