Use in Construction Sector Likely to Boost Growth of the Mirror Coatings Market
Increasing use of mirror coatings in the building and construction sector remains instrumental in driving market growth. Their ability to preserve quality and aesthetics of the finished products with respect to texture, durability and colour has fuelled their use in the construction sector worldwide. Moreover, mirror coatings provide optimum protection against rusting, scratching, abrasion and corrosion due to chemical exposure.
In addition, mirror coatings are typically applied to one side of a glass surface, which resembles a mirror-like appearance. Usually, this is applied during float process in order to improve the amount of heat that is reflected by glass surface. This facilitates higher absorption and reflection of harmful infrared and UV rays and at the same time allowing natural visible light to pass. In various architectural designs, mirror coatings are considered as sustainable and green elements owing to their enhanced performance in terms of visual appeal and heat ingress quotient. The effectiveness of mirror coatings in reducing maintenance costs and improving life of coated surfaces is expected to fuel their demand in the construction industry, consequently bolstering growth of the mirror coatings market.
According to industry reports, the global mirror coatings market is projected to expand at a moderate CAGR of over 5% in the coming give years, crossing a market valuation of US$800 Mn by end of 2026. The market seems to present an optimistic scenario for manufacturers and vendors of mirror coatings across a plethora of industrial applications worldwide.
Demand for Low VOC Green Mirror Coatings to Reflect Significant Opportunities
Increasing awareness apropos to greenhouse emissions has given an impetus to the development of eco friendly products. Mirror coatings not being an exception to this trend has been mulled upon by manufacturers to develop innovative products. Backed by strict regulations regarding environment protection by authorities such as Europe’s REACH (Registration, Evaluation, Authorization and Restriction of Chemicals), USEPA (United States Environmental Protection Agency) and LEED (Leadership in Energy and Environmental Design), manufacturers are focused on developing green, low VOC mirror coatings. For instance, in 2021, Fenzi Group introduced a new line of coatings – the Duralux water based mirror coatings. These mirror coatings offer high durability and quality and are eco friendly reflecting low VOC (volatile organic compounds) emissions. This factor is expected to generate significant opportunities for manufacturers in turn complementing the mirror coatings market growth.
Polyurethane Mirror Coatings to Account for a Significant Share
Polyurethane mirror coatings have been witnessing significant adoption in various applications and are expected to maintain status quo in the coming years. Perceived advantages of polyurethane mirror coatings such as higher resistance to corrosion, weathering, abrasion and deterioration have propelled their demand. Moreover, they are relatively easy to clean, more elastic, strong and durable as compared to other resin counterparts and provide long-lasting protective layer. This factor continues to influence their use across architectural applications, in decorative mirrors and in CSPs (concentrated solar panels), consequently contributing to the valuation of the mirror coatings market.
Asia Pacific to Present Potential Opportunities of Growth for Mirror Coatings Market
Emerging economies in Asia Pacific are expected to generate potential growth opportunities for mirror coatings market. Economies such as China and India are likely to remain key revenue pockets in the years to follow with respect to adoption of mirror coatings. This can be largely attributed towards growing construction activities in these countries. In India, factors such as low-cost land and labour and favourable government contributions such as the Make in India initiative and entrepreneurship development have opened new pathways in the infrastructure and industrial sectors. This has resulted in increasing use of mirror coatings in turn contributing towards the valuation of the market in Asia Pacific.
According to the Union Budget 2018-2019, around 9% of the GDP of India is spent on infrastructure development. The Indian government has given huge momentum to infrastructure sector by allocating US$ 92 billion, which has created ample scope for use of mirror coatings in infrastructure. Likewise, Government of China has planned provisions for 250 million individuals in new megacities in the coming years, which is likely to push use of mirror coatings. In this backdrop, growing infrastructure activities are expected to fuel growth of the mirror coatings market in the region, making it a lucrative go-to-market.
Mirror Coatings Market: Competitive Landscape
Major players in the mirror coatings market are undertaking collaborations, partnerships and acquisitions to improve their position and share in the market. For instance, in 2020, Arsenal Capital Partners and Fenzi Group entered in a partnership that will facilitate aggressive expansion of Fenzi while strengthening its research and development capabilities. In the same year, in December, Cool Roof France and Arkema collaborated to ensure enhanced delivery of quality cooling solutions by using reflective glass technology. Likewise, in 2021, an agreement was signed by The Sherwin-Williams Company to acquire Sika AG’s European Industrial Coatings Business to gain profitable momentum in the business. This acquisition was concluded in April 2022.
Few of the players in the mirror coatings market include FENZI Group, Arkema Group, CASIX, Tianjin Xin Lihua Colour Materials Co. Ltd., The Sherwin-Williams Company, General Optics Limited Lihua Colour Materials, and Ferro Corporation.
Global Mirror Coatings Market is Segmented as Below:
Key Elements Included In The Study: Global Mirror Coatings Market
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