Global Mirror Coatings Market is Projected to Touch Market Worth of USD 1,270.0 Million: Growing at the CAGR of 9.8% in the Forecast Period
Published | 13 August 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global mirror coatings market was worth USD 671.1 million in the year 2020. The market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 1,270.0 million by the end of 2027. The global mirror coating market is gaining significant traction because of the increasing cA recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global mirror coatings market was worth USD 671.1 million in the year 2020. The market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 1,270.0 million by the end of 2027. onstruction activities, flourishing automotive and transportation as well as rising demand for solar power. However, the growth is restrictive because of the high costs of mirror coatings as well as the high risk of degradation of the metals used for the coatings.
Application of Mirror Coatings On Buildings Is Estimated To Boost The Global Mirror Coatings Market In The Forecast Period
The pattern and method of construction of buildings have changed over time. Buildings are now constructed in such a way that they can survive extreme environmental conditions while maintaining a functional interior.Because of this, the building owners are incorporating various methods to achieve this purpose. One of those methods is mirror coatings. Highly reflective metals are used for coating the mirrors. Reflective glass provides optimal light to the building's interior spaces, reducing lighting costs. It also facilitates color neutrality and light filtration. As a result, the demand for mirror coatings has increased, boosting the market's total demand.
Silver Mirror Coatings Market Projected to Flourish In The Forecast Period
Based on substrate, the global mirror coatings market is segmented into aluminum and silver. The silver segment accounts for the largest market sharebecause of the high reflective property of the silver. Silver is a type of metal that can reflect over 95 % of the light falling on it. Because of this property, it is more preferred over aluminum coating. However, the use of aluminum is increasingly being used in the metallic coatings of the mirror and is estimated to gain significant traction over the forecast period.
Global Mirror Coatings Market - By Application
Based on application, the global mirror coatings market is categorized into architectural, automotive & transportation, decorative applications, solar power, and others. The architectural segment dominates the market because of the increasing construction activities in both developed countries as well as emerging economies for infrastructural development purposes. The countries are investing significantly in the construction of both commercial and residential buildings, which is estimated to contribute to the growing demand for mirror coatings. Additionally, mirror coatings are also commonly used on buildings to protect them from corrosion, rusting, chemical degradation, and other issues. Because of this, the consumption of mirror coatings is very prominent in the construction sector.
Global Mirror Coatings Market - Regional Insights
Geographically, the global mirror coatings market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the global mirror coatings market. The constantly undergoing construction activities for infrastructural development plays a major role in pulling the demand for mirror coatings in this market. Furthermore, the flourishing automotive industry in countries like China, South Korea, India, etc., is also boosting the demand for mirror coatings. However, North America also has a substantial share in the global mirror coatings market.
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Impact of COVID-19 on Global Mirror Coatings Market
The global mirror coatings market was negatively affected because of the COVID-19-induced pandemic. As construction activities, as well as automotive manufacturing and transportation operations, were affected, demand for mirror coatings came to a halt.As a result, the market for mirror coatings has seen a major drop in demand. The market was also impacted by the lockdown and social distancing guidelines, which briefly halted the production of mirror coatings.However, the market is estimated to get back to its pace slowly in the post-COVID-19 period as business operations of end-users’ resume.
Global Mirror Coatings Market: Competitive Landscape
The leading market players in 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.
The presence of several industry participants makes the market highly fragmented. The companies engage in competitive strategies such as partnerships, mergers&acquisitions, and joint ventures to expand their product portfolio and increase their market penetration.
Don’t miss the business opportunity of the global mirror coatings market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global mirror coatings market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global mirror coatings market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global Mirror Coatings Market, By Resin Type (Polyurethane, Epoxy, Acrylic, Other), By Technology (Water-Based Coatings, Solvent-Based Coatings, Nanotechnology-Based Coatings), By Substrate (Silver, Aluminum), By Application (Architectural, Automotive & Transportation, Decorative Applications, Solar Power, Other Applications), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: August 2021
Mirror coatings are used to polish the surface of the mirror to make it reflective. These protective layers are applied to the rear surface of silver or aluminum glass mirrors for optical reflection. It helps to retain the end product's quality in terms of durability, texture, and color.
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