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Mirror coatings market, valued at USD 687.04 million in 2022, is projected to grow at a rapid revenue CAGR of 4.8%

VANCOUVER, BRITISH COLUMBIA, CANADA, June 7, 2024 /EINPresswire.com/ -- The global mirror coatings market, valued at USD 687.04 million in 2022, is projected to grow at a rapid revenue CAGR of 4.8% over the forecast period, driven primarily by increased demand from the building and construction industries.

Market Growth Drivers

A key factor fueling the market's expansion is the use of mirror coatings in construction to reduce heat entry and lower maintenance costs. The United Nations reports that 55% of the world's population currently lives in urban areas, with this number expected to rise to 68%, adding 2.5 billion urban residents by 2050. This urban growth is leading to increased construction activities, creating substantial opportunities for the mirror coatings market.

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The automotive industry is also significantly contributing to market growth. Manufacturers are incorporating mirror coatings to enhance visibility, safety, and security in vehicles. These coatings reduce light transmission, protecting eyesight from high-energy lights. The growing adoption of electric vehicles (EVs) further boosts this demand. According to the World Economic Forum, global EV sales reached 10.5 million units in 2022.

Additionally, the solar power sector's rising demand for mirror coatings is a crucial market driver. The International Energy Agency projects that solar photovoltaic (PV) capacity will surpass coal by 2027, with installed capacity expected to triple by then, exceeding natural gas by 2026 and coal by 2027.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Mirror Coatings Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Mirror Coatings Market.

Mirror Coatings Top Companies and Competitive Landscape:

The global mirror coatings market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions in the market.

Some major players included in the global mirror coatings market report are

Arkema
CASIX, Inc.
Diamon-Fusion International, Inc.
Dynasil Corporation
Edmund Optics
FENZI S.p.A.
Guardian Industries
North American Coating Laboratories
Pearl Global Ltd.
The Sherwin-Williams Company
Vitro
Vibrantz
AGC Inc.
Evaporated Coatings, Inc.
AccuCoat Inc.

Mirror Coatings Latest Industry News

On 15 September 2023, SolCold a solar cooler technology company based in Israel innovated a new solution, which is solar-powered coatings with passive cooling capabilities to withstand the urban heat island. This solution if deployed at a large scale in urban areas, could help to improve the health of residents, decrease energy consumption, and aid the transition to a net zero carbon future in line with the UN’s Sustainable Development Goals.
On 28 March 2022, Hind High Vacuum (HHV), a Bangalore based company leading in vacuum and thin film technology introduced a Physical Research Laboratory (PRL), a department of space. The government of India offered a contract to manufacture and installation of dedicated mirror coating plant for PRL’s upcoming 2.5-meter telescope.
Challenges

Despite these growth prospects, the high cost of mirror coatings poses a significant challenge. Mirror coatings, typically made with metals like silver and aluminum, vary in price based on factors such as glass thickness, type, silvering, and size. Fluctuating prices of silver and aluminum can impact overall costs, potentially restraining market growth.

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Segmentation Analysis:

The Mirror Coatings Market is segmented by Resin Type, Formulation Technology, End-use Industry, Region. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

 The mirror coatings market is segmented based on resin type and end-use industry.

Resin Type Dynamics

Polyurethane: This segment dominated the market in 2022 due to its ability to protect surfaces from damage like corrosion, weathering, and abrasion. Polyurethane coatings are widely used across numerous industries for various applications.
Acrylic: Expected to see moderate growth, acrylic coatings are increasingly used in building and architecture due to their cost-effectiveness, ability to minimize indoor temperatures, and durability.

End-Use Industry Dynamics

Automotive and Transportation: This segment is anticipated to hold a significant market share during the forecast period. The use of mirror coatings in automotive rear-view mirrors enhances vision and safety, driving demand in this sector.
Building and Construction: This segment is projected to register steady growth. Mirror coatings are used in buildings to create reflective finishes that reduce light transmission and harmful UV rays, contributing to their popularity in this industry.
For the purpose of this report, Emergen Research has segmented the global mirror coatings market on the basis of resin type, technology, end-use and region:

Resin Type Outlook (Revenue, USD Million; 2019-2032)
Epoxy
Acrylic
Polyurethane
Others

Technology Outlook (Revenue, USD Million; 2019-2032)
Nano coatings
Solvent-Based
Water-Based
Others

End-use Outlook (Revenue, USD Million; 2019-2032)
Building and Construction
Automotive and Transportation
Energy
Others

Regional Outlook (Revenue, USD Million; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa

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The global mirror coatings market is on a path of steady growth, supported by increasing urbanization, advancements in the automotive sector, and the expanding renewable energy industry. Despite challenges related to cost, the market's prospects remain robust, driven by the diverse applications and benefits of mirror coatings across multiple sectors.

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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