FMI estimates the global Optical Coating Market to reach a value of USD 9,718.5 Million by the year 2022. Sales prospects of Optical Coatings are expected to expand at a CAGR of 8.8% and top a valuation of USD 22,598.7 Million by 2032.
The rapid growth of various end-use industries and the growing trend of fashionable designs for eye-wears and consumer electronics are propelling the optical coatings market.
| Attribute | Details |
|---|---|
| Optical Coating Sales (2021A) | USD 8,947.8 Million |
| Optical Coating Sales (2022E) | USD 9,718.5 Million |
| Optical Coating Market Projections (2032F) | USD 22,598.7 Million |
| Value CAGR (2022 to 2032) | 8.8% |
| Collective Value Share: Top 3 Countries (2022E) | 41.7% |
According to the latest research published by Future Market Insights, Global Optical Coating Market is anticipated to hold 3-7% of the market share in the overall Paints & Coating market.
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The demand for the optical coating market grew at a 7.6% CAGR between 2017 and 2021. Considering the several end-use industries served, demand for optical coating is uneven depending on consumer electronics, automotive, and others which have stifled demand.
Furthermore, due to the pandemic, the growth of the optical coating market has been negatively impacted in 2020. Based on consumption patterns, the optical coating market has seen a substantial rise in demand over the last few years.
The demand for optical coating is expected to increase during the assessment period and is further expected to witness a significant growth rate of 8.8% in the same period.
The market for optical coatings is prospering from rising defense spending as well as increasing demand for optical coatings from the semiconductor and electronics industries.
Additionally, it is projected that the market would grow as optical coatings find new applications in the aerospace sector. An increasing population and an increase in optical demand are further factors driving the market for optical coatings.
In many electronic applications where light must travel through optical surfaces, optical coatings are used. Optical anti-reflective coatings are used on tablet and cell phone screens for a variety of purposes, including making text easier to read in daylight.
These coatings are used on the semiconductor diode lasers' facets. Since IoT is becoming more prevalent across a wide range of industries, the demand for semiconductors has grown at an extremely rapid rate in recent years. This is additionally pushing the market for optical coatings.
Semiconductor components can endure the high temperatures needed for wafer fabrication due to optical coatings. The utilization of the latest wafers in semiconductors has expanded as a result of the industry's rapid expansion, which is anticipated to raise the demand for ultra-pure optical coatings.
Consequently, optical coatings are the preferred substance for enhancing the functionality of these products. This will promote the use of high-purity optical coatings in the semiconductor and electronics industries.
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In the aerospace and defense industries, optical coatings are often employed. Photovoltaic energy production for space applications has always benefited greatly from thin film technology. Optically coated devices, in particular anti-reflective ones, are widely used in monitoring and exploration instruments.
The increasing usage of space-based instruments like telescopes, satellites, and probes is expected to increase the need for optical coatings during the course of the projected period. Since nanosatellites have become more prevalent recently, demand for the optical coatings utilized in their solar panels, cameras, and remote sensing equipment has skyrocketed.
Due to their unique qualities, optical coatings like IR, UF, and night vision filters are in demand in the military industry. Numerous nations have boosted their spending on defense research and development because of geopolitical factors, which will result in new applications for optical coatings.
The market is expected to be driven by the rising number of young people as well as a rise in demand for consumer electronics such as smartphones, tablets, cameras, LED displays, video game consoles, and personal computers during the course of the projection period.
Nowadays, mainly in the fashion market, optical lenses and filters are growing in popularity among young people as wearable trends.
The market for medical components has also been stimulated by the growing population as well as its concerns about health. Among the many products that use optical coatings are medical devices, sensors, optical communications, lighting, biotechnology, automobiles, lithography, and space and astronomy components.
One of the main drivers propelling the optical coatings business is the rising manufacture of complicated, technologically advanced components.
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One of the primary technologies used in fully and partially autonomous cars is optical sensors. Vehicles are fitted with a variety of optical equipment, including radars, lasers, and cameras, which are based on LEDs and infrared lasers.
New optical technologies, including LIDAR lasers, infrared (IR)-based supplemental lighting, and camera systems with environmental awareness, will be included in the next generation of cars.
The operation of driver assistance systems including collision avoidance, lane departure warning, night vision, and traffic sign recognition also depends on optical sensors.
These new technologies have led to a major rise in the demand for specialized optical films and coatings in recent years. In order to enhance the performance of optical components, optical coatings offer higher spectrum performance and environmental stability.
Numerous raw materials, including fluorides (strontium, calcium, and magnesium) and oxides (titanium, selenium, aluminum, and zirconium), and metals (copper, gold, and silver), are used in the production of optical coatings.
The price variations of metals and oxides including indium, titanium dioxide, copper, gold, and silver are significantly impacted by the extremely volatile and unpredictability of the raw materials utilized in the optical coatings industry.
The cost of manufacturing optical coatings is negatively impacted by the rising cost of raw materials, particularly metals, and oxides, which are subject to extreme price fluctuations. One of the essential basic elements needed to create transparent optical coatings is indium.
Trading Economics estimates that the cost of indium has climbed by 42.86% since the start of 2021 and by 23.64% from 2020. The expansion of the optical coatings market is being severely hampered by the rising cost of raw materials and price volatility.
The solar power industry is currently gaining a lot of traction worldwide due to the increasing global awareness of renewable energy sources. The growing usage of solar energy across the globe is increasing the demand for optical coatings because solar panels are frequently coated with them to provide refraction and other functions.
The top layers of solar panels, solar cells, and other photovoltaic materials are coated with optical materials to improve the performance of solar panels by extending their lifespan and light-collection yield while lowering maintenance costs.
Solar panels typically use anti-reflective optical coatings that are comparable to the coatings used on camera lenses. Optical coatings are used extensively in the global solar energy sector and will continue to be in high demand.
The USA is expected to dominate the North American region as well as the global optical coating market in terms of consumption owing to the growing end-use industries & availability of raw materials and a better manufacturing environment.
Opportunities in consumer electronics, tools & equipment, automotive, aerospace & military, energy, and the medical industry make the future of the optical coating market in the USA look optimistic.
Because of its better functional features and performance advantages, Optical coating is in high demand in the consumer electronics industry for high-resolution displays.
Due to its vast and diverse industrial base and because it is the world's top exporter and manufacturer of defense products, USA military spending climbed by about 2.9% in 2021, and the USA is expected to have a prominent share.
Some of the top regional players, including PPG Industries, DuPont, and others are located there.
All these factors along with the growth of the end-use industries are expected to drive the demand for the Optical Coating market during the forecast period. The Optical Coating market in the USA is expected to reach about USD 6,046.5 Million by end of the year 2032.
India Electronics & Semiconductor Association estimates that between 2021 and 2026, the country's semiconductor component market will reach cumulative revenues of USD 300 billion. The Indian semiconductor market is poised for rapid expansion over the coming years, which will aid in boosting the Indian optical coating market.
Additionally, the nation is growing to be among the biggest consumers of semiconductors and electronic components.
The Make in India initiative is being promoted by India for semiconductor, automotive, and aerospace products. The country's ability to produce solar panels, automobile glass sheets, optoelectronic components, and other electronic devices will benefit from this initiative.
Eventually, this development of the Indian manufacturing industry will boost the market for optical coatings. As optical coating is extensively utilized in the electronic and semiconductor industry the India optical coating market is estimated to create incremental opportunities of USD 1,130.8 Million during the forecast period.
The anti-reflection coatings type segment holds a sizeable market share of the overall optical coatings market due to its capacity for high-quality coatings with low reflection and high transmission power on equipment such as display screens, mirrors, and lenses used in several consumer and industrial applications.
Due to these factors, anti-reflection coatings are becoming more popular in the global optical coatings market. The anti-reflective coatings market is being driven by advancements in the photovoltaic and eyewear industries as well as an increase in anti-reflective coating applications in the construction industry.
From the abovementioned factors, the anti-reflective coating type is anticipated to reach about USD 5,221.6 Million by end of the year 2032.
The most affordable technique for adding optical coatings is vacuum deposition technology (VDT). Compared to the evaporative coating technique, it just requires a basic instrument setup and offers a more precise coating over the surface. Therefore, both small and large-scale coating enterprises frequently favor vacuum deposition techniques.
Another advantage of vacuum deposition technology is that the process temperature can be more precisely controlled. This makes it possible to coat a variety of temperature-sensitive materials over glass surfaces using VDT.
The production of high-reflective mirrors and anti-reflective coatings are the most typical uses of VDT. Owing to these features, vacuum deposition technology is growing and emerging as a popular option in the optical coating industry.
The Global Optical Coating market is a highly fragmented market with the presence of a high number of active market players. Key players are holding less than one-fourth of the market share. Market participants are making major Research and Development investments to investigate new optical coating applications in aerospace and defense equipment.
Additional significant market players are vying for the top spot in the market by developing technology-driven breakthroughs in optical processes.
Also, the focus has been on the expansion of production capacities to meet the growing demand for Optical Coatings. For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and Tons for Volume |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Segments Covered | Type, Technology, Application, and Region |
| Key Companies Profiled | PPG Industries; EssilorLuxottica; Hoya Corporation; DuPont; Nippon Sheet Glass & Co. Ltd.; Edmund Optics; ZEISS Group; Zygo Corporation; Brewer Science Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available Upon Request |
The global market for Optical Coating is estimated to reach a valuation of USD 9,718.5 Million in 2022.
The Optical Coating demand is anticipated to witness a growth rate of 8.8% over the forecast period of 2022 and 2032 in terms of value.
According to FMI analysis, PPG Industries, EssilorLuxottica, Hoya Corporation, DuPont, Nippon Sheet Glass & Co. Ltd., Edmund Optics, ZEISS Group, Zygo Corporation, Brewer Science Inc., Materion, and others are identified as the key manufacturers in the Optical Coating market.
Key players in the global Optical Coating market are expected to account for about 20-25% of the overall market share.
The top countries driving the global Optical Coating demand are the USA, China, Germany, and India.
1. Executive Summary | Optical Coating Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6. Global Market - Pricing Analysis 7. Global Market Demand (in Value or Size in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Market Background 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 9.1. AR Coatings 9.2. High Reflective Coatings 9.3. Transparent Conductive Coatings 9.4. Filter Coatings 9.5. Beam Splitter Coatings 9.6. EC Coatings 9.7. Others 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Technology 10.1. Vacuum Deposition 10.2. E-Beam Evaporation 10.3. Sputtering Process 10.4. Ion-Assisted Deposition (IAD) 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Application 11.1. Consumer Electronics 11.2. Lenses & Eyewear 11.3. Solar 11.4. Automotive 11.5. Aerospace & Defense 11.6. Other 12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia and Pacific excluding India 12.6. Middle East and Africa (MEA) 12.7. India 13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. South Asia and Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. India Market Analysis 2017 to 2021 and Forecast 2022 to 2032 20. Country-Wise Market Analysis 21. Market Structure Analysis 22. Competition Analysis 22.1. DuPont 22.2. Zeiss Group 22.3. PPG Industries 22.4. Nippon Sheet & Glass 22.5. Inrad Optics 22.6. EssilorLuxoticca 22.7. Optosigma Corporation 22.8. Hoya Corporation 22.9. Brewer Sciences Inc 22.10. SDC Technologies 22.11. Reynard Corporation 22.12. Tian Cheng Optic Co., Ltd. 22.13. Zygo Corporation 22.14. Evaporated Coatings Inc. 22.15. Deposition Sciences Inc. 22.16. Helia Photonics 22.17. Cascade Optical Corporation 22.18. Torr Scientific Ltd. 22.19. Precision Opticals 23. Assumptions and Acronyms Used 24. Research Methodology
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Optical Coating Market
