"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global mirror coatings market size was USD 0.63 billion in 2020. The market is projected to grow from USD 0.67 billion in 2021 to USD 1.10 billion in 2028 at a CAGR of 7.2% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with products witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 7.5% in 2020. The sudden decline in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Due to the rise of architectural, automotive & transportation, decorative mirrors, and solar power sectors, the demand for and usage of mirror coatings is quickly expanding. Market expansion is driven by increased demand from the construction sector and expanding uses in the solar power industry. The market for these coatings is likely to expand throughout the forecast period, owing to rising demand from water and wastewater treatment facilities.
Challenges in Supply Chains to Widen Supply-Demand Gaps
The COVID-19 pandemic has had a negative impact on every region, every business, and every aspect of life, and the market is no exception. The emergence of COVID-19 and the subsequent economic slowdown affected most of the major end-use industries, including construction, automotive, and solar, among others. These coatings manufacturers worldwide have reported lowering production capacity and even temporarily shutting down manufacturing facilities due to the lockdown restrictions and reduced order intake. Several manufacturing and end-use industries experienced unprecedented challenges during this period due to market uncertainty. Additionally, trade restrictions enforced by various countries, along with a limited workforce and a lack of freight containers, exacerbated the challenges, causing supply chain disruptions for both manufacturing companies and end-use industries. The movement restrictions enforced during the lockdown caused logistical challenges, making it extremely difficult to acquire raw materials and transport finished products. Several manufacturing companies have reported implementing additional measures to protect their workers' health and safety and coordinating with their customers and suppliers to mitigate any disruptions to sustain day-to-day operations during this global pandemic. Although the global economy has begun to recover and gain momentum following the pandemic's setbacks, the emergence of a new, more contagious delta variant, which has increased the number of infection cases in certain regions, has substantially increased the level of uncertainty in global trade activities.
Request a Free sample to learn more about this report.
Mirror Coatings Promises Significant Improvements in Space Exploration Technologies to Boost Market
Researchers have been experimenting with various mirror coatings because they can significantly improve space exploration technology. For instance, scientists and engineers at NASA's Goddard Space Flight Centre developed telescope these coatings with the highest reflectivity yet reported in the far-ultraviolet spectral band in June 2020. The more reflective a telescope mirror is at far-ultraviolet wavelengths, the better the images it can capture. Improved reflectivity alone, as a consequence of new mirror coating, would result in significant enhancements in capacity, while the advantages of more competent optical designs made feasible by greater reflectivity would raise the telescope’s sensitivity. Another instance of these coatings playing a critical role in the development of space exploration technology was reported in September 2021, when researchers at the Laser Interferometer Gravitational-wave Observatory (LIGO) presented a new form of mirror coating made of titanium oxide and germanium oxide that can reduce background noise in LIGO's mirrors by a factor of two, allowing LIGO to explore eight times more space.
Rising Demand from Construction Sector is anticipated to Drive Market Growth
The construction sector has witnessed rapid growth across several regions of the world over the last few decades. In many countries, glass architecture has become a sign of progress, with people viewing these structures as symbols of luxury and affluence. In addition to being employed as a decorative element, mirror-coated glass is increasingly being used in the construction industry as an insulation material, structural component, external glazing material, and cladding material, among other things. Mirror coatings effectively reflect light and protect coated surfaces from chemical degradation and abrasion. These coatings reduce maintenance costs and enhance the life of the coated surface by preserving the color, durability, and texture of building structures. The global construction industry is anticipated to expand rapidly during the forecast period, particularly in Asia Pacific's developing countries. China, India, and other Southeast Asian countries, are expected to invest significantly and undergo massive infrastructure transformations. These coatings can be designed to reflect selective radiation at a specific wavelength, thus providing an opportunity to significantly reduce HVAC operating costs. Rising environmental concerns are anticipated to result in a significant increase in innovative materials such as these coatings in new residential and commercial construction. Because of the adoption of green technology in construction, more building materials coated with these coatings, particularly glass, are likely to be employed more frequently during construction activities. This, in turn, will benefit and drive market growth.
Growing Demand from Concentrated Solar Power Industry to Accelerate Market Growth
Concentrated solar power systems employ mirror-coated mirrors and lenses to concentrate sunlight and generate power. Climate change is one of the most important concerns the world faces today, affecting every region of the globe. According to the United Nations' Intergovernmental Panel on Climate Change (IPCC) 2021 report, the average global temperature has already risen by 1.1 degrees Celsius from pre-industrial levels in the nineteenth century. Scientists predict that the average global temperature will rise by more than 1.5 degrees Celsius over the next 20 years, exceeding the Paris Agreement's 1.5-degree Celsius danger limit. One of the most important actions that can help avoid the catastrophic effects of global warming is promptly cutting greenhouse gas emissions by reducing fossil fuel usage and shifting to alternative renewable energy sources such as solar energy. Leading economies, including the U.S., China, and the European Union, have already proclaimed their intention to achieve net-zero emissions in the coming years, with concentrated solar power farms playing a critical role in their strategies. During the forecast period, rising environmental concerns are anticipated to enhance the adoption of renewable energy sources such as solar power. The number of concentrated solar power farms is expected to increase rapidly during the forecast period due to the increasing acceptance of renewable energy sources, benefiting and driving the growth of the market.
Emerging Stringent VOC Emission Regulations is Likely to Hinder Market Growth
Rising environmental concerns regarding the detrimental effects of volatile organic compounds (VOCs) emitted from products such as mirror coatings are expected to prompt regulatory agencies to adopt regulations that are more stringent. The paints and coatings products are one of the major sources of VOC emissions. VOCs lead to the development of particulate matter (PM) and ground-level ozone, which have a detrimental effect on the environment. These pollutants have several adverse cardio-respiratory impacts, ranging from respiratory symptoms to premature mortality, increased stress on healthcare services, and adverse impacts on the environment. Ground-level ozone, which is produced in the atmosphere through complex reactions between VOCs and NOx, has been reported to hamper photosynthesis lower agricultural crop yields, all of which can harm the diversity of plants in an ecosystem. Governments and regulatory bodies throughout the globe are implementing stricter regulatory measures to restrict VOC emissions in response to rising environmental and public health concerns. For example, in July 2021, the Canadian government released a consultation document proposing to update the federal schedule for reducing VOC emissions from consumer and commercial products. This rising trend of adopting stringent VOC emission standards to safeguard public health and the environment is likely to continue and spread across various regions of the world during the forecast period. This, in turn, will restrict and hamper the market growth.
Polyurethane Segment to Account for the Major Share of the Market
The polyurethane segment constituted the key share of the global market. A polyurethane coating is a layer of polyurethane is placed on the surface of a substrate to protect it. This coating protects all corrosion, abrasion, weathering, and other degrading factors. Although polyurethane coating appears to be comparable to other coatings, it has certain unique qualities that make it unique and suited for specific applications. Compared to the other resins available, polyurethane coatings are more robust and elastic. One of the key selling advantages of polyurethane coatings is their endurance.
Acrylic paint merely sits on the surface of glass due to its nonporous nature, making it relatively easy to remove. It might be as easy as wiping or scraping the paint away.
Solvent-based Segment Held Key Share of the Market
The solvent-based segment held the primary share of the global market. Using a solvent-based color typically creates a better impact on a mirror painting. Organic substances are used as solvents in solvent-based paints. The organic ingredients provide your wall with a strong, long-lasting coating that resists scratches and abrasions. Most painters prefer water-based paint since it emits little to no harmful emissions to the environment. Water-based paints offer superior endurance and performance than solvent-based paints regarding environmental compliance.
To know how our report can help streamline your business, Speak to Analyst
Architectural Segment to Constitute for the Significant Mirror Coatings Market Share
The architectural segment accounted for the major share of the global market. The architectural industry is driving the market growth. The building and construction industry is gradually expanding, which is likely to increase the usage of these coatings. Mirrors are utilized in restaurants, bars, hotels, beauty salons, elevators, gyms, washrooms, and other architectural purposes. These coatings manufacturers are growing their production capabilities and focusing on customizing their products to fit the demands of end-users in various locations due to the increased demand from all of these industries. Demands vary by area and based on individual tastes.
These coatings are used in rear-view mirrors and vanity mirrors in a wide range of cars in the automotive and transportation industry. These coatings improve vision, have a better aesthetic appeal, and aid in safety and security, to name a few benefits. Cars, buses, lorries, trains, and ships and boats, all include rear-view and vanity mirrors. Original equipment manufacturers (OEM) and automotive glass replacement (AGR) items provided to the aftermarket make up this application category.
Asia Pacific Mirror Coatings Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The market size in Asia Pacific stood at USD 0.29 billion in 2020. The market in the Asia-Pacific region is anticipated to witness rapid growth owing to rising demand from the construction and infrastructure development industry. During the forecast period, emerging economies such as China and India and other Southeast Asian countries are expected to invest significantly and undergo massive infrastructure transformation. The Asia Pacific region currently holds more than 60% of the world's population, and people's purchasing power and living standards have improved significantly over the previous several decades. During the forecast period, this trend is likely to continue, resulting in increased demand for new residential and commercial constructions andother infrastructure projects. Mirror coatings are anticipated to thrive since they are widely utilized in the construction industry. The market is expected to expand with the region's fast-developing construction sector.
The automobile industry in North America is expected to increase significantly, thus driving the mirror coating market. Electric vehicle sales in the U.S. have increased rapidly in recent years, and this trend is likely to continue during the forecast period. The automotive industry is expected to expand as demand for electric vehicles rises further in consumer and commercial vehicle segments. Additionally, the region's construction industry is expected to expand significantly during the forecast period due to increasing government and private sector investment. For example, in April 2021, the Biden administration announced its US$ 2.3 trillion infrastructure plan, which intends to rebuild and upgrade the country's infrastructure. Rising demand in the commercial construction and automobile industries is anticipated to drive the market growth.
Market in Europe is expected to expand owing to rising demand from the automotive industry. The European automobile sector contributes a significant share of the EU's GDP and is anticipated to continue to do so during the forecast period. According to the European Automobile Manufacturers Association, Europe has around 298 automobile manufacturing plants, with major automakers like Volkswagen, BMW, Renault, and Peugeot. With ongoing discussions regarding emission compliance, more consumers are anticipated to transition to electric vehicles during the forecast period, increasing demand in the automotive sector. Since the automobile sector is one of the major consumers of mirror coatings, the market is likely to thrive and expand simultaneously with the region's expanding automobile sector.
To know how our report can help streamline your business, Speak to Analyst
Latin America is likely to witness sluggish growth due to the region’s underdeveloped construction sector. However, the automotive sector is expected to benefit the market, with countries like Mexico witnessing major investments in the sector in recent years due to lower manufacturing costs and a logistical advantage as an exporter to the U.S. and Canada. The market in Middle East & Africa is expected to develop considerably because of rising demand in the residential and commercial construction sectors, which is supported by people's improving purchasing power and living standards.
Key Players Blending Strategies to Maintain Their Dominance in the Market
To preserve product quality and improve regional reach, most multinational corporations have integrated their raw material manufacturing and distribution activities. This gives businesses a competitive edge in cost savings, allowing them to increase their profit margin. Companies also prioritize R&D initiatives to produce new goods to stay competitive and meet changing end-user demands. In the future years, research on novel materials that combine various qualities is expected to achieve widespread adoption in the industry.
Some of the major participants in the global market include Sherwin-Williams Company, Casx, Fenzi, JENOPTIK AG, and Dynasil Corporation.
An Infographic Representation of Mirror Coatings Market
To get information on various segments, share your queries with us
The market report provides a detailed analysis of the industry and focuses on crucial aspects such as the leading competitive landscape, products, and products. Also, it offers insights into mirror coatings market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market's growth in recent years. It includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.
Value (USD Billion)
Resin Type; Formulation Technology, End-use Industry; and By Region
By Resin Type
By Formulation Technology
By End-use Industry
Fortune Business Insights says that the global market size was USD 0.63 billion in 2020 and is projected to reach USD 1.10 billion by 2028.
In 2020, the Asia Pacific market size stood at USD 0.29 billion.
Registering a CAGR of 7.2%, the market will exhibit steady growth during the forecast period (2021-2028).
The architectural segment is expected to lead this market during the forecast period.
The market for mirror coatings is likely to expand throughout the forecast period, owing to rising demand from water and wastewater treatment facilities.
Sherwin-Williams Company, Casx, Fenzi, JENOPTIK AG, and Dynasil Corporation are major players in the global market.
Asia Pacific dominated the market in terms of share in 2020.
Market expansion is driven by increased demand from the construction sector and expanding uses in the solar power industry.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry