DUBLIN--(BUSINESS WIRE)--The "Global Optical Coatings Market Outlook to 2025 by Product (Anti-reflective, Reflective, Conductive) and Application (Consumer Electronics, Architecture, Solar)" report has been added to ResearchAndMarkets.com's offering.
The global optical coatings market size was USD 12.82 billion in 2017 and is expected to witness a CAGR of 9% from 2017 to 2025.
Increasing demand from the solar sector from countries including China, Canada, India, and Brazil is expected to propel the product demand. Rising demand for consumer electronics coupled with changing consumer lifestyle is expected to augment the demand. Rising focus on electricity generation through clean sources is expected to propel the product demand.
However, stringent government regulations and issues concerning waste disposal are expected to restrain the industry growth over the forecast period.
North America is expected to witness significant growth by 2025 on account the growing use of optical coatings in consumer electronics product including tablets, smartphones, smartwatches, cameras, automotive electronics, and other display devices. Technological advancements and rising demand for consumer electronics are projected to further propel the regional demand in the forthcoming years.
China is one of the major consumers of optical coatings in the Asia-Pacific owing to the presence of numerous manufacturers and research institutes. High demand for optical coatings owing to the high-scale manufacturing of consumer electronic devices in the economy is expected to the propel growth over the forecast period.
The Asia-Pacific is expected to be one of the strongest markets for optical coatings in the forthcoming years. Rising emphasis on solar energy production in developing countries owing to the growing significance of alternate sources of energy is expected to propel the regional product demand.
Anti-reflective coatings held the dominant market share of 29.1% in terms of volume in 2017. Increasing utilization of the product as an anti-glare layer in eyewear, kiosk displays, binoculars, and video games among others is expected to fuel the segment growth over the forecast period.
Filter coatings accounted for 20.9% of the global market share in terms of revenue in 2017. The growing use of the product in flame and gas detection, automotive night vision, thermal imaging, and thermography is expected to propel the growth of the product segment in the forthcoming years.
Electrochromatic coatings are used in dynamic windows, which can be darkened or lightened electronically on the application of voltage, thereby allowing daylight control in buildings. The growing trend of installing smart windows in residential and commercial buildings is expected to propel the segment growth in the forthcoming years.
North America is one of the major markets for reflective coatings owing to the growing use of the product in hot and cold dielectric mirrors to prevent the overheating of fiber optics in the telecommunication industry and to help retain and maintain building temperature. Growing utilization in space applications, such as astronomy coupled with a rise in R&D activities is expected to positively affect the market over the forecast period.
Consumer electronics application led the global optical coatings market, accounting for 31.5% of revenue share in 2017. Rising use of optical coatings in smart devices to improve touch sensing and display is expected to propel the growth over the forecast period.
Globally, architecture was valued at USD 2.84 billion in 2017, expanding at a CAGR of 7.7% from 2018 to 2025. Rising use of the product on glass structures in upscale residential projects to enhance the view and to improve the aesthetic looks is expected to propel the product demand over the forecast period.
Optical coatings are widely being used in automotive displays of speedometers owing to their high impact and abrasion resistance. Rising use in numerous automobile components including windshield, gear knob top, car windows, and headlight lenses is expected to propel the market growth over the forecast period.
Growing medical device sector owing to the high demand for better healthcare services in developing economies is expected to propel the product demand over the forecast period. In addition, increased investments in R&D activities in the aerospace sector are expected to drive demand.
In terms of revenue, North America was the largest regional market. The region accounted for 38.8% of the global market share in terms of demand in 2017. Rising use of optical coatings in construction activities owing to an increase in single housing projects and commercial buildings in countries, such as India and China is expected to propel the demand.
Europe accounted for 18.16% of the global market, in terms of revenue, in 2017. Growth in residential projects owing to the huge influx of migrants in Western Europe and Nordic countries including Germany, Netherlands, Denmark, Finland, and Sweden is expected to augment the product demand from the construction sector.
Asia-Pacific is expected to witness a CAGR of 10% in terms of revenue from 2018 to 2025. Large-scale construction activities, particularly in India, Indonesia, and Vietnam for the development of infrastructure is expected to propel the demand for the product in the construction industry.
Central and South America accounted for 4.19% of the global market, in terms of revenue, in 2017. The development of the residential sector in countries like Columbia and Ecuador owing to lower interest rates, growing domestic demand, and supportive government policies are expected to propel the regional demand over the forecast period.
Market Share Insights
Some of the key manufacturers include Alluxa; Cascade Optical Corporation; Chroma Technology Corporation.; Inrad Optics; Optical Coatings Japan; PPG Industries, Inc.; VIAVI Solutions Inc.; Schott AG; and Abrisa Technologies.
Manufacturers are developing technologies for effective coating with low cost. On-time delivery of materials, high quality, short lead-time, and reasonable prices are some of the major consumer requirements. The manufacturers are investing in the development of efficient coating technologies and diversifying their existing product portfolio to cater to a large customer base and to establish a strong foothold in the global industry.
- Increasing Focus on Solar Power Generation
- Rising Demand from Smart Electronics Market
- Volatile Raw Material Prices
- Increasing Prominence in Artificial Intelligence
Key Companies Profiled
- Alluxa Inc.
- Cascade Optical Corporation
- Chroma Technology Corp.
- Inrad Optics
- Optical Coatings Japan
- PPG Industries Inc.
- Viavi Solutions
- Schott AG
- Abrisa Technologies
For more information about this report visit https://www.researchandmarkets.com/r/bul09u