Mirror Coatings Market is expected to be valued at $995.1 million by the end of the year 2026 growing at a CAGR of 6.5% during 2021-2026 forecast period. Rising adoption of concentrated solar power has surged the demand for mirror coatings. Mirror coating preserves the quality of overall products in terms of color, texture and durability. It is crucial for the products to have mirror coatings in order to avoid scratching, rusting, chemical erosion and abrasion etc. The various chemicals used to produce mirror coatings such as polyurethane, epoxy, acrylic etc., offer various advantages such as abrasion resistance, durability, easy maintenance, which is further driving the mirror coatings market. These coatings are also used for various purposes such as protection coating, reflective coating, refractive coating etc.
Impact of Covid-19
Amid the Covid-19 crisis, the mirror coatings market was hugely affected in terms of production, sales and distribution. Further the restrictions around the world in exports, imports, inter-state and inter-country sales pulled down the growth of the mirror coatings market. Though, the mirror coatings industry is expected to slow down in beginning of the year 2021, the mirror coatings market is expected to grow by the end of the year 2021. Even though Covid-19 has affected many industries, Mirror coating market will not be heavily affected and will regain the market share by end of the year 2021.
Mirror Coatings Market Segment Analysis – By Type
Polyurethane held the largest share in mirror coatings market in 2020 and is expected to rise at the CAGR of 5.9% during the forecast period.. Polyurethane is set to change the trend post the COVID-19 through continuous redefining and redesigning. They are the most preferred type of chemical coating and is also extensively used in construction, CSP solar panels and decorative applications owing to its unique traits such as easy to clean, highly durable and are tough.
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Mirror Coatings Market Segment Analysis – Mirror surface
Silver segment accounted for significant share in the mirror coatings market in the year 2020. They are also the most preferred surface in the construction and architectural industry. Silver coating is also preferred in cosmetics and the construction industry as they give a warmer and accurate image as compared to other coatings. Silver coating gives a more quality finish and lasts for a long time. In the visible and infrared spectral regions, Silver provides high reflectance, making it an excellent option for broadband applications that cover several spectral regions. Protective coatings decreases the propensity of silver to tarnish, but the coating also works best in conditions of low humidity.
Mirror Coatings Market Segment Analysis – Technology
Powder based technology held the significant share in mirror coatings market in the year 2020. It is also estimated to record the highest growth and lead the market for technology. This is linked to the increase in demand for powder coating in the solar power industry, which has preference for advanced materials. The solar industry has been growing rapidly in the recent years, which has eventually increased the demand for powder based mirror coating.
Mirror Coatings Market Segment Analysis – End-User Industry
The highest demand in this market comes from solar power industry and construction segment. Since solar power industry calls for advanced material, it completely relies on mirror coatings for extensive protection and quality. Solar power industry has grown drastically from the year 2019 and the growth seems to be a significant. This is also a good sign for the mirror coating industry. Construction segment has been in the rise in the present days and it has led to high demand for mirror coating. Booming automotive business in Countries such as China, India and Japan are contributing to the market expansion of mirror coating market worldwide. Amid the corona virus scare and economic stagnation, the relationship between China and other countries will determine the competition and opportunities in the future for Mirror coatings market.
Mirror Coatings Market Segment Analysis – Geography
APAC dominated the mirror coatings market, with 35% market share during the year 2020, with countries like China, India and South Korea having a surging demand for mirror coatings in various sectors. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, and with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing gradual growth in the infrastructure industry and is expected to grow in the coming years too.
Mirror Coatings Market Drivers
Rising demand of mirrors in construction industry
The modern day construction has changed and upgraded in many ways. Most of the constructions have been using mirrors as primary material. This is has suddenly increased the demand for mirror, which calls for mirror coating eventually. Most of the commercial buildings and some of the residential buildings these days are built with mirror and thus giving a big scope to the mirror coatings market. The construction industry is estimated to reach US$ 17.5 trillion by 2030 which is a progressive sign for the mirror coating industry as well.
Increased demand for CSP solar panels
With the growing knowledge about solar power, there has been a sudden surge in the use of solar power for electricity around the world. This has called out for advanced materials in solar power industry. Therefore, they use mirror coatings on solar panels for advanced and efficient performance. This has led to an increase in the demand for mirror coatings. Rising environmental awareness is a major reason for the high demand for mirror coating in solar power industry.
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Mirror Coatings Market Challenges
High price of silver coating
The high prices of silver coatings could pose as a serious challenge to the mirror coatings market. The cost of silver coating is considerably higher thus being a hurdle in market expansion. Nevertheless, cosmetics industry prefer silver coatings over others as silver coating produces warmer images as compared to other coatings such as aluminium.
Stringent regulatory policies and environmental challenges
There are many regulatory policies on mirror coatings production. Mirror coatings producers need to comply with the government policies for safety and regulatory purposes. Slight non-compliance to any policies could invite huge penalties. Production of mirror coatings could release hazardous chemicals, which could pose as a threat to the environment. The heavy chemicals, if released into water bodies could destroy marine lives. Therefore, all these factors need to be considered properly before venturing into mirror coatings market.
Mirror Coatings Market Industry Landscape
Innovation, product development, acquisitions and mergers and expansion are some of the key strategies adopted by players in the mirror coatings Market. Major players in the Mirror coatings Market are Arkema, Fenzi, Sherwin-Williams Company, Tianjin Xin Lihua Color Materials, SunGuard, Pearl Nano, Mader, Casix, Vitro Architectural glass and Diamon-Fusion International (US) among others.
Acquisitions/Technology Launches
In October 2019, Arkema acquired Prochimir and Lambson, a leading 3D printing, composites, inks and coatings company. This acquisition will contribute in further strengthening the specialties iof Arkema in the coatings market.
Key Takeaways
Asia-Pacific market is expected to hold the largest share in the mirror coatings market for the next few years owing to the surging demands for mirror coatings from various applications in countries such as India, China and South Korea.
Growing demand for mirror coating across various fields such as architecture, automotive and solar energy has led to the growth of Mirror coatings industry.
Increase in Concentrated Solar Power (CSP) is also one of the important causes for growth in demand for mirror coatings.
The various advantages offered by mirror coatings such as protection and long-lasting quality is making it a hit among the users.
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