Mirror Coatings Market - Growth, Trends, and Forecast (2020-2025)
The market for mirror coatings is expected to register 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.
Mirror coatings market is expected to grow during the forecast period, owing to the increasing demand from the water and wastewater treatment plants.
The AsiaPacific region dominates the market across the world, with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand from the Building and Construction Sector
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 nonresidential 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 AsiaPacific and North American countries, the demand for mirror coatings is expected to increase over the forecast period.
AsiaPacific Region to Dominate the Market
The AsiaPacific region is expected to dominate the market for mirror coatings during the forecast period. In countries, like China, India, and Japan, with the growing construction activities, the market for mirror coatings has been increasing in the region.
The largest producers of mirror coatings are located in the AsiaPacific 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 SherwinWilliams 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 20182019 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.
The global mirror coatings market is fragmented, with the major players accounting for a marginal share. A few companies operating in the market include Tianjin Xin Lihua Color Materials Co. Ltd (NBC), General Optics (Asia) Limited, CASIX, The SherwinWilliams Company, and Arkema Group.
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