Sales of mirror coatings will reach US$1 billion by 2032;
ROCKVILLE, Md., Feb. 17 2022 (GLOBE NEWSWIRE) — Award-winning consulting firm Fact.MR recently released a new report on the global mirror coatings market for the forecast period 2021 to 2031. According to the study, the market is expected to grow at a Healthy CAGR of over 6% through 2031, reaching over US$1 billion in valuation.
Historically, the market has seen credible gains, reaching nearly US$700 million in 2020, amid massive adoption in the renewable energy generation sector, particularly solar cell panel manufacturing. In 2019, global solar photovoltaic (PV) generation grew by 22%, or 131 TWh, representing the second highest absolute growth in generation of any renewable technology, according to an IEA report. Therefore, manufacturers are taking advantage of mirror coatings to improve power generation capabilities.
Opportunities are also opening up in architectural applications, in a context of growing demand for commercial and residential infrastructure in a context of rapid urbanization.
- For example, Euramax offers many exterior building cladding solutions based on coated metal mirrors. It is the perfect alternative to polished stainless steel, eliminating corrosion issues, thus providing superior exterior durability.
- Likewise, Edmund Optics manufactures a wide range of precision parabolic, spherical and plane mirrors with several different substrate materials.
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Mirror Coatings Market Report Also Covers:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Analysis by segment, by country and by region
- Competitive Mapping and Benchmarking
- Brand share and market share analysis
- Main product innovations and regulatory climate
- Impact of COVID-19 on mirror coating sales and how to navigate
- Recommendation on the main winning strategies
How is the increasing dependence on solar energy increasing the demand for mirror coatings?
Globally, the deployment of solar power is increasing rapidly. According to the Solar Energy Industries Association (SEIA), the use of solar energy has jumped 42% over the past decade in the United States alone. In 2020, more than 230,000 Americans work in the solar industry at more than 10,000 companies.
Additionally, 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 manufacture solar cell panels is increasing, generating credible growth opportunities.
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Key insights from market research
- By resin, acrylic mirror coatings will grow at a CAGR of over 6% through 2031
- The demand for polyurethane mirror coatings will see a notable increase, reaching nearly US$600 million by 2031
- In terms of technology, nano-mirror coatings are poised to be a lucrative revenue share
- Demand in architectural applications should remain particularly strong in a context of rapid infrastructure development
- The US market was valued at around US$190 million in 2020 and is poised for an impressive recovery
- China will experience a staggering CAGR of around 10%, surpassing the valuation of US$200 million by 2031
How will the United States generate opportunities for mirror coating manufacturers?
The U.S. mirror coatings market was estimated at nearly US$190 million in 2020, and is expected to record impressive growth throughout the next decade. Massive adoption of solar power generation broadens growth prospects for the future.
Additionally, the growing adoption of polyurethane mirror coatings in commercial buildings along with the increasing use of carrier paints in silver and aluminum mirrors are likely to propel growth in the United States.
Key Market Segments Covered
- Polyurethane mirror coatings
- Acrylic Mirror Coatings
- Epoxy mirror coatings
- Solvent-based mirror coatings
- Water-based mirror coatings
- Nano Mirror Coatings
- Mirror coatings for architectural applications
- Automotive and Transportation Mirror Coatings
- Mirror coatings for decorative applications
- Mirror coatings for other applications
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Mirror Coatings Market – Competitive Landscape
The major manufacturers of mirror coatings depend on several expansion strategies, including the launch of new customized products, mergers and acquisitions, and strategic collaborations with existing players, among others.
- In December 2020, the Arkema group collaborated with Cool Roof France, granting the latter access to its Kynar Aquatec® PVDF resin through a license agreement, improving the supply of high-performance building cooling solutions. using reflective glass technology.
- In April 2021, FENZI SpA announced an agreement with Arsenal Capital Partners to help raise additional capital to develop the company’s flat glass processing business, allowing it to expand its geographic footprint and expand its main activity.
Profiled Key Companies
- Arkema group
- Ferro Company
- Casix inc.
- Mader Group
- Guardian Glass
- Cemex SAB
- Diamon Fusion International Inc.
- FENZI SpA
- 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.
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More valuable information available
Fact.MR in its new offering presents an unbiased analysis of the mirror coatings market, showcasing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. The study discloses essential market insights based on resin (polyurethane, acrylic and epoxy), technology (solvent-based, water-based and nano coatings) and application (architecture, automotive and transport, decoration and others), in five major regions of the world (North America, Europe, Latin America, Asia-Pacific, Middle East and Africa).
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