The Mirror Coatings market size was projected to grow from USD 642 Million in 2021 to USD 829 Million by 2026, at a CAGR of 5.3% between 2021 and 2026. The demand and use of Mirror Coatings are rapidly increasing due to the growth in architectural, and solar power industries. The increasing urbanization, rising standards of living, and rising income levels are growing the Mirror coatings market.
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APAC is the largest and fastest-growing mirror coatings market. It is projected to grow at the highest CAGR during the forecast period. The market is expected to grow significantly in the architectural, automotive & transportation and solar power sectors in countries such as China, India, and South Korea. The growth of these industries is influencing the growth of the market. APAC is a strategic location for various transportation & automotive manufacturers to set up or expand their manufacturing bases and take advantage of the low manufacturing costs. The APAC market is considered for China, India, Japan, South Korea, Malaysia, Taiwan, Vietnam, and the Rest of APAC. The key markets in the region include China, India, South Korea, and Japan. India, China, and Indonesia are investing significantly in various end-use industries, which is expected to influence market growth.
The North American market for mirror coatings is witnessing moderate growth. Despite strong competition from manufacturers in emerging regions such as the APAC, North America remains one of the strategically important markets for key players. The major player operating in the North American mirror coatings market is Sherwin-Williams (US). The growth of the mirror coatings market in North America is driven by the increasing demand from the architectural, automotive & transportation, and other application segments.
Players operating in this region have adopted various strategies to cater to the rising demand for mirror coatings. For instance, Vitro, S.A.B, a leading mirror manufacturer in Mexico, acquired the mirror business of PPG (US) in October 2016. PPG received ~USD 740 million and recorded a pre-tax gain on the sale of USD 421 million. Similarly, in 2016, Sherwin-Williams acquired Valspar (US) with an investment of USD 1.3 billion. As Valspar is one of the leaders in flat glass coatings globally, this acquisition helped Sherwin-Williams to increase its geographic presence and product portfolio of flat glass coatings. The Sherwin-Williams Company has also entered into an agreement to acquire the European industrial coatings business of Sika. This is expected to enable the profitable growth momentum of the company.
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Continuous developments in the Mirror coatings market, including joint ventures & partnerships, and mergers & acquisitions, are expected to help the market grow. The companies are providing products which is serve various end-use industries. Joint ventures & partnerships have also helped companies enhance their product portfolio. Moreover, Mirror coatings market is expanding due to the increase in urbanization and increase in income level. The companies have also started new manufacturing sites to capture and fulfill the need of the market.
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