Global Mirror Coatings Market

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

  • Published Date: August 2021
  • Report ID: BWC2118
  • Available Format: PDF
  • Page: 200

Report Overview

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.

Global Mirror Coatings Market- Industry Trends & Forecast Report 2027

The 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.

 

Global Mirror Coatings Market- Overview

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. Without the coatings, the mirrors will simply be transparent and pass all the light. Generally, silver or aluminum coatings are used for mirror coating because of their highly reflective properties. Mirror coatings are commonly known as silvering because silver is the most predominant material used for mirror coatings. But most often, other metals like copper, gold, etc. are also used for the purpose.

Global Mirror Coatings Market Forecast and Trends

Growth 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.

Use of Mirror Coatings In The Solar Power Industry

The popularity of solar power has grown with the growing awareness of energy conservation and the use of renewable energy sources, especially in developed countries. Solar planes are made up of low-cost reflecting mirrors, lenses, and light focusing characters to grab the light intensity over the surface of the panels. And since mirrors will have to be exposed to the extreme environment of rain and sun, they need to be sturdy and resistant to change. For this purpose, mirror coatings are used in the solar power industry, which is boosting the overall market demand.

Restraints

High Exposure to Degradation

A 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.

Impact of COVID-19 on Global Mirror Coatings Market

The 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.

Global Mirror Coatings Market - By Resin Type

Based on resin type, the global mirror coatings market is segmented into polyurethane, epoxy, acrylic, and others. The polyurethane resin type captures the largest market share as it is increasingly being used in mirror coatings. This resin type has excellent water resistance and chemical resistance. Polyurethane resin also has excellent binding qualities and protects the fluffing of the fibers. As a result, this type of resin is utilized in a variety of sectors for mirror coating, particularly in solar panels, because it is easy to clean and also long-lasting.

Global Mirror Coatings Market - By Technology

Based on technology, the global mirror coatings market is categorized into water-based coatings, solvent-based coatings, and nanotechnology-based coatings. The solvent-based coatings segment currently holds the largest market share and is likely to maintain its dominance even during the forecast period. The technology is very convenient to use, and it can accommodate many different applications. Solvent-based mirror coatings can either be applied through automated machines or hand sprays. It also has reduced drying time than other mirror coating technologies. Furthermore, it is waterproof, gives a lustrous look, and does not create bubbles, which is why it has higher market demand as compared to other technologies.

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. 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.

Regional Insights

Competitive Landscape

The 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.

The presence of several industry participants makes the market highly fragmented. Moreover, the companies are consistently engaging in competitive strategies such as partnerships, mergers & acquisitions, and joint ventures to expand their product portfolio and increase their market penetration.

Recent Development

  • 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.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Resin Type, By Technology, By Substrate, By Application, By Region

Key Players

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.

 

By Resin Type

  • Polyurethane
  • Epoxy
  • Acrylic
  • Other

Alkyd

Silicone

By Technology

  • Water-Based Coatings
  • Solvent-Based Coatings
  • Nanotechnology-Based Coatings

By Substrate

  • Silver
  • Aluminum

By Application

  • Architectural
  • Automotive & Transportation
  • Decorative Applications
  • Solar Power

Concentrated Solar Power Systems

CSP Considerations

  • Other Applications

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)

FAQs:

1. What is the current size of the global mirror coatings market?

Answer: The global mirror coatings market reached USD 671.1 million in 2020.

2. What are the major factors driving the growth of the global mirror coatings market?

Answer: The major factors driving the growth of the global mirror coatings market are the flourishing building and construction sector and use of mirror coatings in the solar power industry.

3. Who are the key players in the global mirror coatings market?

Answer: The key 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.

4. Which resin type segment accounted for the largest share in the global mirror coatings market?

Answer: The polyurethane segment accounted for the largest share in the global mirror coatings market.

5. Which region is at the highest growth rate in the global mirror coatings market?

Answer: Asia-Pacific has the highest growth rate in the global mirror coatings market.