OCEAN VIEW, DE - According to a report released by Global Market Insights, the market for anti-reflective coatings was over 320 kilo tons in 2013 and is likely to reach above 500 kilo tons by 2023. The report predicts that the market is likely to grow with an estimated CAGR of above 6% up to 2023. It was worth over $2.5 million in 2013 and is likely to be worth more than $5 million by 2023.
An increase in demand for coatings in end-use industries such as automotive, electronics, eyewear, telecommunications and solar is likely to drive the anti-reflective coatings market going forward.
Applications in the eyewear industry accounted for more than 35% of the total demand in 2014. This application is likely to witness steady growth rates up to 2023 owing to the growing importance of wearing high light-transmitting lenses and glasses. These products on glasses offer optimum comfort by reducing bright sunlight glare. They also help in eliminating unwanted reflections and adjust surrounding contrast levels, which enhances visibility and helps in night driving.
Electronics was the second-largest end-use segment in the anti-reflective coatings market and is likely to witness significant growth over the forecast period. Increasing demand for flat display screens coupled with growth in smartphone production is likely to support market growth. These coatings are also used in semiconductor fabrication during the photolithography stage, helping to eliminate the reflective notch that enhances the lithography process.
Growth in the installation of solar panels will also contribute to increased demand for anti-reflective coatings. Governments in countries such as France, India and China are forming policies to offer financial incentives for installing solar power systems as part of efforts to reduce CO2 emissions and dependance on fossil fuels. Any light reflected from solar panels is light wasted. Application of anti-reflective coatings on these panels helps in delivering better light transmission and curtails light reflection.
Increasing automobile production, particularly in economies such as China, India, Thailand, Indonesia and Mexico, is likely to drive demand for anti-reflective coatings. Applications also exist in various automobile component manufacturing such as GPS displays, dashboards and windshields.
In terms of geography, North America was the leading consumer of anti-reflective coatings and accounted for a major chunk of the market share in 2014. Growing demand for eyeglasses, lenses and flat-panel display screens in the United States and Canada is likely to favor growth in North America. Europe is expected to witness considerable gains over the forecast period owing to the increasing number of solar panel installations and growth in automobile production in the UK, France and Germany.
The market for anti-reflective coatings in Asia-Pacific is likely to witness the highest gains over the forecast period. Government policies to install solar projects in the form of solar water pumps to replace diesel pumps for irrigation and also generate electricity, particularly in China, India and Bangladesh, are likely to drive demand. Growth in automobile production in Thailand and Indonesia is also likely to spur growth.
In the Middle East, Africa and Latin America, the market for anti-reflective coatings markets is likely to witness significant growth owing to a booming eyewear industry coupled with growth in solar power projects by governments in Brazil, South Africa and UAE.
For more information about the report, Anti Reflective (AR) Coatings Market Size, Potential, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2016-2023, visit www.gminsights.com.