Growth of the global mirror coatings market attributed to its

Global Mirror Coatings Market

Inkwood Research estimates that the global mirror coatings market is expected to register a CAGR of 6.78% in terms of revenue over the forecast years 2021-2028.

“Browse through 51 market data tables and 47 figures spread across 166 pages, plus an in-depth TOC of Global Mirror Coatings Market Forecast 2021-2028.”

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Mirrors are used in many applications. There are several methods to form a polished surface. One of the most common methods is to deposit a layer of reflective coating using mirror coatings. Metals used as mirror coatings include silver, gold, copper, aluminum, etc.

Growing application in solar energy industry is fueling market growth

Mirror coating is widely used to increase the efficiency of concentrating solar energy. It is used to reflect sunlight to receivers. Its properties, such as environmental friendliness, durability, performance under conditions of enormous stress and necessary resistance, make it beneficial for the solar energy sector. Countries like the United States, Italy, France, Japan, and South Korea are seeing steady growth in the solar energy industry.

South Korea involves a large number of solar power projects. The country has built a floating solar power plant, considered the largest in the world. It is also focused on improving solar power generation through the installation of rooftop power stations in 1 million homes. Additionally, in countries like France, the government is increasing production capacity and introducing measures to supplement the industry. The country added nearly 890 MW of new solar generation capacity to reach a total of 9,346 MW at the end of December 2019.

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Silver is the fastest growing substrate for mirror coatings

Silver implies high reflectance in the infrared and visible spectral regions. It thus becomes an exceptional choice for high-speed applications. It is widely used in a wide range of industries. The silver mirror coating is considered the most reflective across the entire visible spectrum. The building and construction sector mainly uses silver mirror coatings. The protective enhancement coating applied over the silver coating can withstand high temperatures, in addition to having a long shelf life. Other applications for silver mirror coatings include folding mirrors in LCD projector systems, laser mirrors, ophthalmic measuring equipment, spacecraft, medical technology, telescopes, digital mirror optics, mirror for measurement and sensor technology and automotive mirrors.

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Asia-Pacific – The Dominant and Prominent Region

Southeast Asian countries are considered major hubs for ship building and repair. These include Indonesia, Singapore, Japan, China, South Korea, Thailand and the Philippines. The growth of the marine industry is complemented by low labor costs, significant regional shipping traffic and easy access to viable anti-corrosion solutions. Thus, in turn, is expected to boost the region’s coatings industry. In addition, the increase in population leads to the growth of the construction industry. Additionally, growing spending capacity and technological advancements are impacting the growth of the solar and wind renewable energy market. These factors are expected to drive the growth of the Asia-Pacific mirror coatings market.

Market competition is expected to remain high, with innovation being a negligible parameter. Several coating manufacturers are competing with each other to increase their product offerings in order to hold a significant share of the global market. Some of the prominent companies in the market are Abrisa Technologies, Berliner Glas, AccuCoat Inc, CASIX, etc.

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