GVR Report cover Optical Coating Market Size, Share & Trends Report

Optical Coating Market Size, Share & Trends Analysis Report By Product (Reflective, Anti-reflective), By Application (Consumer Electronics, Solar), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028

  • Published Date: Apr, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-740-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 111

Report Overview

The global optical coating market size was valued at USD 15.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. Recent technological advancements in the field of optical deposition techniques and fabrication coupled with the rising demand for efficient optical devices in end-use applications are expected to drive the market growth over the forecast period. Optical coatings are widely used in applications including architecture, consumer electronics, solar panels, automotive, medical, telecommunication, and military & defense. The rapid growth of the solar PV market, driven by the increasing focus on clean energy generation, and rising demand for consumer electronics are also expected to fuel the market growth over the forecast period.

U.S. optical coatings market size

Reflective coatings are mainly used in construction, telecommunication, and space applications. The growing use of these products in green buildings for heat retention and reducing energy consumption is expected to drive the market in the coming years. In addition, increasing usage of handheld consoles, coupled with the rising demand for portable consumer electronics, is expected to propel the market growth over the forecast period.

Volatility in the prices of raw materials is one of the major factors affecting the cost of the final product and leads to a decrease in profitability for manufacturers. This may limit the market growth to some extent. Although the prices of metals have witnessed a declining trend over the past few years, sudden price variations can lead to a negative impact, thus affecting the market growth.

Moreover, changes in the prices of precious metals used for high-end applications, especially gold and platinum, significantly affect the overall cost of the application, thus impacting the demand for optical coatings. Furthermore, the global COVID-19 pandemic is hampering the product demand in various applications including automotive, telecommunication, solar, aerospace & defense, and architecture owing to the stalled manufacturing activities, restrictions in supply and transportation, and economic slowdown across the globe.

Product Insights

The anti-reflective product segment led the market and accounted for more than 29% share of the global revenue in 2020. Anti-reflective products are thin-film optical coatings that consist of multiple layers of coatings with different refractive indexes between each layer. The thickness of every layer is designed to cause self-extinguishing interference for the light beam reflected by the surface. This makes it suitable for magnifying lenses, display screens, camera lenses, and eyeglasses, wherein they are used on glass and plastic substrates. Growing demand for anti-reflective products in the construction of photovoltaic solar panels, automotive displays, windows, and GPS navigation systems is expected to propel the segment growth over the forecast period.

Conductive products are expected to witness the second-fastest CAGR over the forecast period owing to their wide usage in solar panels. Rising emphasis on the development of alternate energy sources, coupled with huge investments in solar energy generation by countries such as India, the U.S., and China, is likely to propel the segment growth in the coming years. Furthermore, increased product usage in display windows, heaters, LCD fabrication, heads-up display, shielding for radio frequency interference, LED displays, and instrument display windows are anticipated to support the market growth over the forecast period.

Application Insights

The consumer electronics application segment led the market and accounted for more than 31% share of the global revenue in 2020. Rapidly growing demand for smartphones and rising consumer disposable income levels are anticipated to propel the segment growth over the forecast period. Furthermore, technological advancements in the field of smart televisions and smart consumer devices, including smartwatches and smartphones, are anticipated to positively affect the market growth.

In addition, increased demand for multipurpose devices and a growing number of key players are expected to propel product consumption during the forecast period. Infrared and anti-reflective coatings are widely used in the electronics industry owing to their impact resistance properties and rising demand for superior optical displays.

The growing semiconductor industry, coupled with technological advancements, is expected to augment the demand for these products over the forecast period. However, reducing discretionary spending due to the global pandemic is adversely affecting the demand for consumer electronics. This, in turn, is anticipated to hamper the product demand in the consumer electronics sector.

Global optical coatings market share

In the automotive industry, the product is used in speedometer displays owing to its high impact and abrasion resistance. Rising product usage in numerous automobile components including gear knob top, car windows, windshield, and headlight lenses is anticipated to drive the automotive application segment over the forecast period. In addition, UV- and abrasion-resistant coatings are used for components in the automobile industry.

Regional Insights

Asia Pacific led the global market accounting for the largest revenue share of more than 38% in 2020. The region is expected to register the fastest growth rate over the forecast period. The rising population and growing demand for consumer electronics, such as mobiles, tablets, cameras, LED screens, video games consoles, and personal computers, are expected to drive the regional market over the forecast period. North America accounted for the second-highest revenue share in 2020 and will expand at a steady CAGR from 2021 to 2028.

Major focus on the development of domestic industries and growing solar industry in the U.S. are driving the product demand in the North American region. Moreover, the rise in the defense budget of the country is creating a strong growth potential for reflective coating products in the aerospace and defense segment of the region. North America is a major manufacturing hub for mid and small-scale medical equipment companies, which is also expected to propel the product demand over the forecast period.

In addition, well-established industries like instrumentation, microelectronics, biotechnology, and software development along with the advancements in the medical devices sector will ultimately lead to increased product demand in the years to come. Rising cases of COVID-19 at the community level are projected to propel the demand for medical components, thereby boosting the market growth.

Key Companies & Market Share Insights

Most of the companies operating in the global market have integrated their raw material production and distribution operations to maintain product quality and expand regional outreach. This provides companies a competitive advantage in the form of cost benefits, thus increasing their profit margin. Companies also focus on R&D activities to develop new products to sustain the competition and fulfill the changing end-user requirements. Research activities focused on new materials that combine several properties are projected to gain wide acceptance in the industry in the coming years. Some of the prominent players in the global optical coating market include:

  • Alluxa, Inc.

  • Cascade Optical Corp.

  • Chroma Technology Corp.

  • Inrad Optics

  • PPG Industries, Inc.

  • Schott AG

  • Berliner Glas

Optical Coating Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 17.0 billion

Revenue forecast in 2028

USD 31.4 billion

Growth rate

CAGR of 9.2% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in tons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Mexico; Canada; Poland; Spain; Norway; Germany; France; U.K.; Italy; The Netherlands; China; India; Japan; Thailand; Singapore; Malaysia; Australia; Indonesia; South Korea; New Zealand; Brazil; Argentina; Columbia; Saudi Arabia; South Africa; Qatar; Egypt; UAE

Key companies profiled

Alluxa, Inc.; Cascade Optical Corp.; Chroma Technology Corp.; Inrad Optics; PPG Industries, Inc.; Schott AG; Berliner Glas

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global optical coating market report on the basis of product, application, and region:

  • Product Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)

    • Anti-reflective

    • Reflective

    • Filter

    • Conductive

    • Electrochromic

    • Others

  • Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)

    • Consumer Electronics

    • Solar

    • Medical

    • Architecture

    • Aerospace & Defense

    • Automotive

    • Telecommunication

    • Others

  • Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

      • U.K.

      • Spain

      • The Netherlands

      • Poland

      • Norway

    • Asia Pacific

      • China

      • Japan

      • India

      • Singapore

      • Malaysia

      • Indonesia

      • South Korea

      • Australia

      • Thailand

      • New Zealand

    • Central & South America

      • Brazil

      • Argentina

      • Columbia

    • Middle East & Africa

      • Saudi Arabia

      • South Africa

      • UAE

      • Qatar

      • Egypt

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