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Optical Coating Market Is Projected To Reach $37.5 Billion By 2030 Due To Rapid Growth of Solar PV Industry, Driven By Rising Focus on Generation of Clean Energy | Grand View Research, Inc.

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Optical Coating Market Is Projected To Reach $37.5 Billion By 2030 Due To Rapid Growth of Solar PV Industry, Driven By Rising Focus on Generation of Clean Energy | Grand View Research, Inc.

May 19
06:25 2022
Optical Coating Market Is Projected To Reach $37.5 Billion By 2030 Due To Rapid Growth of Solar PV Industry, Driven By Rising Focus on Generation of Clean Energy | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, recent technological advancements in the field of optical deposition techniques, fabrication and high demand for efficient optical devices in end-use applications are expected to drive the optical coatings industry over the forecast period.

Optical Coating Industry Overview

The global optical coating market size was valued at USD 17.0 billion in 2021 is expected to reach USD 37.5 billion by 2030, registering a CAGR of 9.2% over the forecast period.

Recent technological advancements in the field of optical deposition techniques and fabrication coupled with rising demand for efficient optical devices in end-use applications are expected to drive the market over the forecast period. Optical coatings are being increasingly used in numerous applications including architecture, consumer electronics, solar panels, automotive, medical, telecommunication, and military and defense.

Gather more insights about the market drivers, restrains and growth of the Global Optical Coating Market

The rapid growth of the solar PV market, driven by the increasing focus on the generation of clean energy, and rising demand for consumer electronics is expected to fuel the market growth over the forecast period. Reflective coatings are mainly used in construction, telecommunication, and space applications. The growing use of reflective coatings in green buildings for heat retention and reducing energy consumption is expected to drive its demand over the forecast period. In addition, increasing usage of handheld consoles, coupled with rising demand for portable consumer electronics, is expected to propel market growth over the forecast period. 

U.S. Optical Coating Market size, by product, 2020-2030 (USD Billion)

Price volatility of raw materials is one of the major factors affecting the prices of optical coatings. It leads to a decrease in profitability for manufacturers and increases the market costs of optical coatings, thus restraining market growth. Although prices of metals have witnessed a declining trend over the past few years, sudden variations in prices can lead to a negative impact, thus affecting the market growth.

Changes in the price of precious metals used for high-end applications, especially gold and platinum, significantly affect the overall cost of the application, thus impacting the demand for optical coatings. Furthermore, the recent outbreak of COVID-19 is hampering the demand for optical coatings in various applications including automotive, telecommunication, solar, aerospace and defense, architecture, and others owing to the stalled manufacturing activities, restrictions in supply, and transportation, and economic slowdown across the globe.

Optical Coating Market Segmentation 

Based on the Product Insights, the market is segmented into anti-reflective coatings, reflective coatings, filter coatings, conductive coatings, electrochromic coatings and others

  • The anti-reflective product segment led the market and accounted for a revenue share of more than 29.0% in 2021. Anti-reflective coatings are thin-film optical coatings that consist of multiple layers of coatings with different refractive indexes between each layer. The thickness of every layer is designed to cause self-extinguishing interference for light beams reflected by the surface. This makes it suitable for magnifying lenses, display screens, camera lenses, and eyeglasses wherein they are used on glass and plastic substrates.
  • Growing demand for anti-reflective coatings for the construction of photovoltaic solar panels, automotive displays, windows, and GPS navigation systems is expected to propel the growth of the market over the forecast period.
  • The conductive coatings product segment is expected to witness significant growth over the forecast period owing to the large-scale usage of solar panels. Rising emphasis on the development of alternate energy sources, coupled with huge investments in solar energy generation by countries such as India, the U.S., and China, is likely to propel the growth in the coming years.
  • Furthermore, increased usage in display windows, solar panels, heaters, LCD fabrication, heads-up display, shielding for radio frequency interference, LED displays, and instrument display windows are anticipated to support market growth over the forecast period.
     

Based on the Application Insights, the market is segmented into consumer electronics, solar, medical, architecture, aerospace & defense, automotive, telecommunication and others

  • The consumer electronics application segment led the market and accounted for a revenue share of more than 31.0% in 2021. Rapidly growing demand for smartphones and rising consumer disposable income are factors anticipated to propel the segment growth over the forecast period.
  • Technological advancements in the field of smart televisions and smart consumer devices, including smartwatchesand smartphones, are anticipated to positively affect the market over the forecast period.
  • Infrared and anti-reflective coatings are widely used in the electronics industry owing to the rising demand for superior optical display and impact resistance properties.
  • The growing semiconductor industry, coupled with technological advancements, is expected to augment the demand for these optical coatings over the forecast period. However, reducing discretionary spending aimed at COVID-19 across the globe is impacting the demand for consumer electronics products.
  • This in turn is further anticipated to hamper the demand for optical coatings in consumer electronics products. In the automotive industry, it is used in speedometer displays owing to its high impact resistance and abrasion resistance.
  • The rising use of optical coatings in numerous automobile components including gear knob tops, car windows, windshields, and headlight lenses is anticipated to drive the growth of the market over the forecast period. In addition, UV-resistant and abrasion-resistant coatings are used for components in the automobile industry.
     

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

  • North America dominated the optical coatings market and accounted for a revenue share of more than 37.0% in 2021. The growing solar industry in U.S. and focus on developing domestic industries are driving the demand in this region. An increase in the U.S. defense budget is creating a strong growth potential for reflective coating products in the aerospace and defense segment.
  • North America is a major manufacturing hub for mid-scale and small-scale medical equipment companies, which is expected to propel the demand for optical coatings over the forecast period. In addition, the strong presence of industries like instrumentation, microelectronics, biotechnology, and software development and advancements in the medical devices sector will ultimately lead to increased demand for optical coatings over the forecast period. 
  • In addition, the constantly rising patient population, on account of the outbreak of COVID-19 at the community level, is projected to propel the demand for medical components, thereby boosting the demand for optical coatings in the U.S. In the Asia Pacific, the market is expected to witness significant growth over the forecast period.
  • The rising youth population and the growing demand for consumer electronic products such as mobiles, tablets, cameras, LED screens, video games consoles, and personal computers, are expected to drive the regional market over the forecast period.
     

Market Share Insights:

  • April 2021: Newport Corporation acquired all outstanding shares of Coherent, Inc. for USD 250 per share, composed of USD 135 in cash and USD 115 in shares.
  • December 2020: PPG Industries Ohio, Inc., Inc. signed an agreement to acquire Tikkurila, a Nordic Paint and Coatings Company. The acquisition would enhance the company’s presence in northern and eastern European countries, while adding formulating and manufacturing solutions to its portfolio.

Key Companies Profile:

Most of the key players operating in the market have integrated their raw material production and distribution operations to maintain product quality and expand regional outreach. This provides companies a competitive advantage in the form of cost benefits, thus increasing their profit margin. Companies focus on research and development activities to develop new products to sustain market competition and changing end-user requirements. Research activities focused on new materials that combine several properties are projected to gain wide acceptance in the industry in the coming years. 

Some of the prominent players in the optical coating market include:

  • Alluxa, Inc.
  • Cascade Optical Corporation
  • Chroma Technology Corp.
  • Inrad Optics
  • Optical Coatings Japan
  • PPG Industries Inc.
  • Viavi Solutions
  • Schott AG
  • Abrisa Technologies
  • Berliner Glas
     

Order a free sample PDF of the Optical Coating Market Intelligence Study, published by Grand View Research.
 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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