Optical Coating Market Overview, Future and Forecast Report to 2030
Optical Coating Industry Overview
The global optical coating market size was valued at USD 17.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of more than 9.2% from 2022 to 2030.
Recent technological advancements in the field of optical deposition techniques and fabrication coupled with rising demand for efficient optical devices in end-use applications are expected to drive the market over the forecast period. Optical coatings are being increasingly used in numerous applications including architecture, consumer electronics, solar panels, automotive, medical, telecommunication, and military and defense.
Gather more insights about the market drivers, restrains and growth of the Global Optical Coating Market
The rapid growth of the solar PV market, driven by the increasing focus on the generation of clean energy, and rising demand for consumer electronics is expected to fuel the market growth over the forecast period. Reflective coatings are mainly used in construction, telecommunication, and space applications. The growing use of reflective coatings in green buildings for heat retention and reducing energy consumption is expected to drive its demand over the forecast period. In addition, increasing usage of handheld consoles, coupled with rising demand for portable consumer electronics, is expected to propel market growth over the forecast period.
Price volatility of raw materials is one of the major factors affecting the prices of optical coatings. It leads to a decrease in profitability for manufacturers and increases the market costs of optical coatings, thus restraining market growth. Although prices of metals have witnessed a declining trend over the past few years, sudden variations in prices can lead to a negative impact, thus affecting the market growth.
Changes in the price 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 recent outbreak of COVID-19 is hampering the demand for optical coatings in various applications including automotive, telecommunication, solar, aerospace and defense, architecture, and others owing to the stalled manufacturing activities, restrictions in supply, and transportation, and economic slowdown across the globe.
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Market Share Insights
- April 2021: Newport Corporation acquired all outstanding shares of Coherent, Inc. for USD 250 per share, composed of USD 135 in cash and USD 115 in shares.
- December 2020: PPG Industries Ohio, Inc., Inc. signed an agreement to acquire Tikkurila, a Nordic Paint and Coatings Company. The acquisition would enhance the company’s presence in northern and eastern European countries, while adding formulating and manufacturing solutions to its portfolio.
Key Companies profiled:
Some of the prominent players in the optical coating market include:
- Alluxa, Inc.
- Cascade Optical Corporation
- Chroma Technology Corp.
- Inrad Optics
- Optical Coatings Japan
- PPG Industries Inc.
- Viavi Solutions
- Schott AG
- Abrisa Technologies
- Berliner Glas
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