optical coatings market will be worth of USD 10.39 billion in 2019, growing at a CAGR of 7.2%

ALBANY, N.Y. - Sept. 12, 2016 - PRLog -- This review is based on information published by TMR in a report, titled "Optical Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019." As per TMR, the global optical coatings market stood at US$6.4 bn in 2012. Rising at a CAGR of 7.2%, the market is expected to reach US$10.39 bn by the end of 2019. Regionally, North America dominated the global market with a share of 36.9% in 2012. By application, infrastructure led the market in 2012, with a share of 42.7%.

Demand for Optical Coatings to Significantly Rise as Sales of Smartphone Increase

"The escalating demand for smartphones will bolster sales opportunities for the optical coatings market," says a lead TMR analyst. Traditionally, optical coatings were used in mobile phones as means of providing protective layer. However, with technological advancements, optical coatings in smartphones are used to provide privacy coating, waterproof coating, fingerprint coating, and others. Besides screen, optical coatings also find application in camera and other optical devices integrated in a smartphone.

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"As smartphone manufacturers become more proactive in realizing the changing trends in the smartphones market, they are focusing on developing products that are more durable and cost-effective. This has translated into sales opportunities for the optical coatings market," observes the TMR reports author.

Additionally, the demand for optical coatings is also expected to increase in response to the rising demand for renewable energy. With energy crisis accelerating, governments across many nations are currently faced with concerns such as the mounting cost of energy consumption and ecological issues. Compelled by these factors, industries have started focusing on energy derived from solar power. Governments have therefore introduced several incentive programs to encourage the use of renewable energy. Since optical coatings are applied on solar panels, the increasing demand for solar power will in turn accelerate industrial spending on optical coatings.

Environmental Concerns Related to Optical Coatings to Dampen their Demand

Despite witnessing favorable opportunities, environmental issues related to raw materials are inhibiting the market's trajectory to an extent. The raw materials used in the production of optical coatings could hamper the ecosystem. The increasing awareness about the hazardous nature of raw materials used in optical coatings is likely to compel electronics companies to look for other more eco-friendly alternatives for protective coating on the devices they manufacture. This is expected to dampen the market's growth to an extent.

Optical Coatings Market to Gain from Rising Opportunities in Asia Pacific

Nevertheless, the optical coatings market is expected to witness lucrative opportunities in Asia Pacific, which is expected to fuel their demand in the near future. While the market in North America is currently witnessing strong growth, Asia Pacific is expected to report a higher growth rate as a regional market for optical coatings in the near future. Industrial development and urbanization witnessed in India and China is expected to drive the construction industry, which is a crucial application segment of optical coatings.

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The global optical coatings market exhibits a fragmented vendor landscape, which is also the reason behind its high price-sensitivity. The market is expected to be more technology-driven in the forthcoming years, thus connoting potential increase in competition. According to Transparency Market Research (TMR), companies such as PPG Industries, 3M Precision Optics, Newport Corporation, and Optical Coatings Japan held not more than 25% of the global optical coatings market in 2012. To gain competitive advantage, these companies have been focusing mergers and acquisitions.