Pune, India, 22 Feb. 2022 (GLOBE NEWSWIRE) — The world optical coatings market the size was USD 12.01 billion in 2020. The market is expected to grow from USD 13.04 billion in 2021 to USD 22.57 billion in 2028 at a CAGR of 8.1% during the period 2021-2028. This information is provided by Fortune Business Insights™ in its report titled, “Optical Coatings Market, 2021-2028.” According to our researchers, the market is expected to swell due to latest technological advancements in optical deposition methods and manufacturing, as well as growing demand for optical products dominating in end-use applications. Additionally, many industry players have been exerting R&D efforts to advance their coating procedures and supplies to deliver high-performance optical coatings, which is expected to drive the market growth in the near future.
Impact of COVID-19: Containment Hampering Global Trade and Lowering Demand for Optical Coatings
Strict government rules regarding lockdowns and travel bans led to a decrease in vehicle use and ultimately a sudden drop in auto purchases. A sharp drop in tourism has been seen as people have been forced to stay at home during the COVID-19 pandemic due to which the automotive sector has plunged. Automotive offerings in China continue to improve at a rapid pace. For example, in August 2020, vehicle deliveries were around 2.2 million vehicles, which is 11.6% higher than last year.
On a year-over-year basis, aggregate trading declined by 10% from January to August 2020. Specific sectors such as consumer electronics, medical and telecommunications saw steady growth amid the pandemic. According to IEEE Consumer Electronics Magazine, in general, customer technology purchases are estimated to decline in 2020 due to the universal economic impact on many customers. Today, people are more dependent than ever on their user devices to interconnect with others and function from home.
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List of key players covered in this Optical Coatings Market Report
- Jenoptik (Jena, Germany)
- SCHOTT (Mainz, Germany)
- Optimax Systems, Inc. (New York, USA)
- Surface Optics Corporation (California, USA)
- GELEST, INC. (Pennsylvania, USA)
- Materion Corporation (Ohio, USA)
- VAMPIRE OPTICAL COATINGS (Ohio, USA)
- Optics Balzers AG (Liechtenstein, Germany)
- VIAVI Solutions Inc. (California, USA)
- PPG Industries, Inc. (Pennsylvania, USA)
- DuPont (Delaware, USA)
- ZEISS International (Oberkochen, Germany)
- Nippon Sheet Glass Co., Ltd (Tokyo, Japan)
- Newport Corporation (California, USA)
The report presents an orderly study of market segments and an in-depth analysis of the market overview. A careful assessment of current market trends and impending opportunities is offered in the report. Moreover, it bestows a meticulous analysis of the regional dynamics and how it contributes to the growth of the market. The impacts of COVID-19 have been discussed in the report to help shareholders and business owners clearly understand the risks prevailing in the market. The report further examines the key players and their notable strategies to stay in the leading position.
Based on the product
- Anti-reflective coatings
- Reflective coatings
- Filter coatings
- Conductive coatings
- electrochromic coatings,
- And others.
In terms of region
- North America
- Asia Pacific
- Latin America
- and the Middle East and Africa.
Based on end-use industry,
- Consumer electronics
- Aerospace and Defense
- And others.
Consumer electronics is expected to be responsible for the major optical coatings market share and continue to lead the market during the given period. It stood at 51.0% and 49.3% in terms of share in the world and the United States, respectively.
Browse Detailed Abstract of Research Report with TOC:
Drivers and Restrictions
Enhanced Growth of Telecom Industry to Drive Market Growth
The connectivity of the universal economy is based on the diffusion of speech and data. The association between continents has become more dynamic due to the rapid growth of fiber optic systems. The drastic growth of the optical industry is also driven by internet usage. The optical coating can be functional in various gadgets or an optical aspect for value-added products such as lenses. Multiple optical components can be produced in bulk and stacked, reducing cost and increasing profitable revenue for the coating industry.
Compound filters are used to observe the signal transmission of fiber optic links. Multi-layer thin film stacks have also extended the bandwidth of fiber optic supply in the communications segment. The telecommunications industry is expected to be the fastest growing market for the use of coatings. Many layers and very small particles make up thin film filters. Regardless of restricted production capacity, they create very profitable market prices. Competence ideals for optical thin film filters have increased intensely in response to demands from the optical communications industry.
Rising Population and High Demand for Mobile Phones to Drive Growth in Asia-Pacific
The market size in Asia-Pacific stood at USD 5.48 billion in 2020. The regional market is expected to be driven by a growing population and growing demand for consumer electronics devices such as laptops, cameras, cell phones, video game consoles, LED TVs and personal devices. computers.
The need for non-toxic and environmentally friendly coating materials in semiconductor and circuit assembly, sensor applications, laser systems, and aerospace applications has fueled the growth of the optical coatings market in North America. North.
In the telecommunications industry, Europe is experiencing the most liberalisation, privatization and competition. Due to the growing use of these coatings in car windows, automotive screens, and headlights, the region is expected to experience steady market growth.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Main emerging trends – for main countries
- Industry SWOT Analysis
- Regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on the Global Optical Coatings Market
- Supply chain challenges
- Measures taken by government/companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
Key companies focus on introducing new products to gain competitiveness
Key players in the optical coatings market are often seen launching products at mega-events to reach all users globally and expand their brand recognition. For example, in May 2019, PPG Industries, Inc. announced their participation in SID Display Week 2019. They showcased the full suite of advanced conductive and translucent operational coatings for glass and plastic substrates at the event.
April 2020: Materion Corporation said it has entered into a binding contract to purchase Optics Balzers, AG, which is a forerunner in the thin-film optical coatings market.
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