Increase in application in end-use industries such as defense/security and infrastructure is expected to remain a key driving factor for global filter coatings market growth over the next seven years. Electronics products demand such as televisions, laptops, desktops, and LCD is growing owing to rising per capita disposable income and changing lifestyle specifically in emerging economies such as China and India. This is slated to surge electronics demand and in turn complement filter coatings market growth. Rising demand for smartphones is slated to drive filter coating market growth over the forecast period owing to increasing application in smartphone screens. Growing infrared filters, dichroic filters, and bandpass filters demand across various end-use industries such as electronics is projected to positively impact global filter coatings industry growth over the forecast period. Filter coatings are used for transmitting selective light wavelengths preferably through glass and are used in a large number of applications such as infrared filters and bandpass filters. Infrared filters in turn serve wide applications such as gas detection, flame detection, sleep apnea, anesthetic gas monitoring, motion sensors, non-contact temperature measurement, and alcohol monitoring. Infrared filters manufacturers are increasing their production capacities to meet growing demand. Extensive research is being adapted in order to develop high precision filters at a low cost. Product line expansion and innovation in the filters market is expected to increase filter coatings demand and in turn, augment filter coating market growth over the forecast period. Increasing government support and incentives for renewable energy usage is anticipated to drive solar applications demand owing to growing energy crisis threat. Increasing solar applications is expected to be a key driving factor for market growth.
Filter coatings are types of optical filters mostly used in varying types of optical instruments in order to improve their transmission properties. On the basis of product, optical filters are classified as filter coatings, transparent electrodes, and anti-reflective & reflective coatings. Reflective coating is one of the leading product segments for the optical coatings market. Filter coatings function by absorbing unwanted wavelengths resulting in reliability issues in high power situations and transmission curves may not always be as sharp as required in varying applications. This is expected to hamper filter coatings market growth and pose challenges to industry participants over the forecast period. Technological advancement resulting in low cost is expected to increase filter coatings demand and yield opportunities to industry participants over the forecast period. Manufacturing plants with high precision and customization are anticipated to create lucrative opportunities for industry participants’. Biotechnology and analytical instrumentation markets are moving towards hard-coated filters owing to their larger replacement life and efficiency. This is expected to increase filter coatings demand and offer immense opportunities to industry participants over the forecast period.
North America is expected to remain a key dominant region for the filter coatings industry. Countries in North America such as the U.S. and Canada are investing a huge amount on security purposes and defense weapons. This is projected to increase demand and in turn propel filter coatings market growth in North America over the forecast period. Solar energy use is growing in Asia Pacific owing to increasing government initiatives supporting renewable energy usage such as reduction in custom and excise duties for solar panel parts and investments in order to become energy secure. This is slated to positively impact filter coatings market growth in Asia Pacific over the forecast period. Europe is a key filter coatings market and is showing signs of recovery from the recent economic slowdown. It is projected to witness significant filter coating market growth owing to growing electronics industry in the region over the forecast period.
Some major companies operating in the global filter coatings market include Inrad Optics, Denton Vacuum, LLC, PPG Industries, JDSU, Abrisa Technologies, Newport Corporation, Optical Coatings Japan and Ophir Optronics Ltd.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.