Mirror Coatings Market Analysis by Competition, Performance, Sales and Consumption Status and Opportunities and Application till 2028
The global mirror coatings market size is predicted to reach USD 1.10 billion by 2028 and exhibit a CAGR of 7.2% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Mirror Coatings Market, 2021-2028”. The demand for the use of mirror coatings is rapidly increasing due to the growth of the automotive & transportation, architectural, decorative mirrors, and solar power industries. Increased demand from the construction industry and rising uses in the solar power industry are propelling the market forward. The market for these coatings is expected to grow over the projected period because of increased demand from water and wastewater treatment plants. The market size stood at USD 0.63 billion in 2020 and USD 0.67 billion in 2021.
COVID-19 Impact-
Pandemic-related Disruptions Affected Market Dynamics during 2020-2021
The COVID-19 pandemic has wreaked havoc on every region, industry, and facet of life, and the mirror coatings industry is no exception. COVID-19's emergence, as well as the accompanying economic slump, impacted most of the major end-use industries, including construction, automotive, and solar, to name a few. Due to the tight restrictions and restricted order intake, several coatings firms have reported reducing production capacity and even temporarily shutting down manufacturing plants around the world. Due to market uncertainty, several industrial and end-use industries faced unprecedented hurdles at this time. Furthermore, trade restrictions imposed by several nations, as well as a shortage of workers and freight containers, compounded the problems, producing supply chain delays for both manufacturers and end-user sectors.
During the lockdown, transportation limitations posed logistical issues, making it incredibly difficult to get raw materials and transfer finished goods. Several manufacturing businesses have stated that they are taking extra precautions to protect their employees' health and safety, as well as collaborating with their customers and suppliers to avoid any disruptions in day-to-day operations during the global pandemic. Despite the fact that the global economy has begun to recover and gain momentum following the pandemic's setbacks, the emergence of a new, more contagious delta variant, which has increased the number of infection cases in certain regions, has raised the level of uncertainty in global trade activities significantly.
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Segmentation-
On the basis of resin type, the market is divided into epoxy, polyurethane, acrylic, and others. On the basis of formulation technology, the market is segmented into solvent-based, water-based, and others. On the basis of the end-use industry, the market is fragmented into solar power, architecture, decorative, automotive & transportation, and others. Geographically, the market is classified into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Report Coverage-
The market study examines the industry in-depth, focusing on critical elements such as the industry's leading competitive landscape, products, and products. It also provides market trends and highlights important industry developments. The study includes different variables that have contributed to the market's growth in recent years, in addition to the factors listed above. It examines the industry's newest market dynamics and opportunities, as well as historical data and revenue growth estimates at the global, regional, and country levels.
Drivers & Restraints-
Market Growth Will Be Driven By Rising Construction Sector Demand
Over the last few decades, the building industry has grown rapidly in many parts of the world. Glass architecture has become a symbol of advancement in many countries, with people seeing these structures as symbols of luxury and riches. Mirror-coated glass is rapidly being used in the construction sector as an insulation material, structural component, external glazing material, and cladding material, among other things, in addition to being used as a decorative element. Mirror coatings reflect light well while also protecting coated surfaces from chemical and abrasion degradation. By retaining the color, durability, and texture of architectural structures, these coatings lower maintenance costs and extend the life of the coated surface.
During the projected period, the worldwide construction sector is expected to grow substantially, notably in Asia Pacific's growing countries. India, China, and other Southeast Asian countries are likely to invest heavily and experience considerable infrastructure changes. These coatings can be engineered to reflect selective radiation at a certain wavelength, allowing for significant cost savings in HVAC operations. Rising environmental concerns are expected to lead to an increase in innovative materials like these coatings being used in new residential and commercial construction. More building materials coated with these coatings, notably glass, are projected to be used more frequently during construction activities as a result of the adoption of green technology in construction will aid in the mirror coatings market growth.
Regulatory bodies are expected to impose more strict requirements as environmental concerns about the harmful impacts of volatile organic compounds (VOCs) produced from items such as mirror coatings.
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Regional Insights-
The Market in Asia Pacific to Grow Rapidly
In 2020, the Asia Pacific market was worth USD 0.29 billion. The Asia-Pacific market is expected to rise rapidly because of increased demand from the building and infrastructure development industries. Emerging economies like China and India, as well as other Southeast Asian countries, are likely to invest heavily and undertake enormous infrastructure transformations during the forecast period. The Asia-Pacific area now houses more than 60% of the world's population, and people's purchasing power and living standards have dramatically improved over the last few decades. This trend is expected to continue during the projected period, resulting in higher demand for new residential and commercial buildings, as well as other infrastructure projects. Mirror coatings are expected to grow in popularity due to their widespread use in the building industry. With the region's rapidly growing construction sector, the market is likely to grow.
North America's vehicle industry is predicted to grow rapidly, propelling the mirror coating market. Electric car sales have risen fast in recent years in the U.S., and this trend is expected to continue during the forecast period. As demand for electric vehicles grows in the consumer and commercial vehicle segments, the automotive industry is likely to develop. Furthermore, the construction industry in the region is predicted to grow significantly during the forecast period, resulting in increased government and private sector investment. The Biden administration, for example, released its USD 2.3 trillion infrastructure plan in April 2021, with the goal of rebuilding and upgrading the country's infrastructure. The mirror coatings market share is expected to develop due to rising demand in the commercial construction and vehicle industries.
The European market is likely to grow because of increased demand from the automobile industry. The European automobile industry currently provides a major portion of the EU's GDP and is expected to do so in the future. Europe contains roughly 298 automotive production plants, according to the European Automobile Manufacturers Association, with major automakers such as Volkswagen, BMW, Renault, and Peugeot. More consumers are expected to switch to electric vehicles during the projected period as concerns about pollution compliance continue, increasing demand in the automotive sector. The market is expected to grow and develop in tandem with the region's growing automobile industry because the vehicle industry is one of the largest consumers of mirror coatings.
Latin America's growth is expected to be slow because of the region's underdeveloped building sector. The automotive sector, on the other hand, is likely to boost the market, with countries like Mexico investing heavily in the sector in recent years due to lower production costs and a logistical advantage as an exporter to the United States and Canada. The Middle East and Africa market is predicted to grow significantly as a result of increased demand in the residential and commercial construction sectors, which is fueled by people's rising spending power and living standards.
Competitive Landscape-
Companies to Focus on Investing in R&D Initiatives
Most multinational firms have merged their raw material manufacturing and distribution activities to maintain product quality and expand their geographical reach. This provides firms with a cost-cutting advantage, allowing them to boost their profit margin. To stay competitive and fulfill changing end-user expectations, companies often prioritize R&D initiatives to manufacture new goods. Research on innovative materials that combine multiple properties is predicted to gain widespread usage in the industry in the next few years. Casx, Sherwin-Williams Company, JENOPTIK AG, Fenzi, and Dynasil Corporation are some of the prominent players in the global market.
Industry Developments-
June 2020: Scientists and engineers at NASA's Goddard Space Flight Center (GSFC) have produced telescope mirror coatings with the highest reflectivity in the far-ultraviolet (FUV) spectral region ever documented. The more reflective a telescope mirror is at far-ultraviolet (FUV) wavelengths, the better the images it can acquire. Improved reflectivity alone would increase throughput significantly, but the benefits of more capable optical designs made feasible by higher reflectivity would increase sensitivity.
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List of Key Market Players:
- Sherwin-Williams Company (Ohio, U.S.)
- Casix (Fuzhou, China)
- Fenzi (Milan, Italy)
- JENOPTIK AG (Jena, Germany)
- Dynasil Corporation (Massachusetts, U.S.)
- Ferro Corporation (Ohio, U.S.)
- North American Coating Laboratories (Ohio, U.S.)
- Reynard Corporation (California, U.S.)
- ZEISS International (Oberkochen, Germany)
- Tianjin Xin Lihua Color Materials (Tianjin, China)
- Abrisa Technologies (California, U.S.)
- AccuCoat inc (New York, U.S.)
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