Optical Coatings Market Size, Application Potential, By Product, 2018-2024
Construction sector is probable to witness fastest growth particularly in architectural glass applications, thereby promoting optical coatings market by 2024. As per the Leadership in Energy and Environmental Design (LEED) standards for green buildings, through the thermal insulation, optical coatings play a vital role in dropping energy consumption and offers effective cooling. However, instability in raw material prices on account of the regulations concerning the VOC emissions might hamper the market growth to some extent in the next 7 years.
Global Optical Coatings Market size is expected to grow with a high CAGR by 2024. The market growth will be propelled by the robust demand from the end-user sectors including: consumer electronics, transportation, healthcare and defense.
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Optical coating involves deposition of thin layers on optical component in a way that the interference modifies reflection & transmission characteristics of the system. These coatings have been highly desirable in order to secure the optic against unfavourable environmental circumstances. Optical coatings will have significant demand in camera lens, corrective lenses, solar cells, etc. Growing demand for high-resolution displays in smartphones, tablets, e-readers and other applications will propel the market size by 2024.
Based on the technology, optical coatings market can be divided into: sputtering process, e-beam evaporation, ion-assisted deposition (IAD), vacuum deposition and others. The mounting demand for cost-effective film coatings in laser, defense and biomedical industries will boost the share sputtering process in the optical coatings market by 2024. Vacuum deposition held the massive share in 2016. The technology will have substantial demand for a range of applications in healthcare, transportation, packaging and defense in the coming years.
Rising demand for thermally-controlled coatings especially for solar panel, sensitive detectors, solar cells will have a positive influence on the growth of the product for solar industry. Solar applications are estimated to observe the fastest growth in the global optical coating market during the forecast timespan. Cost-efficient coatings such as: filter and anti-reflective coatings shall be the most desirable types of optical coatings in solar applications. Solar power has been displacing coal and various other sources of energy in the recent decade. The cost of electricity from solar PV was about 1/4th of the same in 2009 and will likely fall 66% by 2040. Solar capacity increments by the U.S. (14.7 GW), Japan (8.6 GW) and China (34.5 GW) in 2016 present brighter aspects for optical coatings industry in solar applications by 2024.
In 2016, North America region was stood as the largest market for optical coatings. Presence of enormous product manufacturers, growing demand of high reflective, filter, AR coatings in the U.S. were the factors promoting the market growth. However, the robust growth trends featured by the regional consumer electronics sector depict fastest growth trend in Asia Pacific optical coatings market during the forecast timespan.
Highly fragmented optical coatings market will be subjected to intense degree of industry rivalry throughout the forecast period. The market leaders have been engaged in developing product components with low production cost and unique features. Key industry players include: DuPont, ZEISS Group, PPG Industries, Nippon Sheet Glass & Co, Abrisa Technologies, Newport Corporation, etc. Technological progressions in developing optical coatings fabrication process will pose as the key performance indicators in this industry by 2024.
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