The optical coatings market is projected to grow from USD 13.2 billion in 2023 to USD 19.6 billion by 2028, at a CAGR of 8.2% during the forecast period. The optical coatings market is experiencing high growth owing to rising demand for renewable energy applications and increasing demand for optical coatings from the APAC region.
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Based on steel technology, the optical coatings market is segmented into vacuum deposition, E-beam evaporation, sputtering process, and ion-assisted deposition (IAD). Vacuum deposition is the leading segment in terms of market share. This is attributed to its advantages such as room temperature curing, enhanced reliability, and improved thermal and mechanical strength of electronic devices.
Based on type, The optical coatings industry is divided into various segments, including AR coatings, high reflective coatings, transparent conductive coatings, filter coatings, beamsplitter coatings, EC coatings, and others. Among these segments, AR coatings hold the largest market share. This is primarily due to their capability to deliver high-quality coatings with excellent transmission power and minimal reflection power on components such as lenses, mirrors, and display screens. The wide application of AR coatings across industrial and consumer sectors is driving their growth in the global optical coatings market.
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Based on the end-use industry, the optical coatings market is categorized into several segments, including electronics & semiconductors, military & defense, transportation, telecom/optical communication, infrastructure, solar power, medical, and others. Among these, the electronics & semiconductor industry segment dominates the market share. This is primarily attributed to the growing demand for durable and high dielectric strength coating layers in photovoltaic (PV) cells, electronic assemblies, integrated circuits (ICs), and other optoelectronic devices. These factors are driving the expansion of the optical coatings market within the electronics & semiconductor sector.
Based on region, Asia Pacific is the second largest market in the optical coatings market in 2023, with China being the largest market in the region and India being the fastest-growing market during the forecast period. The increasing disposable income of consumers in developing countries such as India and China has led to a rise in demand for automobile products, which positively influences the growth of the optical coatings market.
Major players operating in the optical coatings market include DuPont (US), PPG Industries Ohio, Inc. (US), Nippon Sheet Glass Co., Ltd. (Japan), ZEISS Group (Germany), Newport Corporation (US), Inrad Optics, Inc. (US), Artemis Optical Limited (England), Abrisa Technologies (US), Reynard Corporation (US), Coherent Corp. (US). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe and Asia Pacific. They have an established portfolio of reputable product offerings, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical presence, and a larger product footprint.
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