Optical Coatings Market Set to Soar at 8.8% CAGR, Projected to Reach US$ 22,598.7 Million by 2032 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The optical coatings market is thriving due to higher defense spending, semiconductor demand, aerospace applications, population growth, and increased optical needs.
NEWARK, Del, Sept. 26, 2023 (GLOBE NEWSWIRE) -- According to research conducted by Future Market Insights, the global optical coating market is poised for significant growth, with an estimated valuation of US$ 22,598.7 Million anticipated by the end of the assessment period. This growth is attributed to a robust 8.8% growth rate forecasted during the forecast period of 2022 to 2032, driven by sustained demand from various sectors including consumer electronics, automotive, lenses & eyewear, and other industries. As optical coatings continue to enhance the performance and functionality of a wide range of products, their importance in these key end-use applications is expected to drive substantial market expansion.
The market for optical coatings is being boosted by rising spending in the defense sector and rising demand for optical coatings from the electronics and semiconductor industries. The market is also anticipated to develop as optical coatings find more uses in the aerospace industry. The AR coatings market section of the optical coatings market commands a sizeable market share in the entire optical coating industry due to its capacity to provide high-quality coatings with a high degree of transmission and low reflection.
Market players are making huge R&D investments to investigate new optical coating applications in aerospace and defense equipment, the medical industry, and the automotive industry. Additional significant market players are competing for the top spot in the market by developing technology-driven breakthroughs in optical processes. The market for optical coatings is being driven by the quick development of numerous end-use sectors and the expanding popularity of creative designs for eyewear and consumer devices.
“Growing Consumption of Optical Coating coupled with increasing utilization of consumer electronics, lenses & eyewear, the optical coating is expected to drive the market during the projected period whereas key market players are significantly spending in R&D to explore the optical coating applications in multiple end-use industries,” opines our chief analyst at FMI.
Key Takeaways from Optical Coatings Market Study
Demand for AR coating to witness a growth outlook of around 8.2% over the coming assessment period.
Vacuum deposition remains a key technology of optical coating accounting for around 50% of the volume consumption.
Consumer Electronics and Lenses and eyewear remain a key application segment and this industry is expected to grow at a significant rate over the forecast period.
The optical coatings market is being driven by the quickly expanding demand from a variety of end-use sectors and the expanding popularity of stylish designs for eyewear and consumer devices.
The market for optical coatings is expanding because of rising demand from the electronics and semiconductor industries as well as rising spending in the defense industry.
The global optical coatings market is fragmented with the presence of some dominant key market players. These players are holding less than 25% of the market share.
A few major competitors in the optical coatings market are concentrating on growing their coating capacity by building new facilities in strategic market locations. Manufacturers are improving their relationships with end users to provide optical coatings through contract manufacturing or through partnerships with OEMs in order to increase their revenue in an effort to further strengthen their global presence. Since the bulk of market participants are situated in the United States, American companies have dominated the optical coatings business.
Also, the focus has been on the expansion of production capacities to meet the growing demand for optical coating. For instance,
EssilorLuxottica fully acquired Shamir Optical Industry Ltd., which has a strong presence in ophthalmic lens technology and related products.
Nippon Sheet Glass & Co., Ltd. collaborated with Cohda Design Limited (UK) to create new glass applications
PPG completed the acquisition of Worwag, a manufacturer of coatings for industrial and automotive applications.
Scope of Report
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
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
