According to the report, the global optical coating industry generated $11.8 billion in 2020, and is anticipated to generate $24.0 billion by 2030, witnessing a CAGR of 7.4% from 2021 to 2030.
Prime determinants of growth
The existence of large-scale customer bases for electronic devices & optical wear, the use of infrared & anti-reflection coatings in the military applications of targeting, night-vision cameras, thermal imaging cameras, and head-mounted missile seekers, and the introduction of nanotechnology drive the growth of the global optical coating market. However, the need for huge time and effort to produce optical coatings by the manufacturers, capital-intensive manufacturing processes, and fluctuating raw material prices hinder the market growth. On the other hand, government policies, including incentives and subsidies to encourage the development of alternative energy sources present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the growth of the global optical coating market, owing to the global lockdown restrictions.
- The pandemic had halted the production facilities, disrupted supply chain, and led to various other challenges for the manufacturers such as unavailability of raw materials, high price of chemicals, and low labor force.
- However, the market is going to recover soon in 2022 as key players are establishing new methods of working.
The Antireflection Coatings segment to maintain its leadership status throughout the forecast period
Based on type, the antireflection coatings segment held the highest market share in 2020, accounting for more than two-fifths of the global optical coating market, and is estimated to maintain its leadership status throughout the forecast period. Anti-reflective segments can provide high-quality coatings with high transmission and low anti-reflection performance for components such as lenses, mirrors, screens, and anti-reflection coatings that are used in various industrial and consumer applications worldwide. Owing to these considerations, anti-reflective coatings have gained attention in the global optical coating market. However, the partial reflection coating segment is projected to manifest the highest CAGR of 9.0% from 2021 to 2030. It is useful for efficient beam splitting and output coupling in high power laser cavities, which is boosting the growth of the segment.
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The Electronics and Semiconductor segment to maintain its lead position during the forecast period
Based on end use industry, the electronics and semiconductor segment accounted for the largest share in 2020, contributing to nearly one-fourth of the global optical coating market, and is projected to maintain its lead position during the forecast period. This is due to growth in demand for durable and dielectric coatings in photovoltaic (PV) cells, electronic assemblies, ICs, and other optoelectronic devices. However, the medical segment is expected to portray the largest CAGR of 8.8% from 2021 to 2030. Government is promoting private investments for improving quality of healthcare in order to address the health-related issues. This factor is expected to boost the growth of optical coating in the medical sector.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global optical coating market, due to the increase in air cargo. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.0% during the forecast period. This is attributed to rise in spending capability of consumers and rapidly growing demand for superior technology in China, India, and Japan.
Leading Market Players
- E.I. Dupont De Nemours Company
- PPG Industries
- Zeiss Group
- Nippon Sheet Glass Co., Ltd.
- Abrisa Technologies
- Newport Corporation
- Inrad Optical, Inc.
- Reynad Corporation
- Artemis Optical Ltd.
- II-VI Optical Systems.
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