Optical coating is deposition of thin layers of films that create interference effects, in order to enhance reflection and transmission properties of an optical system. Optical coatings enhance optical functions and provide protection to optic from harsh environmental conditions. These coatings are produced by using rare earth materials, oxides, and metals.
Market Dynamics
Growing demand for reflective coatings in green buildings for heat retention and reducing consumption of energy is expected to drive the market growth of optical coatings. Rising demand for consumer electronic goods, coupled with handheld consoles such as camera and tablets are also expected to drive the market growth. Moreover, increasing use of display windows, heaters, LED displays, and instrument displays is expected to drive the market growth.
Technological advancement in the field of optical deposition techniques and fabrications is expected to offer potential opportunities to the market. For instance, in May 2023, 3M Precision Optics, a vertically integrated manufacturer of optics, announced that it will invest US$ 146 million to strengthen its support for biotechnology products manufacturing. Improvements in facilities and equipment and creation of 60 full-time jobs at 3M Precision Optics manufacturing facilities in Europe are included in the investment.
Global optical coatings market growth can be hampered by fluctuating price of the raw materials that are used in the coatings. Numerous raw materials including oxides, fluorides, and metals are used in the manufacturing of optical coatings. The availability and price fluctuations of raw materials, particularly metals and their oxides, can have negative impact on the cost of production, and can limit the market's rate of expansion. It is expected that the high cost of R&D in the area of optical coatings can hamper the market growth.
Key features of the study:
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Detailed Segmentation:
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