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Optical Coating Market Size, Share & COVID-19 Impact Analysis, By Type (Anti-reflective, Reflective, Filter, Conductive, Electrochromic, and Others), By End-use Industry (Consumer Electronics, Telecommunication, Medical, Transportation, Aerospace & Defense, and Others), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI102138

 

KEY MARKET INSIGHTS

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The global optical coating market size was USD 12.01 billion in 2020. 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 1.2% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 13.04 billion in 2021 to USD 22.57 billion in 2028 at a CAGR of 8.1% during the 2021-2028 period. The sudden decline in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The growing use of thin-film optical coating in semiconductor technologies, solar energy, scientific equipment, and military equipment has propelled the market. This, along with numerous industry players' R&D efforts to improve their methods and materials in order to offer high-performance optical coats, has fueled the market. With the increase in the population, the demand for eyewear continues to grow, as spectacles and sunglasses are both industries where these products are used. The market is expected to expand due to recent technological advancements in the field of optical deposition techniques and fabrication, as well as rising demand for powerful optical products in end-use applications.


COVID-19 Outbreak to Hamper Various End-use Industries and Market Growth


COVID-19 has revealed a number of problems for the paints & coatings industry, therefore, hampering the market growth. The pandemic has impacted major economies in each country, resulting in a slowdown in activities around industries that use optical coating. The current pandemic has lowered demand for optical coating in the various end-use industries. Across the world, there was a protracted lockdown and a sharp drop in the growth rate of sectors such as transportation, manufacturing, oil & gas, automobile, and energy.


Due to temporary facility closures, manufacturing effectively halts in numerous areas of the world for several months to a year. With a drop in travel as people spent more time at home during the COVID-19 pandemic, paint demand in the automotive sector plummeted. Automobile sales in China are continuing to recover at a rapid rate. In August, vehicle shipments were close to 2.2 million vehicles, up 11.6 percent year over year. On a year-over-year basis, total exports decreased by 10% from January to August 2020. Some sectors such as consumer electronics, medical, and telecommunication witnessed steady growth during the pandemic.


According to IEEE Consumer Electronics Magazine, overall consumer technology purchases will be down in 2020 due to the general economic effect on many consumers, but people are more reliant than ever on their consumer gadgets to communicate with others and operate from home. COVID-19 has had an effect on consumer electronics retail sales as well as the supply chain that serves consumer electronics production. Over time, people will become more reliant on web-based events, online education, and cloud-based resources in general. The consumer application and cloud services industries will benefit from this as well.


LATEST TRENDS


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Increasing Demand for Transparent Conductive Coatings is a Prominent Trend


With the increasing demand and production of touch screen screens, thin-film solar cells, and light-emitting products, the market for transparent conductive coatings is witnessing robust growth. The use of flexible devices and wider touch screens is becoming more common. In contrast, indium tin oxide (ITO) is almost exclusively used in transparent conductive coatings. A reliable alternative is being pursued due to its high cost, high temperature required to deposit films, brittleness, and yellow tint when deposited at certain thicknesses.


Various alternative materials have been studied, ranging from carbon nanotubes to graphene to conductive polymers, but obtaining comparable efficiency to ITO has proven difficult. Because of their high clarity and conductivity, low-cost deposition, resistance to splitting, high dc conductivity, and optical transmittance, silver nanowires (AgNW) have recently emerged as an exciting alternative. TBA Electro Conductive Products, based in the U.K., introduced a spray-able translucent conductive coating made of a CNT and graphene platelets (GNP) hybrid substance. TBA is looking to get into the electronics, food, and petrochemicals, pharmaceuticals industries.


These products are used in a variety of applications, including the agricultural electronics and touch screen industries. Consumer demand for electronic displays such as LCDs in TVs and mobile devices is driving the electrically conductive coatings industry. Furthermore, the large customer base for electronics and optical wear, as well as the launch of nanotube technology, are expected to propel this industry further.


DRIVING FACTORS


Rising Usage of Optical Coating in Automotive Industry to Aid Market Growth


These coatings in automotive glazing have a long tradition of enhancing value and versatility. The reflection of the interior from the windscreen back to the observer, known as veiling glare, will reduce a driver's visual acuity. Furthermore, the new success of high installation angle windscreen designs exacerbates the issue of veiling glare. Optical Anti-reflection (AR) added to the windscreen will minimize reflectivity, eliminating veiling glare.


As compared to uncoated glass, a novel three-layer AR structure created by this process reduces the inboard reflectance of a laminated windscreen at a 60-degree installation angle from 13.6 percent to 9.7%. The structure's reflectivity decreases to 7.3 percent as AR films are added to both the inboard and outboard surfaces of the windscreen laminate. In addition to the reduced reflections, the AR windscreens' mirrored hue is more neutral than typical AR designs, resulting in a more aesthetically appealing finished product.


Many refractive optics have anti-reflection coats, which are used to increase throughput and minimize ghosting. A single layer of Magnesium Fluoride (MgF2), which has a very low refractive index, is perhaps the simplest and most effective anti-reflective coat (approx. 1.38 at 550 nm). Panasonic's Industrial Solutions Company has commercialized an anti-glare type

anti-reflection film for automobile displays. The low reflection film with the model number MUAG8 (G200N) was developed using a wet process with excellent cost efficiency. The firm has begun shipping prototypes with plans to begin mass manufacturing in April 2021.


Robust Growth of Telecommunication Industry to Drive the Market


The global economy's connectivity is based on speech and data transmission. The connection between continents has become more active due to the rapid growth of optical fiber networks. The exponential growth of the optical industry is also fueled by the use of the Internet. The optical coat may be applied to a variety of devices (Devices) or an optical feature to value-added items such as lenses (Lens). Many optical elements may be mass-produced and coated together, lowering prices and increasing commercial revenues for the industry.


Complex filters are used to monitor the signal propagation of optical fiber networks. Multi-layer thin-film stacks also expanded the bandwidth of optical fiber delivery in the communications sector. The telecom industry will be the fastest-growing market for applications. Multiple layers and very tiny particles make up thin-film filters. Despite the limited production volume, they generate high benefit market rates. Many that can process technology in high-end industries would be at the forefront of this sector. The efficiency standards for thin-film optical filters have risen dramatically in response to the demands of the optical communications industry.


RESTRAINING FACTORS


The Errors Caused by Evaporation Deposition Process to Restrict Market Growth


The evaporation deposition process has low operating costs and is compliant with a wide range of materials, including dielectrics and metals. Furthermore, the chamber geometry provides a significant distance between the substrate source and the optical bits. It is resulting in superior uniformity even for complexly formed and steeply curved optical components. Nonetheless, it is frequently an inefficient production technique that relies heavily on operator feedback and is prone to a higher amount of random and systematic errors than alternative approaches.


Changes in process variables such as rate of deposition, vacuum pressure, vapor distribution, temperature, and so on are mainly to blame. As a result, layer-to-layer errors are higher, resulting in spectral efficiency that is inconsistent. Furthermore, completing a full costing run in an evaporation chamber takes longer and also at a lower volume. It can take up to two times as long as advanced alternative plasma reactive sputtering (APRS) methods, depending on the specification. The end-cost of an evaporation-produced component is often less than optimal, as power, yield, and production-cycle time are all major cost drivers.


SEGMENTATION


By Type Analysis


Anti-reflective Coatings Market Segment to Dominate the Market during the Forecast Period


Based on the type, the market is classified into anti-reflective, reflective, filter, conductive, electrochromic, and others.


Light-emitting diodes (LEDs), liquid crystal displays (LCDs), and solar cells, for example, need high transmittance while mitigating unnecessary light reflections from the surface. Applying AR coats to the substrate is one way to make anti-reflective surfaces. The rising demand for anti-reflective in the construction of photovoltaic solar panels, windows, automotive displays, and GPS navigation systems would aid growth.


Filter segment is expected to grow at a rapid pace. The potential of filter coatings to have high-performance and environmentally friendly products in end-use industries like defense, biomedical, aerospace, solar, and sensors is driving demand.


By End-use Industry Analysis


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Consumer Electronics Industry Accounted for Major Share in the Market in 2020


By end-use industry, the market is segregated into consumer electronics, telecommunication, medical, transportation, aerospace & defense, and others.


Consumer electronics is anticipated to account for the major optical coating market share during the forecast period. Consumer electronics is expected to continue to drive demand for the market during the forecast period. Smartphone penetration is increasing, and demand for optical add-on packages, touchscreens, monitors, and product technologies are driving consumer electronics demand.


Coatings are used on panels, dashboards, and mirrors in the automotive industry. Both carmakers make the most money in the industry, and automotive manufactures are still seeking to cut prices as much as possible. Electrochromic coatings, which are used in high-end car anti-glare rearview mirrors, are the most lucrative form of paint on the market.


REGIONAL INSIGHTS


Asia Pacific Optical Coating Market Size, 2020 (USD Billion)

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The market size in Asia Pacific stood at USD 5.48 billion in 2020. The regional market is expected to be driven by an increasing population and rising demand for consumer electronics such as laptops, cameras, cell phones, video game consoles, LED TVs, and personal computers. The growth of consumer electronics in the region is attributed to a number of factors, including improving economic conditions, rising middle-income countries' high disposable incomes. Emerging markets like China, South Korea, and India have emerged as big sales generators for the Asia Pacific consumer electronics industry. The robust growth of consumer electronics in the region is expected to drive the market for optical coating in the region.


The need for non-toxic and environmentally friendly materials in semiconductor and circuit assembly, sensor applications, laser systems, and aerospace applications has fueled the growth of the market in North America. Increased investment in the military and defense industry for applications such as beam attenuators, vision cameras, and range finding is anticipated to boost the market. The North American region's demand is being driven by a strong emphasis on the growth of domestic manufacturing and the increasing solar industry in the U.S.


In the telecommunications industry, Europe has the most liberalization, privatization, and competition. Because of the increasing use of these in car windows, automobile displays, and headlamps, the region is expected to witness steady growth. Furthermore, the growing middle class demographic, along with the growing demand for inexpensive vehicles, is projected to drive the market for optical coating during the forecast period.


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The percentage of people who own a smartphone rose from 39.1% to 43.2%. The surging smartphone purchases are helping to propel the consumer electronics industry in Latin America. The market is anticipated to grow because of the rise of the middle class in many countries across the Middle East & Africa, especially Egypt and South Africa. Tens of millions of people can now afford to purchase expensive and sophisticated consumer electronics. This trend is expected to drive the market.


KEY INDUSTRY PLAYERS


Strategic Planning Adopted by Key Companies to Strengthen Their Market Share


To retain product consistency and extend geographic presence, the majority of companies have consolidated their raw material manufacturing and delivery activities. This gives businesses a strategic edge in the form of cost savings, allowing them to increase their profit margin. Companies often prioritize R&D activities in order to produce new technologies to stay competitive and meet changing end-user demands. In the coming years, research on new materials that combine multiple properties is expected to achieve widespread acceptance in the market. The key players in the market are PPG Industries, Inc., DuPont, ZEISS International, Nippon Sheet Glass Co., Ltd, and Newport Corporation.


LIST OF KEY COMPANIES PROFILED:



  • Jenoptik (Jena, Germany)

  • SCHOTT (Mainz, Germany)

  • Optimax Systems, Inc. (New York, U.S.)

  • Surface Optics Corporation (California, U.S.)

  • GELEST, INC. (Pennsylvania, U.S.)

  • Materion Corporation (Ohio, U.S.)

  • VAMPIRE OPTICAL COATINGS (Ohio, U.S.)

  • Optics Balzers AG (Liechtenstein, Germany)

  • VIAVI Solutions Inc. (California, U.S.)

  • PPG Industries, Inc. (Pennsylvania, U.S.)

  • DuPont (Delaware, U.S.)

  • ZEISS International (Oberkochen, Germany)

  • Nippon Sheet Glass Co., Ltd (Tokyo, Japan)

  • Newport Corporation (California, U.S.)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • May 2019 – PPG Industries, Inc. announced that during SID Display Week 2019, it would showcase its entire spectrum of revolutionary conductive and transparent functional coatings for display glass and plastic substrates.  

  • March 2021 –Surface Optics Corporation was awarded a Phase II NAVAIR Small Business Innovation Research (SBIR) contract to create antireflection coatings for aerodynamic missile domes, and the company will present its cutting-edge optical coating technology at the Navy Forum for SBIR/STTR Transition.  


REPORT COVERAGE


An Infographic Representation of Optical Coatings Market

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The market research report provides a detailed analysis and focuses on crucial aspects such as leading companies, products, and products. Also, it offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the global optical coating market 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.


Report Scope & Segmentation














































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  By Type; End-use Industry; and Region



By Type




  • Anti-Reflective

  • Reflective

  • Filter

  • Conductive

  • Electrochromic

  • Others



By End-use Industry




  • Consumer Electronics

  • Telecommunication

  • Medical

  • Transportation

  • Aerospace & Defense

  • Others



By Region




  • North America (By Type, By End-use Industry)



      • The U.S. (By End-use Industry)

      • Canada (By End-use Industry)





  • Europe (By Type, By End-use Industry)



      • Germany (By End-use Industry)

      • UK (By End-use Industry)

      • France (By End-use Industry)

      • Italy (By End-use Industry)

      • Spain (By End-use Industry)

      • Russia & CIS (By End-use Industry)

      • Rest of Europe (By End-use Industry)





  • Asia Pacific (By Type, By End-use Industry)



      • China (By End-use Industry)

      • Japan (By End-use Industry)

      • India (By End-use Industry)

      • South Korea (By End-use Industry)

      • Rest of Asia Pacific (By End-use Industry)





  • Latin America (By Type, By End-use Industry)



      • Brazil (By End-use Industry)

      • Mexico (By End-use Industry)

      • Rest of Latin America (By End-use Industry)





  • The Middle East & Africa (By Type, By End-use Industry)



      • South Africa (By End-use Industry)

      • GCC (By End-use Industry)

      • Rest of the Middle East & Africa (By End-use Industry)







Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 12.01 billion in 2020 and is expected to reach USD 22.57 billion by 2028.

In 2020, the Asia Pacific market size stood at USD 5.48 billion.

Registering a CAGR of 8.1%, the market will exhibit steady growth during the forecast period (2021-2028).

The consumer electronics segment is expected to lead this market during the forecast period.

The growing use of this product in semiconductor technologies, scientific equipment, and military equipment is driving the market.

PPG Industries, Inc., DuPont, ZEISS International, Nippon Sheet Glass Co., Ltd, and Newport Corporation are major players in the global market.

Asia Pacific dominated the market in terms of share in 2020.

The growing usage of the product in the automotive industry is expected to drive the adoption.

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Optical Coatings Market Size, Share and Global Industry Trend Forecast till 2026
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