The global optical coating market size was USD 12.01 billion in 2020. The market is expected 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. This information is provided by Fortune Business Insights™ in its report titled, “Optical Coating Market, 2021-2028.” According to our researchers, the market is projected to inflate owing to the latest technological progressions in the field of optical deposition methods and fabrication, along with increasing demand for dominant optical products in end-use applications. Additionally, numerous industry players put in efforts on R&D to advance their coating procedures and supplies in order to deliver high-performance optical coverings, and this is estimated to drive the market growth in the near future.
COVID-19 Impact: Lockdown Hinders Global Trade and Declines Optical Coating Demand
The stringent government rules regarding lockdown infliction and travel ban resulted in a decrease in usage of vehicles and eventually a sudden drop in automobile purchasing. A sharp dip in tourism was observed as people were forced to stay at home during the COVID-19 pandemic, due to which the automotive sector plunged. Automobile deals in China are enduring to improve at a quick rate. For instance, in August 2020, vehicle deliveries were roughly about 2.2 million vehicles, which is on a higher side by 11.6% to that of last year.
On a year-over-year foundation, aggregate trades declined by 10% from January to August 2020. Specific sectors such as consumer electronics, medical, and telecommunication observed stable growth amid the pandemic. As per IEEE Consumer Electronics Magazine, in general customer technology procurements is estimated to be on a lower side in 2020 on account of the universal economic consequence on many customers. Nowadays, people are more dependent than ever on their user devices to interconnect with others and function from home.
Drivers and Restraints
The connectivity of the universal economy is grounded on speech and data broadcast. Association between continents has become more dynamic owing to the prompt growth of optical fiber systems. The drastic growth of the optical industry is also driven by the usage of the internet. The optical coating may be functional in various gadgets or an optical aspect to value-added products such as lenses. Several optical components can be bulk-produced and layered together, dropping costs and escalating profitable incomes for the coating industry.
Compound filters are utilized to observe the signal transmission of optical fiber links. Multi-layer thin-film piles also extended the bandwidth of optical fiber supply in the communications segment. The telecom industry is projected to be the quickest-growing market for coating usage. Numerous layers and very minute particles make up thin-film filters. Regardless of the restricted production capacity, they create high-profit market prices. The proficiency ideals for thin-film optical filters have augmented intensely in reply to the demands of the optical communications industry.
April 2020: Materion Corporation declared that it has engaged in a binding contract to purchase Optics Balzers, AG, which is a thin-film optical coating market forerunner.
List of Key Players Covered in this Market Report
Information Source: https://www.fortunebusinessinsights.com/optical-coatings-market-102138