Global Optical Coatings Market Size, Trends & Analysis - Forecasts to 2026 By Type of Product (Anti-reflective Coatings, Reflective Coatings, Filter Coatings, Conductive Coatings, Electrochromic Coatings, and Other products); By Application (Consumer Electronics, Solar, Medical, Architecture, Aerospace & Defense, Automotive, Telecommunication, and Other applications); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Optical Coatings Market Insights
Optical coating involves the merger of two fine layers of material such as metals, oxides, or rare earth materials. The primary function of the coating is to safeguard optic from extreme harsh environmental conditions and improve properties like transmission, polarization, or reflection of an optical system. Ultra-violet ray resistance, anti-glare chemical resistance, and scratch & abrasion protection are some of the key applications of the optical coating.
A high range of applications starting from automotive, telecommunications, consumer electronics, and military & defense is accelerating the demand for the product. The aforementioned sectors are the growing areas of emerging economies with a rising population that provides positive opportunities conditions for the growth of the optical coating market. Application of optical coatings in the area of science equipment, semiconductor technologies coupled with improved R &D techniques adopted by various end-users is further boosting the demand for the product.
Price violation of raw materials results in profit decrease for the optical coating manufacturers thus turned out to be the restraining factor for the market growth. Furthermore, COVID-19 leads to a drop-down of the demand of the coating from various end-users thus hampered a large chunk of the global optical coating market in the year 2020.
Optical Coatings Market: By Type of Product
Based on the type of product the market can be set up into anti-reflective coatings, reflective coatings, filter coatings, conductive coatings, and electrochromic coatings among other products. The anti-reflective coating segment shares the largest revenue portion of the optical coating market due to the wide usage of the segment in consumer electronics, lenses, and optoelectronic applications. Anti-reflective coating provides higher resistance from physical and environmental damage coupling with increased transmission efficiency and reduces back glare with improved picture quality in comparison to other segments.
The conductive coating on the other side is the largest segment used predominantly in solar panel industries. Raising the importance of alternative sustainable energy sources and government investment towards the adoption of renewable energy is creating lucrative opportunities for the conductive coating market.
Optical Coatings Market: By Application
Consumer electronics, solar, medical, architecture, aerospace & defense, automotive, telecommunication, and other applications are the wings of the application segment of the optical coating market. The rapid growth of smartphones consumption and raising the advancement of smart devices such as smart television, and the smartwatch is anticipated to boost the consumer electronics segment at a much higher rate than any other segment. Increase the interest of consumers towards smart devices with growing key player investment is expected to build the market for the consumer electronics segment in the coming years.
However, the global pandemic has not only hampered the manufacturing of the product but also cut-down the interest of various end-users for optical coating in the consumer electronic segment.
Optical Coatings Market: By Region
North America dominated the global optical coating market and anticipated to perform in the conjecture period. An increase in solar panel industries and other domestic industries in a country like the U.S is propelling the demand of the optical coating market. North America is a mini-hub of medical equipment industries coupling with the presence of industries based on biotechnology, instrumentation, software development in the medical sector is predicted to accelerate the demand for optical coating in the coming years. Besides, the coronavirus outbreak leads to a boost in the demand for medical components thereby uplifting the surge of the optical coating market in the severely affected countries of the region.
Brazil and Argentina are jointly responsible for holding a major optical coating market in Latin America. The abundance of raw material, a high percentage of an educated population, the development of ports for transportation, and increase investment in telecommunication sectors are the potential driving for the optical coating market.
Optical Coatings Market Share and Competitor Analysis
Companies like Cascade Optical Corporation, Alluxa, Inc., Inrad Optics, Schott AG, Chroma Technology Corp, PPG Industries Inc., Optical Coatings Japan, Schott AG, Viavi Solutions, and Abrisa Technologies among others are the top contenders in the market.
Please note: This is not an exhaustive list of companies profiled in the report.
In April 2020, Alluxa, Inc, launched thin films for the detection of the SARAS-coV-2 virus. The company developed ultra series specific filters for high-performance PCR.
In October 2020, PPG Industries Inc launched an extreme corrosion resistant product with high transfer efficiency for large truck wheels, agricultural and industrial equipment. PPG ENVIROCRON HTE Max provides three times better corrosion resistance than any other conventional coating at lower labor costs and better protection.
Check the Press Release on Global Optical Coatings Market Report
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The Global Optical Coatings Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Optical Coatings Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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