The demand for Optical Coating Market grew at a 7.6% CAGR between 2017 and 2021. Considering the several end-use industries served, demand for optical coating is uneven depending on consumer electronics, automotive, and others which has stifled demand. Furthermore, due to the pandemic, the growth of the optical coating market has negatively impacted in 2020. Based on consumption patterns, optical coating market have seen a substantial rise in demand over the last few years.
The demand for optical coating is expected to increase during the assessment period and is further expected to witness a significant growth rate of 8.8% in the same period. The market for optical coatings is prospering from rising defence spending as well as increasing demand for optical coatings from the semiconductor and electronics industries. Additionally, it is projected that the market would grow as optical coatings find new applications in the aerospace sector. An increasing population and an increase in optical demand are further factors driving the market for optical coatings.
The market is expected to be driven by the rising number of young people as well as a rise in demand for consumer electronics such smartphones, tablets, cameras, LED displays, video game consoles, and personal computers during the course of the projection period. Nowadays, mainly to the fashion market, optical lenses and filters are growing in popularity among young people as wearable trends.
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The market for medical components has also been stimulated by the growing population as well as its concerns about health. Among the many products that use optical coatings are medical devices, sensors, optical communications, lighting, biotechnology, automobiles, lithography, and space and astronomy components. One of the main drivers propelling the optical coatings business is the rising manufacture of complicated, technologically advanced components.
The United States is expected to dominate the North American region as well as global optical coating market in terms of consumption owing to the growing end use industries & availability of raw materials and a better manufacturing environment. Opportunities in consumer electronics, tools & equipment, automotive, aerospace & military, energy, and the medical industry make the future of the optical coating market in the United States looks optimistic. Because of its better functional features and performance advantages, Optical coating is in high demand in the consumer electronics industry for high resolution displays.
Optical Coating Market Segmentation
By Product Type:
- AR coatings
- High Reflective Coatings
- Transparent Conductive Coatings
- Filter Coatings
- Beam splitter Coatings
- Vacuum Deposition
- E-beam Evaporation
- Sputtering Process
- Ion-Assisted Deposition
- Consumer Electronics
- Lenses & Eyewear
- Aerospace & Defense
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Middle East & Africa
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