Mirror Coatings Market - Growth, Trends, and Forecast (2020-2025)
NEW YORK, June 2, 2020 /PRNewswire/ -- The market for mirror coatings is expected to grow at a CAGR of about 5% globally during the forecast period. Growing demand from the construction industry and increasing applications in the solar power industry are driving market growth. On the flip side, the high cost of mirror coatings is expected to hinder the growth of the market.
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- Mirror Coatings market is expected to grow during the forecast period owing to the increasing demand from the water and wastewater treatment plant.
- Asia-Pacific region dominated the market across the globe with the largest consumption from the countries such as China, India, and Japan.
Key Market Trends
Growing Demand from Buildings & Construction
- Mirror coatings are backing paints used for optical reflection. They are based on silver and aluminum substrates. These coatings preserve the quality of overall finished products in terms of durability, color, and texture.
- Mirrors are widely used in both residential and non-residential buildings. Mirror coatings offer protection against abrasion, scratching, rusting, chemical corrosion, etc. The construction sector leads to the application of mirror coatings.
- It is estimated that in the United Kingdom around 27,000 – 50,000 new homes are to be built by 2022 where the application of mirror coatings is anticipated which in turn creates scope for this market.
- Hence, owing to the growing construction activities, especially in Asia-Pacific and North American countries, the demand for mirror coatings is expected to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for mirror coatings during the forecast period. In countries like China, India, and Japan with growing construction activities, the market for mirror coatings has been increasing in the region.
- The largest producers of mirror coatings are located in the Asia-Pacific region. Some of the leading companies in the production of mirror coatings are Tianjin Xin Lihua Color Materials Co., Ltd (NBC), General Optics (Asia) Limited, CASIX, he Sherwin-Williams Company, and Arkema Group.
- The Chinese government has rolled out massive construction plans, including making provisions for 250 million people in its new megacities, over the next ten years, creating scope for mirror coatings over the coming years.
- Nearly, 9% of India's GDP is spent on infrastructural services. The government of India has given an enormous momentum to the infrastructural sector, by allocating INR 5.97 lakh crore (~USD 92.22 billion), under the Union Budget 2018-2019 creating scope for the application of mirror coatings in its infrastructure services.
- Apart from construction sector, mirror coatings are widely used in automotive, solar power industry, decorative and few other industries.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for mirror coatings during the forecast period.
Competitive Landscape
The global mirror coatings market is fragmented with players accounting for a marginal share of the market. Few companies include Tianjin Xin Lihua Color Materials Co., Ltd (NBC), General Optics (Asia) Limited, CASIX, The Sherwin-Williams Company, and Arkema Group.
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