Mirror Coatings Market was estimated at USD 731.7 million in 2022 and is envisioned to grow at a CAGR of 9.68% between 2023 and 2028 to reach USD 941.4 million.
Mirror coatings are paints used on silver and aluminum mirrors for optical reflection. Mirror coatings provide protection against abrasion, scratches, oxidation, chemical corrosion, etc. Among end-users, the automotive, construction, and solar energy sectors are experiencing high demand for mirror coatings. The growing call for mirror coatings in multiple applications such as architecture, automotive and transportation, and solar power is anticipated to drive the growth of the mirror coatings market in the future. Factors limiting the growth of the market include the high prices of finished products used in the solar energy industry. Mirror coatings are carrier paints used for optical reflection and are widely used in residential and non-residential buildings. Mirror coatings provide protection against abrasion, scratches, oxidation, chemical corrosion, etc. The construction sector leads to the application of coatings for mirrors. It is estimated that between 28,000 and 60,000 new homes will be built in the UK by 2026, where mirror coatings are expected to be applied, which in turn creates space for this market. Therefore, due to the increase in construction activity, especially in Asia-Pacific and North American countries, the demand for mirror coatings is likely to increase during the outlook period.
Mirror Coatings Market Drivers:
The increasing demand for mirror coatings in various applications, such as architecture, automotive and transportation, and decoration, is a major factor that is driving the growth of the global mirror coatings market over the review period. Another factor that is supporting the growth in revenue of the target market is the increased demand from the military and defense sectors. In addition, the different properties of the product to prevent abrasion, scratches, oxidation, chemical corrosion, etc., is another factor that should lead to the adoption of mirror coatings, which should stimulate the growth of the market in the coming years.
However, the downsides of water-based mirror coatings, as they are not sensitive to environmental conditions such as temperature and humidity during the curing phase, are a key factor that is estimated to slow the growth of mirror coatings during the outlook period.
The current trend seen in the global mirror coatings market is the growing adoption of mirror coatings for solar power applications, which is likely to continue over the prediction period. The growing demand for durable, environmentally friendly, low VOC mirror coatings is estimated to create a lucrative opportunity for players in the global mirror coatings market in the following years.
Another factor that is expected to impede the growth of the target market during the foreseen period is the stringent regulations and environmental challenges associated with mirror coating.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
9.68% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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Mirror Coatings Market - By Type:
Polyurethane
Epoxy
Acrylic
Polyurethane mirror coatings are easy to clean, strong, and very durable. They are used to obtain a long-term protective layer. Polyurethane mirror coatings are used in various applications such as architectural, CSP (concentrated solar panels), and decorative mirrors.
Solvent-based
Water-based
Nano Coating
The nano-mirror coatings segment is anticipated to witness the highest growth rate during the conjecture period. These coatings provide protection against corrosion, oxidation, and microbial attack. The growth of the CSP solar power industry is likely to boost the nano-mirror coatings segment in the future. Nano Mirror coatings are water and dirt-repellent, scratch-resistant, and temperature-resistant.
The architecture segment is determined to have a significant share, in terms of volume and value, during the anticipated period. The demand for architectural coatings is growing rapidly in Asia-Pacific, due to increased spending on commercial and residential buildings in the region. Architectural mirror coatings are used on walls, kitchens, living rooms, bathrooms, doors, museums, and bars. Based on the medium, the mirror coatings market has been segmented into silver and aluminum.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The Asia-Pacific region is anticipated to dominate the mirror coatings market during the forecast period. The largest producers of mirror coatings are in the Asia-Pacific region. The Chinese government has implemented massive construction plans, including provisions for 255 million people in its new mega-cities, over the next ten years, creating space for mirror coatings in the next few years. Almost 10% of India's GDP is spent on infrastructure services. Besides the construction industry, mirror coatings are widely used in the automotive industry, solar power industry, decoration, and some other industries.
The North American region has the largest production of water-based coatings and solvent-based coatings. The growing popularity of electric vehicles and technological advancements are expected to drive market demands. The United States and Canada are analyzed for the assessment of the growth of the North American mirror coatings market. The United States experienced a growth rate of 2.4% in the fiscal year 2020. The country has one of the largest construction industries in the world, recording an annual income of $ 1.401 billion in 2020. According to The Bureau According to the US census, the total number of housing units authorized by building permits is forecasted a growth rate of 6% in 2020. In addition, private housing registered a growth rate of 1.5 % in March 2020. According to the Federal National Mortgage Association (Fannie Mae), residential home construction is expected to increase by 11% in 2020. However, the COVID-19 pandemic is expected to significantly reduce construction activity, which would have a negative impact on the growth of the studied market. At the same time, the market is expected to rebound after 2021 followed by steady growth during the forecast period. In addition, the healthcare sector, with respect to construction activities, will register a growth rate of 3.6% in 2021 and 3.5% in 2022. These factors are estimated to contribute to the growth of the market for mirror coatings in North America.
The emergence of coronavirus has crippled the whole world for some time. We understand that this healthcare crisis has had an unprecedented impact on businesses across all industries. However, that too will pass. Growing support from governments and various companies can help fight this highly contagious disease. Interestingly, some industries are struggling, and others are thriving in this period.
Key players operating in the global mirror coatings market are
Arkema, FENZI
Fero Corporation
The Sherwin-Williams Company
Vitro Architectural Glass
Guardian Glass, LLC.
Diamon-Fusion International, Inc
PearlNano, LLC, Mäder
Tianjin Xin Lihua Color Materials Co., Ltd
Zhejiang Hongding Industrial Co., Ltd, CASIX.
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