DUBLIN--(BUSINESS WIRE)--Nov 15, 2022--
The "Optical Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The optical coating market is estimated at around USD 7,800 million in 2022, and the market is projected to register a CAGR of over 6% during the forecast period (2022-2027).
The market was highly impacted by COVID-19 in 2020. The COVID-19 pandemic affected the optical coatings market because of supply chain and market disruption. However, the market has rebounded back in 2021-2022.
Key Highlights
- Over the short term, increasing demand of optical coatings from the solar industry is expected to drive the market .
- High costs and some limiting properties of optical coatings are expected to hinder market growth.
- Upcoming demand from electric vehicles is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is likely to witness the highest CAGR during the forecast period.
Key Market Trends
The Electronics and Semiconductors Segment is Expected to Dominate the Market
- Optical coatings are used in various electronic applications where light must pass through optical surfaces. In cell phones and tablet screens, optical anti-reflective coatings are used for various effects, such as making it easier to read under sunlight. They are also used for anti-glare applications on consumer screens.
- Transparent conductive coatings are also used in an electronic display. The market studied is being driven by the continuous growth of the demand for consumer electronics. The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices is anticipated to continue to spark the demand for semiconductors, displays, and other electronic components.
- Optical coatings are used in semiconductor applications. These coatings are applied to the facets of the semiconductor diode lasers. The demand for semiconductors has shown very high growth in the past few years owing to the increasing penetration of IoT in many industries, which, in turn, is driving the demand for the optical coatings market.
- For instance, according to the Japan Electronics and Information Technology Industries Association (JEITA) - December 2021 release, the production by the global electronics and IT industry was estimated at USD 3,360.2 billion in 2021, registering a growth rate of 11% Y-o-Y compared to USD 3,033.7 billion in 2020. Moreover, the industry is expected to reach USD 3,536.6 billion, with a growth rate of 5% Y-o-Y by 2022.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia Pacific region is estimated to dominate the optical coatings market during the forecast period. Increasing demand of optical coatings from electronics and semiconductors, and aerospace and defense sector, and others in countries like China, India, Japan, and South Korea is expected to drive the market growth.
- The Civil Aviation Administration of China (CAAC) has estimated the aviation sector to recover domestic traffic to around 85% of pre-pandemic levels. In addition, Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, which were valued at approximately USD 1.2 trillion, which is further expected to raise the market demand for optical coatings.
- According to the India Brand Equity Foundation (IBEF), globally, India ranks 4th in renewable energy and wind power capacity and 5th in solar power capacity. According to the Annual 2021 India Solar Market Update, the cumulative solar capacity installed in India was around 49GW as of the end of December 2021.
- In addition, India added a record 10GW of solar power in 2021. Solar power accounted for 62% of newly added power capacity in 2021, the largest share of power capacity to date. For 2021, large-scale solar PV projects accounted for 83% of installations, an increase of 230% annually.
Market Dynamics
Drivers
- Growing Demand From The Solar Industry
- Technological Advancements In Optical Coatings Process
Restraints
- High Costs And Some Limiting Properties Of Optical Coatings
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- 3M
- Abrisa Technologies
- Accucoat Inc.
- Artemis Optical Ltd.
- Edmund Optics Inc.
- Dupont
- Inrad Optics
- Materion Corporation
- Newport Corporation
- Nippon Sheet Glass Co. Ltd
- Optical Coatings Technologies
- Ppg Industries Inc.
- Quantum Coating
- Reynard Corporation
- Sigmakoki Co. Ltd
- Schott Ag
- Zeiss International
- Zygo Corporation
For more information about this report visit https://www.researchandmarkets.com/r/97boia
View source version on businesswire.com:https://www.businesswire.com/news/home/20221115005965/en/
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