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.
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Market players are making huge R&D investments to investigate new optical coating applications in aerospace and defence equipment, medical industry, and 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, optical coating is expected to drive the market during the projected period where as key market player are significantly spending in R&D to explore the optical coating application in multiple end-use industry ,” said an 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 to remain key technology of optical coating accounting for around 50% of the volume consumption.
- Consumer Electronics and Lenses & Eyewear to 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.
Competitive Landscape
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.
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Optical Coating Market Segmentation
By Product Type:
- AR coatings
- High Reflective Coatings
- Transparent Conductive Coatings
- Filter Coatings
- Beam splitter Coatings
- Others
By Technology:
- Vacuum Deposition
- E-beam Evaporation
- Sputtering Process
- Ion-Assisted Deposition
By Application:
- Consumer Electronics
- Lenses & Eyewear
- Solar
- Automotive
- Aerospace & Defense
- Others
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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