Mirror Coatings Market - An Overview
The global mirror coatings market is expected to witness strong growth during the forecast period between 2021 and 2031.
The objective behind deploying mirror coatings is to preserve the overall quality of finished products by ensuring key product features such as durability, texture, and color, do not erode quickly.
Automotive, solar, and construction industries have increasingly deployed mirror coatings in the last decade and more.
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The outbreak of the COVID-19 pandemic negatively impacted the growth in the global mirror coatings market. With governments imposing strict social distancing regulations and lockdowns in a bid to contain the spread of the virus, manufacturing facilities were forced to shut down temporarily or permanently.
This led to a decrease in demand for mirror coatings and adversely impacted the overall market.
However, it is anticipated that with the subsequent reduction in cases, production units will start operations soon, thereby fueling product demand and leading to steady growth in the mirror coatings market.
Mirror Coatings Market - Trends and Opportunities
Rising demand for architectural glass and mirrors in leading economies globally is the key growth driver for the mirror coatings market.
Also, growth in the number of eco-friendly buildings, where there has been an increased deployment of renewable energy sources such as solar energy is expected to fuel the demand for mirror coatings, in the coming years.
Advancements to existing mirror coating products are anticipated to propel product demand in the upcoming years.
Nano-based mirror coatings are expected to make the largest contribution to the overall market due to product features such as high corrosion resistance and improved protection from microbial attacks and rusting.
Mirror coatings developed from polyurethane resins are anticipated to contribute the most to the overall market because of features such as high durability, toughness, and easy to handle.
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Mirror Coatings Market - Competitive Landscape
The global mirror coatings market is extremely competitive, with the presence of several well-established players. Many of these players are expected to account for a large share in the overall market, in the upcoming years.
Prominent players could collaborate with the smaller market players in a bid to expand their market presence and increase their revenue shares.
In December 2020, Arkema Group collaborated with Cool Roof France and granted them access to Kyna Aquatec PVDF resin courtesy of a licensing agreement. This ensured improved delivery of high-quality building cooling solutions by deploying reflective glass technology.
RD undertakings could be a key growth strategy for the leading players in the global mirror coatings market, in the years ahead.
A few leading players in the global mirror coatings market include Ferro Corporation, Sherwin-Williams Company, Lihua Color Materials, Pearl Nano Mader, Arkema Group, and Casix.
Mirror Coatings Market - Regional Assessment
The global mirror coatings market is classified into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Asia Pacific is expected to be the dominant region in the global market owing to increased product demand in the automotive industries in countries such as India and China.
Leading market players could establish RD centers in countries such as India, owing to ease of availability of key resources such as land and labor.
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North America is expected to offer lucrative growth opportunities for the global market because of rising demand for architectural coatings in countries such as US and Canada.
Middle East and Africa is expected to witness substantial growth in the overall market in the coming years due to an increase in the use of mirror or glass coatings in several residences, in countries belonging to this region.
Other regions of the world such as Europe and Latin America are anticipated to witness sluggish growth due to strict government regulations concerning the disposal of volatile organic compounds, in countries belonging to both regions.
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