The global mirror coatings market was worth USD 6711 million in 2020 and is further projected to reach USD 12700 million by the year 2027 growing at a CAGR of 98 in the forecast period ID: 903792
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Mirror Coatings Market, By Resin Type- Trend Analysis, Competitive Market Share & Forecast, 2020-2027
Slide2Mirror Coatings Market- Industry Trends & Forecast Report 2027The global mirror coatings market
was worth USD 671.1 million in 2020 and is further projected to reach USD 1,270.0 million by the year 2027, growing at a CAGR of 9.8% in the forecast period. The market is progressing at such a high growth rate because of its wide applications in several industries. Its adoption in concentrated solar power because of its texture, color and durability has given a significant push to the overall market. Furthermore, the growing demand for architectural mirrors is also propelling the growth of the global mirror coating market
.
Slide3Growth Drivers Flourishing Building and Construction Sector
The construction of various commercial and non-commercial buildings has significantly influenced the growth of the global mirror coatings market. Buildings nowadays are primarily using mirrors, due to which the demand for mirror coatings has surged. Governments, especially of emerging economies, are taking various initiatives to construct residential buildings, offices, hospitals, etc. Mirrors are added to the outside wall of the building to keep the inner surface and the interior environment of the building cool. It also gives an aesthetic look to the buildings.
Slide4Restraints High Exposure to DegradationA thin layer of metal is used to make mirrors highly reflective since metal is more conductive than glass. Silver, aluminum, copper, gold, beryllium, and other metals are commonly used for this purpose. However, these metals carry a high risk of degradation. Unless kept in a dry, contamination-free environment, silver loses its luster fast, usually within a month or two. Additionally, metals like aluminum and gold are highly stable. However, under high exposure, they become very sensitive. This kind of disadvantage may restrict the growth of the global mirror coatings market.
Slide5Impact of COVID-19The sudden breakout of the COVID-19-induced pandemic halted the operations of almost all industries. The global coatings market too had to undergo disastrous effects because of the COVID-19. Because of a lockdown imposed by countries to curb the spread of the virus, the operations of major end-users in this market such as the construction, automotive, solar power, and transportation industry, were disrupted. As a result, the demand for mirror coatings declined significantly, affecting the business revenue of the market players negatively.
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Slide6Regional InsightsGeographically, the global mirror coatings market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, the Asia-Pacific region accounts for the largest market share in this market. The flourishing construction activities in developing countries like India, China, Japan, etc., are pulling the demand for mirror coatings. Furthermore, the presence of several industry players like Tianjin
Xin
Lihua Color Materials Co. Ltd, High Ding Industrial, etc. in this region further propels the growth of the mirror coatings market.
Slide7Recent Developments In June 2021, The
Protech
Group, a Canadian coating, paint, and specialty materials manufacturer, announced its acquisition of Excalibur Paints and Coatings Ltd. This acquisition is aimed towards the portfolio expansion of the Protech Group. In April 2020, The Sherwin-Williams Company, a US-based paint, and coating manufacturing company, released a new line of hyper durable powder coatings that will provide UV and weathering resistance and will require minimal maintenance
.
Slide8Competitive landscapeThe leading market players of the global mirror coatings market are Tianjin Xin Lihua
Color Materials Co. Ltd,
Arkema Group, The Sherwin-Williams Company, CASIX, PearlNano LLC, Diamon-Fusion International Inc., North American Coating Laboratories, Dynasil Corporation, GUARDIAN GLASS, Edmund Optics Inc., General Optics (Asia) Limited, FENZI SpA, High Ding Industrial, Mader
,
GlasTrösch
, Ferro, Vitro, S.A.B. De C.V.,
SunGaurd
,
Grincoat
, and other prominent players.
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