Chemicals
Abrasion Resistant Optical Clear Coatings Market Size Forecast to Reach $9.2 Billion by 2026
Abrasion Resistant Optical Clear Coatings market Overview
Abrasion Resistant Optical Clear Coatings market size is forecast to reach $9.2 billion by 2026, after growing at a CAGR of 6.6% during 2021-2026. Recent advancements in technology in the field of optical deposition techniques and fabrication coupled with the increasing demand for efficient optical devices in various end-use industries are expected to drive the market over the forecast period. In addition, abrasion resistant optical clear coatings will not be scratched when being cleaned, unlike an uncoated Polycarbonate surface which scratches very easily, and when testes with calo tester abrasion resistant optical clear coatings seem to be a thin film coating, thus, gaining momentum. Abrasion-resistant optical clear coatings are increasingly used in a wide range of applications, including architecture, consumer electronics, solar panels, automotive, medical, telecommunications, and military and defense industry. The rapid growth of the solar PV market, driven by a growing focus on clean energy generation and increasing demand for consumer electronics is expected to drive the growth of the market over the forecast period. COVID-19 Impact The COVID-19 pandemic outbreak is having a huge impact on various industries such as automotive, electronics, and so on. There is a delay in imports and exports of electronic items due to the import-export restriction by the governments in various regions. Besides, the production of automobiles has been disruptively stopped, contributing to a major loss in the total automotive sectors. According to the European Automobile Manufacturers Association, In June 2020, demand for new commercial vehicles across the EU remained weak (-20.3%), although the rate of decline slowed compared to April and May. Three out of the four largest markets in the region posted double-digit percentage declines last month: Germany (-30.5%), Spain (-24.2%), and Italy (-12.8%), while France recorded a modest increase (+2.2%). The declining operations in these industries are affecting abrasion-resistant optical clear coatings demand.Key Takeaways
- Europe dominates the abrasion resistant optical clear coatings market, owing to the flourishing electronics industry in the region.
- The increasing use of reflective coatings for heat retention and reducing energy usage in green buildings is anticipated to push demand over the forecast period. Moreover, the growing use of handheld consoles, combined with increasing demand for portable consumer electronics, is further fuelling the market growth.
- Furthermore, increased use of display windows, solar panels, heaters, LCD production, heads-up displays, radio frequency interference shielding, LED displays, and instrument display windows are intended to drive the growth of the optical coatings market.
Abrasion Resistant Optical Clear Coatings market Segment Analysis - By End-Use Industry
The electronics industry held the largest share in the Abrasion Resistant Optical Clear Coatings market in 2020 and is growing at a CAGR of 5.68% owning to rapidly growing demand for smartphones and rising consumer disposable income. In addition, technological innovation in the field of smart TVs and smart consumer devices, including smartwatches and smartphones is further having a positive effect on market growth. Abrasion-resistant optical clear coatings are widely used in the electronics industry owing to the rising demand for superior optical display and impact resistance properties and it does not get scratched when being cleaned unlike any uncoated Polycarbonate. The growing semiconductor industry, coupled with technological advances, is expected to increase the demand for these optical coatings over the forecast period. However, a reduction in discretionary spending in COVID-19 across the globe has an impact on demand for consumer electronic products. .This, in turn, is also limiting the abrasion resistant optical clear coatings demand in this sector.Abrasion Resistant Optical Clear Coatings market Segment Analysis - By Geography
Europe held the largest regional share in the abrasion resistant optical clear coatings market in 2020 up to 34%. Demand in this region is driven by the increasing solar industry and an increased focus on developing domestic industries. A rise in the UK defense budget provides a strong growth opportunity for aerospace and defense reflective coating products. For medium-scale and small-scale medical equipment firms, Europe is a major production center, which is further influencing the demand for abrasion resistant optical clear coatings over the forecast period. Moreover, the strong presence of industries such as instrumentation, microelectronics, biotechnology, and software development, as well as developments in the medical devices market, would eventually lead to increased demand over the forecast period for abrasion resistant optical clear coatings. In addition, Due to the outbreak of COVID-19 at the community level, the continuously growing patient population is expected to raise the demand for medical components, thereby increasing the demand for abrasion resistant optical clear coatings in the region.Figure: Europe Abrasion Resistant Optical Clear Coatings Market Revenue, 2020-2026 (US$ Billion)
