Mirror Coatings Market

Mirror Coatings Market Insights

The global market for mirror coatings is expected to grow at a CAGR of around 6%.

Market expansion is being driven by increased demand from the construction industry and increasing uses in the solar power industry. On the other hand, the high cost of mirror coatings is projected to stifle market expansion.

The rise of industries such as architectural, automotive & transportation, decorative, and solar power, particularly in the APAC region, is driving up demand for mirror coatings.

U.S Mirror Coating Market (2020)	US$ 190 million
Global Market Growth Rate - 2020	6% CAGR
China Mirror Coating Market (2031)	US$ 200 million
Global Market Growth Rate - 2031	10% CAGR

Mirror Coatings Market Report Also Addresses:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Mirror Coating Sales and How to Navigate
• Recommendation on Key Winning Strategies

Sales of Mirror Coatings from 2016-2020 Vs Market Projections for 2021-2031

Historically, from 2016 to 2020­ use of mirror coatings expanded significantly, with major powerhouses such as the U.S. and China generating bulk of overall demand. Over the years, numerous end-use industrial applications have been recorded for mirror coatings.

According to the International Renewable Energy Agency (IRENA), total solar energy consumption amounted to over 584 GW, with Asia Pacific accounting for bulk of overall usage (331 GW) as of 2019. Increasing environmental consciousness has prompted this shift, causing an increase in global solar cells manufacturing.

Hence, demand for mirror coatings for solar cell production has increased, contributing to the bulk of global demand. According to Fact.MR, the global mirror coatings market is slated to expand at over 6% CAGR from 2021 to 2031.

How is Increased Solar Power Reliance Heightening Mirror Coatings Demand?

Globally, solar energy deployment is surging rapidly. As per the Solar Energy Industries Association (SEIA), uptake of solar energy surged by 42% in the previous decade across the U.S. alone. As of 2020, over 230,000 Americans work in the solar industry at more than 10,000 companies.

Furthermore, 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, demand for mirror coatings to manufacture solar cell panels is increasing, generating credible growth opportunities.

Why Do Humidity Considerations Pose a Challenge to Mirror Coatings?

While mirror coatings have become highly popular amidst their extensive applications across such key industries as renewable energy generation, there are certain impediments to its expansion, particularly with respect to certain technologies.

Water-based mirror coatings are of special concern, as they may be rendered ineffective across humid atmospheres, which already witness heightened levels of moisture accumulation. Excessive moisture across mirror-coatings may lead to corrosion of the end-use material, thus limiting their uptake.

Is the Cosmetics Industry Influencing Mirror Coating Sales?

As beauty trends become increasingly prominent, the global cosmetics industry is experiencing a wave of innovative product launches which are customized according to consumers’ needs and aspirations. Increased cosmetics usage has paved the way for enhanced uptake of associated accessories, including mirrors.

Countries such as China, India, Vietnam and Thailand offer promising growth opportunities for mirror coatings as they represent the bulk of global cosmetics usage in the 21st century. High preference for concave mirrors is inclining demand for appropriate coatings, as these offer greater application accuracy due to their curved designs.

Mirror Coatings Market - Country-wise Analysis

How Will the U.S. Generate Opportunities for Mirror Coating Manufacturers?

The U.S market for mirror coatings was estimated at nearly US$ 190 million in 2020, expected to register impressive growth throughout the forthcoming decade. Extensive uptake across solar power generation is widening growth prospects for the future.

Furthermore, increasing adoption of polyurethane mirror coatings in commercial buildings as well as rising use of backing paints in silver and aluminum mirrors are likely to propel growth across the U.S.

Why are Manufacturers of Mirror Coatings Targeting the Chinese Market?

Demand for mirror coatings in China is expected to remain strong, surpassing US$ 200 million by 2031, expanding at nearly 10% CAGR. Uptake is especially high due to increased production of super mirrors, which are specially coated mirrors with an over 99.99% reflectivity.

Players such as Shanghai Optics offer various technologies to manufacture such mirrors, including Ion Beam Sputtering (IBS) and Atomic Layer Deposition (ALD), which help evenly distribute high grade mirror coatings across the surface.

Mirror Coatings Market - Category-wise Insights

Why is Demand for Acrylic Mirror Coatings expected to remain Strong?

By resin, acrylic mirror coatings are likely expand at over 6% CAGR through 2031, attributed to the multitude of benefits they offer, including a rapid drying nature, high fungal resistance and excellent moisture protection.

Furthermore, acrylic mirror coatings offer excellent optical clarity, are highly resistant to temperature variations, and offer 17 times more impact resistance as compared to glass. Hence, key manufacturers are increasing its uptake.

Why are Nano Mirror Coatings Garnering Attention?

The nano mirror coatings segment is anticipated to witness highest growth by technology in the forthcoming decade. This is majorly attributed to extensive applications across concentrated solar panels (CSPs).

Nano mirror coatings are water resistant and dirt repellant along with being scratch and temperature resistant as well. Hence, numerous manufacturers are scrambling to increase production of these coatings on a larger scale.

Will Architectural Applications be the Dominant Revenue Engine for Mirror Coating Suppliers?

Extensive commercial and residential buildings infrastructure development across key emerging economies has rendered mirror coatings for architectural applications highly promising in the upcoming decade.

Architectural mirror coatings are typically used across walls, kitchens, living rooms, bathrooms, doors, museums and other public and private establishments respectively.

Mirror Coatings Market - Competitive Landscape

Prominent mirror coating manufacturers are reliant on multiple expansion strategies which include new customized product launches, mergers & acquisitions and strategic collaborations with existing players among others.

• In December 2020, Arkema Group collaborated with Cool Roof France, granting the latter access to its Kynar Aquatec® PVDF resin through a licensing agreement, enhancing delivery of high-performance building cooling solutions using reflective glass technology.
• In April 2021, FENZI S.p.A announced an agreement with Arsenal Capital Partners in order to help raise additional capital to expand the company’s flat glass processing business, permitting it to expand its geographical footprint and expand its core business.

*This list is indicative- full details about prominent manufacturers is available upon request.

Mirror Coatings Market Report Scope

Attribute	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Key Regions Covered	North America Europe Asia Pacific Latin America Middle East & Africa
Key Countries Covered	U.S. Canada Germany U.K France Spain Italy Russia China Japan South Korea India Australia & New Zealand GCC South Africa Brazil Mexico Argentina
Key Segments Covered	Resin Technology Application Region
Key Companies Profiled	Arkema Group Ferro Corporation Casix Inc. Mader Group Guardian Glass Cemex S.A.B Diamon Fusion International Inc. FENZI S.p.A 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.
Pricing	Available Upon Request

Key Market Segments Covered

• Resin
  • Polyurethane Mirror Coatings
  • Acrylic Mirror Coatings
  • Epoxy Mirror Coatings
• Technology
  • Solvent-based Mirror Coatings
  • Water-based Mirror Coatings
  • Nano Mirror Coatings
• Application
  • Mirror Coatings for Architectural Applications
  • Mirror Coatings for Automotive & Transportation
  • Mirror Coatings for Decorative Applications
  • Mirror Coatings for Other Applications
• Region
  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • U.K
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of MEA