The optical coatings global market is estimated to reach $11.8 billion by 2023, at a compound annual growth rate of 7.1 per cent from 2018 to 2023, according to a new report by Market Research Future.
Consumer electronics, telecommunications, and solar energy are all driving developments in optical coatings. Developments in production processes have culminated in an array of coatings for specific industries, which will play a significant role in the rapid adoption of optical coatings and drive market growth over the forecast period.
Consumer electronic products are expected to expand demand owing to the penetration of smartphones (read more here), tablets, smart TVs, and other consumer devices. The ballooning of the consumer electronics sector coupled with demand for protective coatings is expected to create a windfall for the optical coatings market over the forecast period - with the electronic and telecommunication segment alone having the potential to grow to $2.8 billion by 2023.
Thanks to various subsidies and supportive policies introduced by governments, the renewable energy sector is also gaining more prominence in recent years. Optical coatings can improve solar power plants ability to store energy. Anti-reflective coatings are used extensively in the solar sector, as well as the telecommunication sector, and accounted for the largest share of the optical coatings market in 2017. According to the new report, however, the future for filter coatings is also looking promising, as the segment has the potential to expand at a CAGR of 7.9% over the forecast period, thanks to its use in multiple applications.
Vacuum deposition and evaporative deposition are two main the methods used to produce optical coatings. They are set to generate significant revenue by 2023, with uptake in the biomedical sector. Sputter deposition technology could potentially overtake these methods in revenue, however, according to the report, because of its implementation in the production of thin films.