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IMARC Group, a leading market research company, has recently released a report titled “Mirror Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” The study provides a detailed analysis of the industry, including the global mirror coatings market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Mirror Coatings Industry?According to the report, The global mirror coatings market reached a value of US$ 642 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 967 Million by 2027, exhibiting a CAGR of 7.2% during 2022-2027.
What is Mirror Coatings?Mirror coating is the process of vacuum deposition of reflective materials on polished surfaces. It comprises aluminum, gold, silver, chrome, dark chrome, copper, nickel, titanium, and dielectric coating. It is utilized in coating lenses or glasses, which are required in outdoor sports and adventures, such as golf, skiing, and hiking, to decrease light transmission by minimizing harmful wavelengths from reaching the eyes. It enables sunglasses to enhance sun protection by optimizing the useful light that passes via the lens and guarding against harmful visible light.In addition, the mirror coating is applied in astronomical telescope mirrors by using thin layers of various metals that are reflectors of visible light. As a result, it finds extensive applications in the construction, automotive, solar power, healthcare, and architecture industries across the globe.
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What are the growth prospects and trends in the Mirror Coatings industry?The rising demand for mirror coatings in the production of solar cells due to the increasing environmental awareness among the masses represents one of the key factors driving the market. Besides this, mirror-coated lenses are used in solar power systems to generate renewable energy and enhance the thermal efficiency of the systems. Along with this, the escalating demand for solar power systems to decrease the carbon footprint and harmful emissions positively influences the market.
In addition, the increasing utilization of mirrors in industrial constructions as a structural unit, insulation material, and cladding element is contributing to the growth of the market. Apart from this, mirror coatings are extremely effective in reflecting light and protecting the surface of buildings from chemical degradation and abrasion. This, coupled with the growing employment of mirror coatings to retain the color, texture, and strength of structures, is creating a positive outlook for the market.
Additionally, there is an increase in the utilization of mirror coatings on residential and commercial buildings to keep them cool under high temperatures and reduce heating, ventilation, and air conditioning (HVAC) operation costs around the world. This, in confluence with the burgeoning construction industry, is strengthening the growth of the market. Besides this, the rising application of smart mirrors inthe retail industry with enhanced technology, such as gesture recognition, artificial intelligence (AI), and augmented reality (AR), is propelling the growth of the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to introduce high-quality silver coatings for decorating molding products, which is expected to bolster the growth of the market in the coming years.
What is included in market segmentation?The report has segmented the market into the following categories:
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The report covers the major market players including:
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