In a recent published report, Kenneth Research has updated the market report for Global Optical Coatings Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Optical Coatings Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Global Optical Coatings Market Analysis – 2018-2027
The Optical Coatings Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.
Optical Coatings are coatings that can be deposited on variety of surfaces to enhance its transmission and reflectance properties. These coatings, which are known to have greater quality, are deposited on the surface of objects using specialized deposition methods. The global optical coatings market is anticipated to record a CAGR of 8.3% over the forecast period, i.e. 2020-2027. Factors such as rising use of optical coatings for military operations, which include target designators, vision systems, guidance systems and surveillance packages amongst others, coupled with emerging applications of thin film optical coatings in power generation (photovoltaics) for space applications, and rising applications of optical coatings in the growing solar industry are anticipated to promote significantly towards the growth of the global optical coatings market. According to the statistics by the International Energy Agency (IEA), net global solar PV capacity added in the United States in the year 2018 was 10.4 GW, and that in the European Union was 8.2 GW.
The optical coatings market consists of various segments that are segmented by product type, technology, end-user and by region. The product type segment is sub-divided into filter coatings, reflective coatings, anti-reflective coatings, conductive coatings and others. Out of these, the conductive coatings, which has a market value of USD 1471.5 million in the year 2018 is anticipated to grow with the highest CAGR of 9.2% over the forecast period. On the basis of technology, the Atomic Layer Deposition segment is anticipated to grow with the highest CAGR during the forecast period. Additionally, by end user, the Consumer Electronics & Semiconductors segment is anticipated to grow with a CAGR of 8.9% during the forecast period.
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Based on Region, the global optical coatings market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific, which had accounted for 22.4% share in the year 2018, is estimated to witness the highest CAGR of 9.1% over the forecast period owing to the contribution of end user industries, such as consumer electronics, automotive and renewable energy in nations such as China, India, Japan, Australia and Southeast Asian countries.
Some of the key industry leaders in the global optical coatings market are SCHOTT AG, ZEISS International, PPG Industries Inc., Viavi Solutions, Inc., Alluxa, Inrad Optics, Optics Balzers, Cascade Optical Corporation, Abrisa Technologies and Newport Corporation.
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