Mirror Coatings Market Forecasts to 2028 – Global Analysis By Substrate (Aluminum-Based Coatings, Silver-Based Coatings), Type (Acrylic Resin, Alkyd, Epoxy Resin), Texhnology, Application, and By Geography

Mirror Coatings Market Forecasts to 2028 – Global Analysis By Substrate (Aluminum-Based Coatings, Silver-Based Coatings), Type (Acrylic Resin, Alkyd, Epoxy Resin), Texhnology, Application, and By Geography

According to Stratistics MRC, the Global Mirror Coatings Market is accounted for $634.30 million in 2021 and is expected to reach $922.70 million by 2028 growing at a CAGR of 5.5% during the forecast period. Mirror coatings are referred as the thin metallic layers applied to polished surfaces to reflect light. They are produced using vacuum evaporation or sputtering technique on metals and glass, such as gold, copper aluminum, and silver, along with beryllium, copper and chrome. Mirror coatings are commonly available in solvent-based, water-based and nanocoating variants. These coatings provide protection against scratches, abrasion, oxidation and chemical corrosion. They are widely used in the distance measuring devices, light-emitting diode (LED) light reflectors, deflection mirrors of scanners, prisms, telescopic mirrors, and head-mounted displays (HMDs).

Market Dynamics:

Driver:

Significant improvements in space exploration technologies

Researchers have been experimenting with various mirror coatings because they can significantly improve space exploration technology. The more reflective a telescope mirror is at far-ultraviolet wavelengths, the better the images it can capture. Improved reflectivity alone, as a consequence of new mirror coating, would result in significant enhancements in capacity, while the advantages of more competent optical designs made feasible by greater reflectivity would raise the telescope’s sensitivity. For instance, scientists and engineers at NASA's Goddard Space Flight Centre developed telescope these coatings with the highest reflectivity yet reported in the far-ultraviolet spectral band in June 2020.

Restraint:

Stringent emission regulations

Increasing environmental concerns regarding the detrimental effects of volatile organic compounds (VOCs) emitted from products such as mirror coatings are expected to prompt regulatory agencies to adopt regulations that are more stringent. The paints and coatings products are one of the major sources of VOC emissions. VOCs lead to the development of particulate matter (PM) and ground-level ozone, which have a detrimental effect on the environment. These pollutants have several adverse cardio-respiratory impacts, ranging from respiratory symptoms to premature mortality, increased stress on healthcare services, and adverse impacts on the environment.

Opportunity:

Growing demand from end user industries

The mirror coating is applied during the float process to enhance the amount of heat reflected by the reflective glass. Reflective glass is a type of annealed or standard glass that has a thin layer of mirror coating. This enables it to absorb and reflect the harmful UV and infrared rays of the sun yet allows natural visible light to pass through. Mirror coatings on glass are used to combat the rising rate of energy consumption because it helps block solar heat and glare from entering inside. In architectural designs they are used as green and sustainable elements due to their high performance against heat ingress and delectable visual appeal. As this coating is applied to only one side of a glass, it has a mirror-like appearance. It also prevents excessive solar glare.

Threat:

Hindrance with water-based coatings

Water-based coatings have flow properties that change with humidity, affecting the overall coating application. Drying and curing processes are highly time-consuming for water-based coatings than for solvent-based coatings. Under conditions of high humidity, water does not easily evaporate, resulting in a poor cure and decreased performance. Moreover, water-based coatings are also sensitive to cold temperatures and are usually not usable after freezing. Therefore, these coatings are susceptible to frost damage. Thus, these factors are hampering the market growth.

The solar power segment is expected to be the largest during the forecast period

The solar power segment is estimated to have a lucrative growth. Solar power systems employ mirror-coated mirrors and lenses to concentrate sunlight and generate power. Climate change is one of the most important concerns the world faces today, affecting every region of the globe. One of the most important actions that can help avoid the catastrophic effects of global warming is promptly cutting greenhouse gas emissions by reducing fossil fuel usage and shifting to alternative renewable energy sources such as solar energy. Leading economies, including the U.S., China, and the European Union, have already proclaimed their intention to achieve net-zero emissions in the coming years, with concentrated solar power farms playing a critical role.

The polyurethane resin segment is expected to have the highest CAGR during the forecast period

The polyurethane resin segment is anticipated to witness the fastest CAGR growth during the forecast period. A polyurethane resin coating is a layer of polyurethane is placed on the surface of a substrate to protect it. This coating protects all corrosion, abrasion, weathering, and other degrading factors. Compared to the other resins available, polyurethane coatings are more robust and elastic. One of the key selling advantages of polyurethane coatings is their endurance. Although polyurethane coating appears to be comparable to other coatings, it has certain unique qualities that make it unique and suited for specific applications.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period due to the rising demand from the automotive industry. With ongoing discussions regarding emission compliance, more consumers are anticipated to transition to electric vehicles, increasing demand in the automotive sector. Since the automobile sector is one of the major consumers of mirror coatings, the market is likely to thrive and expand simultaneously with the region's expanding automobile sector. The European automobile sector contributes a significant share of the EU's GDP and is anticipated to continue to do so during the forecast period. For instance, according to the European Automobile Manufacturers Association, Europe has around 298 automobile manufacturing plants, with major automakers like Volkswagen, BMW, Renault, and Peugeot.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period due to the growing demand from the construction and infrastructure development industry. Emerging economies such as China and India and other Southeast Asian countries are expected to invest significantly and undergo massive infrastructure transformation. The Asia Pacific region currently holds more than 60% of the world's population, and people's purchasing power and living standards have improved significantly over the previous several decades.

Key players in the market

Some of the key players profiled in the Mirror Coatings Market include Abrisa Technologies, AccuCoat Inc, Casix, Dynasil Corporation, Fenzi, Ferro Corporation, JENOPTIK AG, North American Coating Laboratories, Reynard Corporation, Sherwin-Williams Company, Tianjin Xin Lihua Color Materials, and ZEISS International.

Key Developments:

In April 2022, The Sherwin-Williams Co. announced it has completed its acquisition of the European industrial coatings business of Sika AG. The acquired business will become part of the company's Performance Coatings Group operating segment. Approximately 115 Sika employees will join Sherwin-Williams.

In April 2021, Fenzi Group announced that it has partnered with Arsenal Capital Partners (“Arsenal”) who is providing additional capital to help accelerate the growth of the company. Fenzi Group sees significant global opportunities to geographically grow its core business and through strategic acquisitions add technology and products to support the needs of its global customers.

Substrates Covered:
• Aluminum-Based Coatings
• Silver-Based Coatings

Types Covered:
• Acrylic Resin
• Alkyd
• Epoxy Resin
• Polyurethane Resin
• Silicone Resin

Technologies Covered:
• Nanotechnology-Based Coatings
• Solvent-Based Coatings
• Water-Based Coatings

End Users Covered:
• Architectural
• Automotive & Transportation
• Building and Construction
• Decorative
• Solar Power

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances