Optical Coatings to Benefit from Increasing Consumer Electronics Demand
The global “Optical Coating Market” is expected to reach $19.7 billion by 2022, according to a recent report by Grand View Research, Inc. Growing demand for smartphones, tablets and high-resolution displays is expected to drive growth over the forecast period.
Rising utilization of consumer electronics, coupled with technological advancement in this area, is expected to augment demand over the next seven years. Growing concern regarding energy-efficient buildings has led to increased use of optical coatings in architectural glass. As per the LEED standards for green buildings, optical coatings play an important role in reducing energy consumption through thermal insulation and results in effective cooling and reduced costs. Favorable regulatory policies around the globe are expected to propel product demand in architectural glass applications over the forecast period.
The anti-reflective segment is expected to grow at a compound annual growth rate (CAGR) of over 10% from 2015 to 2022 in terms of volume. Declining prices of smartphones and tablets, coupled with the emergence of new technologies in terms of improved user interface, are expected to drive demand over the forecast period. Anti-reflective coatings are being widely used in the optics and laser industries, and are expected to further propel growth over the next seven years.
Solar applications are expected to witness significant development due to increasing investment to set up power plants, particularly in emerging economies across the globe. In addition, government policies (e.g., grants, incentives and subsidies) to promote the development of alternate energy sources is expected to increase product consumption over the forecast period.
North America accounted for over 30% of the global market in terms of revenue. Consumer demand for emerging technologies is expected to propel market growth. Continuous innovation and rising spending in military and defense industry for applications including night vision cameras, beam attenuators and range finding are expected to augment growth. Europe is expected to witness significant growth due to the rising use of optical coatings in automobile displays, car windows and headlamps. In addition, an increasing middle class population, coupled with rising requirements for affordable cars, is expected to propel the market over the forecast period.
For more information, visit www.grandviewresearch.com.