The global mirror coatings market size is predicted to reach USD 1.10 billion by 2028 and exhibit a CAGR of 7.2% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Mirror Coatings Market, 2021-2028”. The demand for the use of mirror coatings is rapidly increasing due to the growth of the automotive & transportation, architectural, decorative mirrors, and solar power industries. Increased demand from the construction industry and rising uses in the solar power industry are propelling the market forward. The market for these coatings is expected to grow over the projected period because of increased demand from water and wastewater treatment plants. The market size stood at USD 0.63 billion in 2020 and USD 0.67 billion in 2021.
COVID-19 Impact-
Pandemic-related Disruptions Affected Market Dynamics during 2020-2021
The COVID-19 pandemic has wreaked havoc on every region, industry, and facet of life, and the mirror coatings industry is no exception. COVID-19's emergence, as well as the accompanying economic slump, impacted most of the major end-use industries, including construction, automotive, and solar, to name a few. Due to the tight restrictions and restricted order intake, several coatings firms have reported reducing production capacity and even temporarily shutting down manufacturing plants around the world. Due to market uncertainty, several industrial and end-use industries faced unprecedented hurdles at this time. Furthermore, trade restrictions imposed by several nations, as well as a shortage of workers and freight containers, compounded the problems, producing supply chain delays for both manufacturers and end-user sectors.
During the lockdown, transportation limitations posed logistical issues, making it incredibly difficult to get raw materials and transfer finished goods. Several manufacturing businesses have stated that they are taking extra precautions to protect their employees' health and safety, as well as collaborating with their customers and suppliers to avoid any disruptions in day-to-day operations during the global pandemic. Despite the fact that the global economy has begun to recover and gain momentum following the pandemic's setbacks, the emergence of a new, more contagious delta variant, which has increased the number of infection cases in certain regions, has raised the level of uncertainty in global trade activities significantly.
Drivers & Restraints-
Market Growth Will Be Driven By Rising Construction Sector Demand
Over the last few decades, the building industry has grown rapidly in many parts of the world. Glass architecture has become a symbol of advancement in many countries, with people seeing these structures as symbols of luxury and riches. Mirror-coated glass is rapidly being used in the construction sector as an insulation material, structural component, external glazing material, and cladding material, among other things, in addition to being used as a decorative element. Mirror coatings reflect light well while also protecting coated surfaces from chemical and abrasion degradation. By retaining the color, durability, and texture of architectural structures, these coatings lower maintenance costs and extend the life of the coated surface.
During the projected period, the worldwide construction sector is expected to grow substantially, notably in Asia Pacific's growing countries. India, China, and other Southeast Asian countries are likely to invest heavily and experience considerable infrastructure changes. These coatings can be engineered to reflect selective radiation at a certain wavelength, allowing for significant cost savings in HVAC operations. Rising environmental concerns are expected to lead to an increase in innovative materials like these coatings being used in new residential and commercial construction. More building materials coated with these coatings, notably glass, are projected to be used more frequently during construction activities as a result of the adoption of green technology in construction will aid in the mirror coatings market growth.
Regulatory bodies are expected to impose more strict requirements as environmental concerns about the harmful impacts of volatile organic compounds (VOCs) produced from items such as mirror coatings.
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