San Francisco, 22 May 2024: The Report Optical Coating Market Size, Share & Trends Analysis Report By Technology, By Product (Reflective Coatings, Filter Coatings), By Application (Solar), By Region, And Segment Forecasts, 2024 - 2030

The global optical coating market size is expected to reach USD 37.58 billion by 2030, registering a CAGR of 9.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is estimated to be driven by the growing smart consumer electronics industry across the globe. The rising focus on electricity generation through clean sources is also expected to drive product demand. Consumer electronic devices include smartphones, tablets, phablets, smartwatches, and smart televisions. Rapid urbanization resulting in changes in consumer lifestyles is expected to create lucrative opportunities for smart consumer electronic devices. This is projected to lead to an increase in the utilization of optical coatings as they have a superior optical display and impact resistance properties.

The Asia Pacific is a major market for consumer electronics owing to the presence of a large number of key players. The demand in the region has shifted toward Southeast Asian countries, a trend that is likely to continue over the forecast period. However, the outbreak of highly contagious COVID-19 across the globe is severely affecting manufacturing industries, which, in turn, is anticipated to negatively impact the growth of the global optical coatings in various applications such as consumer electronics, automotive, and aerospace and defense, solar, and architecture. As COVID-19 continues to spread across the world, order cancellations and shipping complications are surging throughout the optical coatings industry.

The reflective coating segment is anticipated to progress at a substantial growth rate over the forecast period. A rise in the use of this product for roofing applications in the construction industry owing to factors such as prevention of direct exposure to sunlight on the roof and reduction in cooling cost is anticipated to propel the demand for reflective coating over the forecast period. There has been a rising demand for both commercial and passenger automobiles in emerging economies like South Africa, Mexico, Brazil, India, and China in light of improving standards of living and population growth. This is projected to benefit the automotive coatings industry, which in turn, is expected to propel the demand for optical coatings.

Furthermore, the increasing requirement for protection against dust, dirt, UV radiation, and harsh climate is anticipated to drive market growth in the coming years. Companies in the market experience fluctuating prices of raw materials, which are driven by factors such as changes in supplier feedstock costs, inventories, demand and supply factors, and government regulations. Therefore, manufacturers have been focusing on developing technologies for efficient coating at a low cost. In addition, key players are continuously engaged in the diversification of their existing product portfolio in order to cater to a large customer base, which ultimately enables a strong foothold in the global market.

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Recent technological advancements in the field of optical deposition techniques and fabrication coupled with rising demand for efficient optical devices in end-use applications are expected to drive the market over the forecast period. These products are being increasingly used in numerous applications including architecture, consumer electronics, solar panels, automotive, medical, telecommunication, and military and defense.

Optical Coating Market Report Highlights

• North America dominated the market and accounted for a revenue share of more than 37.0% in 2023
• The anti-reflective coatings segment is the largest product segment and accounted for a revenue share of more than 29.0% in 2023. The growing demand for anti-reflective coatings from the solar industry is likely to fuel the market over the forecast period
• In 2023, The consumer electronics application segment led the market and accounted for a revenue share of more than 31.0%

The rapid growth of the solar PV market, driven by the increasing focus on the generation of clean energy, and rising demand for consumer electronics is expected to fuel the market growth. Reflective coatings are mainly used in construction, telecommunication, and space applications. The growing use of reflective coatings in green buildings for heat retention and reducing energy consumption is expected to drive its demand over the forecast period. In addition, the increasing usage of handheld consoles, coupled with rising demand for portable consumer electronics, is expected to propel market growth over the forecast period.

Price volatility of raw materials is one of the major factors affecting the prices of optical coating. It leads to a decrease in profitability for manufacturers and increases the market costs of these products, thus restraining market growth. Although prices of metals have witnessed a declining trend over the past few years, sudden variations in prices can lead to a negative impact, thus affecting market growth.

Changes in the price of precious metals used for high-end applications, especially gold and platinum, significantly affect the overall cost of the application, thus impacting the product demand. The recent outbreak of COVID-19 is hampering the product demand in various applications including automotive, telecommunication, solar, aerospace and defense, architecture, and others owing to the stalled manufacturing activities, restrictions in supply, and transportation, and economic slowdown across the globe.

Optical Coating Market Report Scope

Market growth stage is high and pace of the growth is accelerating. The global optical coatings market is characterized by a high degree of innovation. Ongoing research and development (R&D) activities for new sustainable coatings techniques, nanostructured coatings, magnetron sputtering, and other advances in coating design and simulation, among others, drive innovations in production.

Key Optical Coating Companies:

The following are the leading companies in the optical coating market. These companies collectively hold the largest market share and dictate industry trends.

• Alluxa, Inc.
• Cascade Optical Corporation
• Chroma Technology Crop.
• Inrad Optics
• Optical Coatings Japan
• PPG Industries Inc.
• Viavi Solutions
• Schott AG
• Abrisa Technology
• Berliner Glas