ANTI-REFLECTIVE COATINGS MARKET ANALYSIS

Global anti-reflective coatings market was valued at US$ 5.7 Bn in 2023, exhibiting a CAGR of 10.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 11.5 Bn by 2030.  Anti-reflective coatings help to increase light throughput, minimize stray light, and reduce back reflections, allowing them to be employed in a variety of industries such as solar, eyeglasses, automotive, construction, and telecommunication. Additionally, these coatings reduce surface reflections, boosting the light transmission of the glass or glass lens. Anti-reflective coatings are widely utilized to improve solar panel efficiency. The rapidly expanding solar PV market, combined with a growing focus on clean energy production, is likely to drive demand for global ant-reflective coatings market over the forecast period. Furthermore, the product is used in scientific and medical screen displays, which increases demand regarding their industries. Increasing expenditure on health care in developing economies, combined with a rising medical device industry, is predicted to increase in demand. Manufacturers have been working to create low-cost, effective coating technologies. Some of the key consumer demands in the anti-reflective coatings market include short lead times, timely material deliveries, high quality, and affordable prices. The main factors contributing to differentiation in the products with anti-reflective coatings are good relationships with suppliers and the application of cutting-edge technology.

COVID-19 Impact on Global Anti-Reflective Coatings Market

The COVID-19 pandemic has had a negative impact on the global anti-reflective coatings market. This market has been affected by some major factors like supply chain disruptions. The pandemic has disrupted global supply chains, which has led to shortages of raw materials and components needed for the production of anti-reflective coatings. This has resulted in delays in production and delivery, affecting the overall global anti-reflective coatings market. Moreover, the pandemic has led to a decrease in demand for anti-reflective coatings, particularly in the automotive and construction industries. With lockdowns and travel restrictions in place, people are driving less and there is less demand for new cars, which has had a ripple effect on the demand for anti-reflective coatings used in car windshields. Similarly, the pandemic has had an impact on the construction industry. resulting in a decrease in demand for anti-reflective coatings used in window and glass facades. Overall the COVID-19 pandemic has had a negative impact on the global anti-reflective coatings market, but the market is expected to recover post-pandemic as demand picks up again.

Global Anti-Reflective Coatings Market - Drivers

• Increasing Demand for Anti-Reflective Coating in Solar Panel

Over the last few years, the global market for anti-reflective coatings has grown significantly. Factors such as an increase in demand for anti-reflective lenses and quick development in the eyewear and photovoltaic industries are driving the market growth. In the projected period, technical developments like displays and touchscreens of devices like mobile phones, tablets, smart watches, and laptops are expected to drive the market. Furthermore, the rapidly rising consumer in the electronics, eyeglasses, telecommunications, and construction sectors is positively contributing to market growth. For instance, to deal with the energy problem and global warming, governments in various countries, including the U.S., the U.K., Germany, France, India, and China, are providing financial incentives to companies that manufacture solar power systems. Anti-reflective coatings reduce light reflection and improve light transmission. This factor may propel the growth of the global anti-reflective coatings market over the forecast period.

• Growing demand for anti-reflective coatings for manufacturing of high transmitting lenses and glasses

Growing demand for anti-reflective coatings for manufacturing high transmitting lenses and glasses is expected to drive the market growth of anti-reflective coatings. Expanding eyewear market is also fuelling the market growth of anti-reflective coatings. This is attributed to growing vision impairments along with the increasing geriatric population which is creating demand for eyewear products. Thus growing demand for eyewear products is expected to foster the market growth of anti-reflective coatings. Moreover, the rising installation of solar panels around the globe due to increasing demand for a renewable source of energy is expected to augment the market growth of anti-reflective coatings. The rising need to reduce the reliance on fossil fuels coupled with the growing energy demand is expected to spur market growth. Anti-reflective coatings are widely applied on the surface of solar PV. Thus, the rising adoption of solar PV is escalating the market growth of anti-reflective coatings.

Global Anti-Reflective Coatings Market - Restraints

• High Cost of Anti-Reflective Coatings Market

The high cost of anti-reflective coatings can make it difficult for small and medium-sized enterprises to enter the market. For instance, a company that produces eyeglasses may hesitate to invest in anti-reflective coatings due to the high cost of raw materials, production, and application. As a result, they may opt for cheaper alternatives that do not provide the same level of anti-reflective performance. This factor may hinder the growth of the global anti-reflective coatings market during the forecast period.

Figure 1. Global Anti-Reflective Coatings Market, By Application

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Market Trends

The increasing adoption of advanced technology in the field of anti-reflective coatings is one of the current trends in the market growth. For instance, in May 2020, VSP Optics announced the launch of TechShield Anti-Reflective Coatings with ISO-certified anti-bacterial technology. The enhancements break new ground in the optical industry as the first-ever anti-reflective coatings for ophthalmic lenses in the U.S. that include anti-bacterial technology certified by the International Organization for Standardization (ISO). VSP Vision Care (VSP) is a vision care health insurance company operating in Australia, Canada, Ireland, the United States, and the United Kingdom. It is a doctor-governed company divided into five businesses: “eye care insurance, high-quality eyewear, lens and lens enhancements, ophthalmic technology, and connected experiences to strengthen the relationship between patients and their eye doctors

Global Anti-Reflective Coatings Market - Regional Insights

Asia-Pacific is the largest and fastest-growing market for anti-reflective coatings, which accounted for 41.30% in terms of revenue share in 2022. Driven by the growing demand for electronic devices, eyewear, and solar energy. China and India are the largest markets in the Asia-Pacific region, with a high demand for anti-reflective coatings in various applications.

The North America region is expected to hold a significant share of the global anti-reflective coatings market, driven by the growing demand for electronic devices and renewable energy resources. The U.S. is the largest market in the North America region, with a high demand for anti-reflective coatings in various applications such as eyewear, electronics, and automotive

Figure 2. Global Anti-Reflective Coatings Market, By Region

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Global Anti-Reflective Coatings Market - Key Developments

• In May 2020, HOYA Vision Care has announced the U.S. launch of Super HiVision EX3+ anti-reflective treatment. The new lens treatment offers the same industry-leading scratch resistance, durability, and long-term cleanability that eye care providers and patients have come to expect – now with complete back-side UV protection. Hoya Corporation is a Japanese company manufacturing optical products such as photomasks, photomask blanks and hard disk drive platters, contact lenses and eyeglass lenses for the health-care market, medical photonics, lasers, photographic filters, medical flexible endoscopy equipment, and software.
• In May 2020, TechShield Anti-Reflective Coatings, anti-reflective lens coatings with ISO-certified technology for ophthalmic lenses, were introduced by VSP Optics. VSP Vision Care (VSP) is a vision care health insurance company operating in Australia, Canada, Ireland, the U.S., and the U.K. It is a doctor-governed company divided into five businesses: eye care insurance, high-quality eyewear, lens and lens enhancements, ophthalmic technology, and connected experiences to strengthen the relationship between patients and their eye doctors.
• In February 2022, Zygo Corporation, a company engaged in manufacturing of optical metrology and optical component, announced the opening of a new office in Italy, building upon its extensive network of offices and partnerships throughout Europe for expanding its business, including anti-reflective coatings. Zygo Corporation designs, develops, manufactures, and markets measurement and yield improvement instruments, systems, and accessories. The Company offers optical metrology instruments, high-precision optical components, and complex electro-optical systems.
• February 2021: VIAVI Solutions Inc. announced establishing a new manufacturing facility in Chandler, Arizona, to meet the growing demand for optical security and performance products (OSP) across the U.S. Viavi Solutions Inc. provides network and service-enabling solutions and optical products. The company offers installation, commissioning, scripting, custom analytics, integration, business intelligence consulting, operational assistance, field and lab testing, technical training, maintenance, and support services. Viavi Solutions serves customers worldwide.

Global Anti-Reflective Coatings Market - Key Players

Key players operating in the global anti-reflective coatings market are Carl Zeiss AG, Essilor International S.A, Honeywell International Inc., Hoya Corporation, iCoat Company LLC, Janos Technology LLC, JDS Uniphase Corporation, Koninklijke DSM N.V, and Optical Coatings Japan