The global mirror coating market was valued at ~US$ 670million in 2020 and is expected to reach ~US$ 1661million by 2030. The market would grow at a compound annual growth rate (CAGR) of 9.5% during the forecast period from 2021 to 2030.
Mirror coatings are protective layers applied behind the glass for reflection. The coating also helps in retaining product quality in regards to texture, durability, and color. Without mirror coatings, the mirrors would simply be a piece of transparent glass through which light can pass. Usually, silver or aluminum is used for coating mirrors because of their highly reflective qualities. Mirror coatings are generally called silver because of the predominant use of silver. Other metals such as gold and copper are also used frequently.
Factors Affecting
Impact Analysis of Covid-19
The Covid-19 pandemic forced the world to undergo a lockdown. Many industries suffered major decline due to a halt in operations. The mirror coating industry suffered a significant decline because many end-users, including the automobile, transportation, construction, and solar industry discontinued their operations. As a result, it caused a huge drop in demand for the global mirror coating market. Apart from that, various industries witnessed a sudden decline in the workforce. As a result, it slowed down the activities.
Regional Insights
Out of all these, the Asia-Pacific region contributes with the largest share. Emerging construction industries in countries like India, China, and Japan are propelling the growth of the global mirror coatings market. In addition, the presence of major competitive players in the industry is also a contributing factor in the growth of the regional market.
Competitors in the Market
The prominent and leading competitors in the global mirror coatings market are:
Scope of the Report
The market is segmented on the basis of Technology, Resin, Substrate, implementation, and Region.
By Technology
By Resin
By Substrate
By Implementation
By Region