Optical Coatings Industry growth by 2028

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Optical Coatings Industry growth by 2028

The global optical coating market size was USD 12.01 billion in 2020. The market is expected to grow from USD 13.04 billion in 2021 to USD 22.57 billion in 2028 at a CAGR of 8.1% during the 2021-2028 period.

COVID-19 Impact: Lockdown Hinders Global Trade and Declines Optical Coating Demand

The stringent government rules regarding lockdown infliction and travel ban resulted in a decrease in usage of vehicles and eventually a sudden drop in automobile purchasing. A sharp dip in tourism was observed as people were forced to stay at home during the COVID-19 pandemic, due to which the automotive sector plunged. Automobile deals in China are enduring to improve at a quick rate. For instance, in August 2020, vehicle deliveries were roughly about 2.2 million vehicles, which is on a higher side by 11.6% to that of last year.

On a year-over-year foundation, aggregate trades declined by 10% from January to August 2020. Specific sectors such as consumer electronics, medical, and telecommunication observed stable growth amid the pandemic. As per IEEE Consumer Electronics Magazine, in general customer technology procurements is estimated to be on a lower side in 2020 on account of the universal economic consequence on many customers. Nowadays, people are more dependent than ever on their user devices to interconnect with others and function from home.

Industry Development

April 2020: Materion Corporation declared that it has engaged in a binding contract to purchase Optics Balzers, AG, which is a thin-film optical coating market forerunner.

List of Key Players Covered in this Market Report