Mirror Coating Market by Resin Type (Polyurethane, Epoxy), Technology (Water-based, Solvent-based, Nanotechnology-based coatings), and Application (Architectural, Automotive, Solar Power, Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 677 million mark in 2022 and is expected to hit US$ 988 million by 2030, recording a CAGR of 5.5% during the forecast period.
Rising demand for mirror coating in the construction & automotive industry
Mirror coating is applied during the float process to enhance the amount of heat reflected by the glass. This enables it to absorb and reflect the harmful UV and infrared rays of the sun yet allow natural visible light to pass through. It also prevents excessive solar glare. Mirror coatings on glass are used to combat the rising rate of energy consumption because it helps block solar heat and glare from entering inside. Thus, the demand for mirror coating is increasing and is further expected to drive market growth in the forecast period.
Within the report, the market is segmented into resin type, application, technology, and geography. By resin type, the market is segmented into polyurethane and epoxy. By technology, the market is divided into water-based, solvent-based, and nanotechnology-based. By application, the market is categorized into architectural, automotive, solar power, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Rising demand for low-VOC, green, and sustainable mirror coatings
The demand for green coatings or low-VOC coatings is increasing due to the rising trend in various applications in environment-friendly or green products. Stringent regulations implemented by Europe’s Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), United States Environmental Protection Agency (USEPA), Leadership in Energy and Environmental Design (LEED), and other regional regulatory authorities led manufacturers to manufacture environment-friendly coatings with low VOC levels. 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. These factors are expected to propel the mirror coating market globally.
Increased solar power reliance boosting mirror coatings demand
Solar energy deployment is surging rapidly. As per the Solar Energy Industries Association (SEIA), uptake of solar energy surged by 42% in the previous decade across the U.S. alone. As of 2020, over 230,000 Americans work in the solar industry at more than 10,000 companies. Furthermore, the International Energy Agency (IEA) estimated that concentrated solar power generation increased by around 34% in 2019, resulting in a cumulative generation amount of 629 GW. Hence, the demand for mirror coatings to manufacturing solar cell panels is increasing, and further expected to drive the market growth.
Recent strategic developments in the mirror coating market
The mirror coating market has undergone several significant developments, and a few of these have been mentioned below:
- In August 2021, The Sherwin Williams Company has signed an agreement to acquire the European Industrial Coatings Business of Sika. This transaction will add to the profitable growth momentum of the company.
- In July 2020, Fenzi group has done partnership with Arsenal Capital Partners. This deal will provide additional capital to help accelerate the growth of the company. This transaction will enable the company to grow and expand by accelerating investment in capacity, R&D capabilities, and talent, as well as strategic acquisitions.
The mirror coating market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Tianjin Xin Lihua Color Materials Co. Ltd, General Optics Limited, CASIX, The Sherwin-Williams Company, and Arkema Group are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Mirror coating manufacturer
- Coating related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Resins Type
- Polyurethane
- Epoxy
- Technology
- Water-based
- Solvent-based
- Nanotechnology-based
- Application
- Architectural
- Automotive
- Solar Power
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Tianjin Xin Lihua Color Materials Co. Ltd,
- General Optics Limited
- CASIX
- The Sherwin-Williams Company
- Arkema Group
Companies profiled
- Tianjin Xin Lihua Color Materials Co. Ltd,
- General Optics Limited
- CASIX
- The Sherwin-Williams Company
- Arkema Group