Optical Coating Market Size Worth $31.4 Billion By 2028 | CAGR 9.2%: Grand View Research, Inc.
SAN FRANCISCO, April 13, 2021 /PRNewswire/ -- The global optical coating market size is expected to reach USD 31.4 billion by 2028, registering a CAGR of 9.2% over the forecast period, according to a new study by Grand View Research, Inc. The market is estimated to be driven by the growing smart consumer electronics industry across the globe. Consumer electronic devices include smartphones, tablets, phablets, smartwatches, and smart televisions. Rapid urbanization resulting in changes in consumer lifestyles is expected to create lucrative opportunities for smart consumer electronic devices.
Key suggestions from the report:
- Asia Pacific dominated the global market in 2020, in terms of revenue, and is estimated to expand further at the fastest CAGR from 2021 to 2028
- Anti-reflective was the largest product segment with a revenue share of over 29% in 2020 due to their high demand from the solar industry
- The solar application segment is expected to witness the fastest CAGR over the forecast period
- Rising demand for solar photovoltaic (PV) cells and emphasis on solar energy production, especially in emerging countries like China, India, and Japan, is anticipated to augment the growth of the solar segment
- In April 2020, Alluxa, a U.S.-based optical coatings and filters manufacturer, launched Ultra Series qPCR filter for integration into medical equipment that performs COVID-19 testing of patient samples
Read 111 page research report with ToC on "Optical Coating Market Size, Share & Trends Analysis Report By Product (Reflective, Anti-reflective), By Application (Consumer Electronics, Solar), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/optical-coatings-industry
This is projected to lead to increased product utilization as they have a superior optical display and high impact resistance. Asia Pacific is a major market for consumer electronics owing to the presence of a large number of key players. The demand in the region has shifted toward Southeast Asian countries, a trend that is likely to continue over the forecast period. A rising focus on electricity generation through clean sources is also expected to drive product demand. However, the global COVID-19 pandemic is severely affecting the manufacturing industries.