global mirror coatings market for the forecast period of 2021 to 2031. According to the study, the market is anticipated to surge at a healthy CAGR of over 6% through 2031, reaching over US$ 1 billion in valuation.
Historically, the market posted credible gains, reaching nearly US$ 700 million in 2020, amid extensive uptake across the renewable energy generation sector, particularly solar cell panel manufacturing. As of 2019, global solar photovoltaics (PV) generation increased 22%, or 131 TWh, representing the second-largest absolute generation growth of all renewable technologies, according to an IEA report. Hence, manufacturers are leveraging mirror coatings to enhance energy generation capacities.
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Opportunities are also opening up across architectural applications, amid rising demand for commercial- and residential-grade infrastructure amid rapid urbanization.For instance, Euramax offers extensive mirror-based exterior building cladding solutions made from coated metal. It is the perfect alternative to polished stainless steel, thus eliminating corrosion concerns, thereby offering superior exterior durability. Likewise, Edmund Optics manufactures a wide range of precision parabolic, spherical and flat mirror with several different substrate materials.
Mirror Coatings Market Report Also Addresses:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Mirror Coating Sales and How to Navigate
- Recommendation on Key Winning Strategies
How is Increased Solar Power Reliance Heightening Mirror Coatings Demand?
Globally, 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, demand for mirror coatings to manufacture solar cell panels is increasing, generating credible growth opportunities.
Key Takeaways from Market Study
- By resin, acrylic mirror coatings to expand at a CAGR of over 6% through 2031
- Demand for polyurethane mirror coatings to experience noteworthy surge, reaching nearly US$ 600 million by 2031
- In terms of technology, nano mirror coatings are poised to account for a lucrative revenue share
- Demand across architectural applications is expected to remain especially strong amid rapid infrastructure development
- The U.S. market was valued at around US$ 190 million in 2020, and is poised to experience an impressive upswing
- China to experience a staggering CAGR of approximately 10%, surpassing US$ 200 million valuation by 2031
How Will the U.S. Generate Opportunities for Mirror Coating Manufacturers?
The U.S market for mirror coatings was estimated at nearly US$ 190 million in 2020, expected to register impressive growth throughout the forthcoming decade. Extensive uptake across solar power generation is widening growth prospects for the future.
Furthermore, increasing adoption of polyurethane mirror coatings in commercial buildings as well as rising use of backing paints in silver and aluminum mirrors are likely to propel growth across the U.S.
Key Market Segments Covered
Resin
- Polyurethane Mirror Coatings
- Acrylic Mirror Coatings
- Epoxy Mirror Coatings
Technology
- Solvent-based Mirror Coatings
- Water-based Mirror Coatings
- Nano Mirror Coatings
Application
- Mirror Coatings for Architectural Applications
- Mirror Coatings for Automotive & Transportation
- Mirror Coatings for Decorative Applications
- Mirror Coatings for Other Applications
Mirror Coatings Market – Competitive Landscape
Prominent mirror coating manufacturers are reliant on multiple expansion strategies which include new customized product launches, mergers & acquisitions and strategic collaborations with existing players among others.
- In December 2020, Arkema Group collaborated with Cool Roof France, granting the latter access to its Kynar Aquatec® PVDF resin through a licensing agreement, enhancing delivery of high-performance building cooling solutions using reflective glass technology.
- In April 2021, FENZI S.p.A announced an agreement with Arsenal Capital Partners in order to help raise additional capital to expand the company’s flat glass processing business, permitting it to expand its geographical footprint and expand its core business.
Key Companies Profiled
- Arkema Group
- Ferro Corporation
- Casix Inc.
- Mader Group
- Guardian Glass
- Cemex S.A.B
- Diamon Fusion International Inc.
- FENZI S.p.A
- Glas Trosch Holding AG
- Pearl Nano LLC
- The Sherwin-Williams Company
- Vitro Architectural Glass
- Zhejiang Hongding Industrial Co. Ltd.
- Tianjin Xin Lihua Color Materials Co. Ltd.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the mirror coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of resin (polyurethane, acrylic, and epoxy), technology (solvent-based, water-based, and nano coatings) and application (architectural, automotive & transportation, decorative, and others), across five major regions of the world (North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa).