Anti-reflective Coatings Market Estimated to Record Highest CAGR by 2025
The type of optical coating applied to lens surface and other optical elements to reduce reflection is known as anti-reflective coatings. High transmittance and low reflectance are the properties of anti-reflective coatings. These coatings are applied to curved or flat surfaces and is extensively used in various applications such as anti-glare coatings on camera lens or corrective lenses and anti-reflective coatings on solar cells where low reflection is required. Single layer interference, multi-layer interference, index matching, moth eye, absorbing, and circular polarizer are some of the types of anti-reflective coatings. These coatings are able to control both reflection and transmission properties with respect to visible light, UV rays, and IR-spectral bands. Increasing demand for improved light transmitting eyeglasses and lenses is attributed to fuel the growth of anti-reflective coatings market.
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Anti-reflective coatings are classified on the basis of substrate such as glass, silicon, sapphire, quartz, plastics, and others. Glass is the most commonly used materials in anti-reflective coatings, as it helps in reducing reflection of light on glasses of solar panels. These are also classified on the basis of technology such as physical vapor deposition, chemical vapor deposition, spin method, sol-gel method, and others. Physical vapor deposition accounts for the largest market share in anti-reflective coatings market, owing to its properties such as oxidation resistance, wear resistance, and superior hardness. Physical vapor deposition technology has applications in automotive, aerospace, medical, optics, cutting tools, watches, and thin films.
There are various anti-reflective coatings applications, such as eyewear, electronics, solar, automobile, and other. Eyewear application accounted for a major share in anti-reflective coatings market due to increasing occurrences of eye disorders including hyperopia or myopia, which is anticipated to boost the growth of the anti-reflective coatings market. Furthermore, increasing importance of wearing high light transmitting glasses and lenses and increasing issues related to decreasing conventional resources are fueling demand for hydro-power systems, solar systems, and windmills.
North America is the most dominant region in global anti-reflective coatings market. The dominance is due to increasing use of these coatings in electronics products including smartphones, tablets, cameras, smart watches, and other devices is projected to boost the growth of anti-reflective coatings market during the forecast period. The technological advancements in consumer electronic devices and increased the eye disorders has led to the growth of anti-reflective coatings market.
Asia Pacific is the fastest growing region, in terms of value, in the global anti-reflective coatings market. Asia Pacific was valued at US$ 1,130.07 Mn in 2016. This is attributed to increasing population and large demand for non-conventional energy resources, which in turn is projected to drive the anti-reflective coatings in Asia Pacific countries like India, China, and South Korea. According to Ministry of Commerce People’s Republic of China, renewable energy law has enacted for the purpose of promoting the development and utilization of renewable energy with encouraging the adoption of non-conventional energy sources and aiding the growth of market. Furthermore, increasing production of automobile in China, Mexico, India, and Thailand is projected to fuel the anti-reflective coatings market growth during the forecast period. According to the India Brand Equity Foundation (IBEF), which is a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, India’s share in the global passenger vehicle market is expected to reach 8% by 2020 and the production of two wheeler is expected to rise from US$ 18.8 million in 2016 to US$ 34 million by 2020.
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The anti-reflective coatings market was valued at US$ 3,709.28 Mn in 2016 globally and is expected to expand at a CAGR of 8.5%, in terms of revenue, during 2017 – 2025.
North America accounted for major shares in the global anti-reflective coatings market, both in terms of revenue and volume, in 2016. However, environmental regulations on raw materials is a major restraint for the market growth, especially in Asia Pacific.
Major Players in the Global Anti-reflective Coatings Market
Some of the leading players in the global anti-reflective coatings includes Optical Coatings Japan, Royal DSM, JDS Uniphase Corporation, PPG Industries Inc., Honeywell International Inc., Hoya Corporation, Carl Zeiss AG., and Essilor International S.A.
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