Optical Coatings Market to Grow at a CAGR of 10.8%, 2021-2028
Optical coatings market is growing at a high CAGR because of the increasing demand for thin-film optical coating in semiconductor, scientific, solar, and military equipment.
Global optical coatings market is growing at a high CAGR because of the increasing demand for thin-film optical coating in semiconductor, scientific, solar, and military equipment. The market is also getting driven due to growth in automotive and telecommunication sectors which demands optical coatings.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global optical coatings market was worth USD 13.58 billion in the year 2021. The market is projected to grow at a CAGR of 10.8% from 2022-2028 (forecast period), earning revenues of around USD 28.21 billion by the end of 2028. The global optical coatings market is booming because of the rising demand for thin-film optical coating in semiconductor, scientific, solar, and military equipment. With increasing demand of automotives and telecommunications there has been an exponential rise in optical coatings market.
Nano-scale optical coatings capture 20% more sunlight than untreated solar panels and minimize production costs
Renewable sources of energy, such as solar, wind, and hydro, are at the top of the list when it comes to the realization that nations all over the world are coming to terms with the necessity of diversifying their energy portfolios. Solar panels frequently make use of nano-scale optical coatings and other types of optical coatings because these coatings can increase the efficiency of solar cells by up to twenty percent when compared to uncoated solar panels and help manufacturers reduce their expenses.
In addition, the global optical coatings market is expected to develop at a healthy rate throughout the projected period, primarily due to rising demand from end use sectors such as consumer electronics and healthcare. Electronic displays are an integral part of a variety of medical devices. Due to the vital nature of seeing and monitoring clinical and diagnostic data, these displays are deployed with optical coatings to enhance display viewing quality.
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Price volatility and scattered availability of raw materials to hinder market growth
Optical coatings can be made from a variety of raw materials, including metallic oxides, metals, rare earth metals, and fluoride compounds. These are all employed in the manufacturing process. Another major factor that is expected to limit the growth of the optical coatings market around the world is the stringent regulations concerning the application of other raw materials, such as chromic acid, which is commonly used for decorative and hard optical coatings. The concern for price volatility and scattered availability of these raw materials which includes rare earth metals too is also a challenge that is expected to limit the growth of the optical coatings market around the world.
Global Optical Coatings Market - By Application
On the basis of application, the global optical coatings market is divided into electronics and semiconductor, aerospace and defense, telecommunications, automotive and transportation, solar power, construction and infrastructure, healthcare, and others. By 2028, electronics and semiconductor segment to account for a considerable portion, on account of growth in consumer electronics sales. Rising demand for smartphones, touchscreens, optical add-on packages, displays, and product technologies are driving consumer electronics market. Automobile mirrors, panels, and dashboards are coated.
Global Optical Coatings Market – By Region
By region, the global optical coatings market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa, wherein Asia Pacific is the leading market. Better economic conditions and considerable discretionary spending in middle-income countries make consumer electronics popular in the Asia Pacific region. Asia Pacific's top anti-reflective optical coatings markets include China, India, and South Korea. Thus, anti-reflective optical coatings in automotive sector expansion will strengthen the region's market, which dominates globally.
Impact of COVID-19 on Global Optical Coatings Market
Widespread COVID-19 stunted the optical coatings' market growth by the manufacturing sector's collapse. As a result of the pandemic's effects on major economies, production in industries of optical coatings has decreased. Due to the pandemic, there has been a decline in the number of sectors, like telecommunications, which requires optical coatings as well. Thus, COVID-19 has affected the global optical coatings market and has been a challenging phase in many sectors which require optical coatings like automotive and telecommunication.
Some of the key players operating in the market include JENOPTIK, SCHOTT, Gelest Inc., Optimax Systems, Inc., Materion Corporation, DuPont, Nippon Electric Glass Co., Ltd., PPG Industries, Inc., Inrad Optics, VIAVI Solutions Inc. and other prominent players. Most organizations integrate raw material manufacturing and distribution to maintain product consistency and expand which lowers costs and increases profits. To maintain their supremacy, the market players are continuously taking steps to enhance their optical coating ways.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global optical coatings market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global optical coatings market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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