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Press Release: Optical Coatings Market to reach around US$ 18,187.8 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Optical coating is a deposition of thin layers of films that create interference effects in order to enhance reflection and transmission properties of an optical system. Optical coatings enhance optical functions and provide protection to optic from harsh environmental conditions. These coatings are produced by using rare earth materials, oxides, and metals.
The global optical coatings market is projected to reach around US$ 18,187.8 million by the end of 2027, in terms of revenue, growing at CAGR of 7.2% during the forecast period (2020-2027).
Drivers:
The escalating market of smartphones is a prime factor augmenting the market growth of the optical coatings. This is attributed to increasing penetration of the internet around the globe. International Telecommunication Union, estimates that at the end of 2019, 53.6 percent of the global population, or 4.1 billion people, are using the Internet. Thus, the growing penetration of smartphones around the globe is propelling the market growth of optical coatings.
Figure 1. Global Optical Coatings Market Share (%) in terms of Value, By Region, in 2019
North America region dominated the global optical coatings market in 2019, accounting for 35.5% share in terms of value, followed by Asia Pacific and Europe, respectively.
Market Restraints
Increasing environmental concerns due to growing electronic waste such as desktops, smartphones, mobile phones, laptops, and other such optically coated devices are expected to hinder the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 10,392.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.2% | 2027 Value Projection: | US$ 18,187.8 Mn |
| Geographies covered: |
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| Companies covered: |
3M Precision Optics, Ophir Optronics, Ltd., PPG Industries, Janos Technology, Inc., Abrisa Technologies, Denton Vacuum, LLC, JDSU, Inrad Optics, Newport Corporation, and Optical Coatings Japan |
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Market Opportunities
Technological advancement in the field of optical deposition techniques and fabrications is expected to offer potential opportunities to the market of optical coating. For instance, in March 2019, Precision Glass & Optics announced the installation of a new optical the monitoring system, the SL-2012A SpectraLock from Eddy Company. The advanced system provides in-situ optical monitoring and rate control to produce single and multi-layered thin films with ultra-precision and accuracy.
Growing demand for automotive displays and GPS navigation system is expected to bring new market opportunities. The growth of the optical coatings market is also attributed to the growth in the automotive industry due to increasing manufacturing of automobiles with smart features. According to the European Automobile Manufacturers Association, 98.1 million motor vehicles were produced around the world in 2018. Moreover, more than 80 million passenger cars were produced around the world in 2017.
Figure 2. Global Optical Coatings Market– Opportunity Analysis
Market Trends
The rapid adoption of smart televisions among consumer is a major trend in the market. This is attributed to improving lifestyle and increasing disposable income of the consumers. The growing trend of wearing smart watches among young population is also expected to augment the market growth of optical coatings. Growth in the semiconductor industry coupled with the technological advancement is further expected to bolster the market growth of optical coatings.
Collaborations and agreements among major players to expand presence on the global level is a major trend in the market. For instance, in March 2018, Helia Photonics (Livingston, Scotland), specializing in coatings for laser optics and semiconductor laser facets, are partnering with precision optical component supplier Brilliant Optics (Shenzhen, China) to advance optical coatings.
Figure 3. Global Optical Coatings Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the infrastructure segment has accounted the largest market share of 38.8% in terms of value, followed by electronics and defense/security segment respectively.
Global Optical Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
Coronavirus is expected to have a significant impact on infrastructure sector. Infrastructure are expected to vulnerable to delays due to supply chain disruptions and unavailability or shortage of workers. Governments across the world are devoting resources to address immediate needs, which in turn has made infrastructure projects take a back seat. This is expected to decrease the demand for optical coatings from infrastructure sector. The coronavirus is expected to have a short term impact on optical coatings market. According to Coherent Market Insights, optical coatings market is expected to grow at a lower CAGR between 2020 and 2021.
Competitive Section:
Company Names
Optical coating is a deposition of thin layers of films that create interference effects in order to enhance reflection and transmission properties of an optical system. Optical coatings enhance optical functions and provide protection to optic from harsh environmental conditions. These coatings are produced by using rare earth materials, oxides, and metals.
Market Dynamics
Growing demand for reflective coatings in green buildings for heat retention and reducing consumption of energy is expected to bolster the market growth of optical coatings. Rising demand for consumer electronic goods coupled with handheld consoles such as camera and tablets are also expected to fuel the market growth of optical coatings. Also, increasing use of display windows, heaters, LED displays and instrument displays are again contributing to the market growth of optical coatings.
Technological advancement in the field of optical deposition techniques and fabrications is expected to offer potential opportunities to the market of optical coating. For instance, in March 2019, Precision Glass & Optics announced the installation of a new optical the monitoring system, the SL-2012A SpectraLock from Eddy Company. The advanced system provides in-situ optical monitoring and rate control to produce single and multi-layered thin films with ultra-precision and accuracy.
The fluctuating price of raw materials used in the optical coatings is expected to hinder the market growth of optical coatings. Moreover, the high cost of R &D involved in the field of optical coatings is also expected to hamper the market growth.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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