The mirror coatings market size is expected to reach USD 892.0 million by 2022, at a CAGR of 7.60% between 2017 and 2022. Mirror coatings are used to protect substrates, such as silver and aluminum from abrasion, chemical corrosion, scratching, water-repellent, rusting, and others. The market includes backing paints used in silver and aluminum mirrors. These coatings are used in architectural, automotive & transportation, decorative, solar power, and other applications.
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Acquisitions was the major strategy adopted by key players in the mirror coatings market from 2014 to 2017. This strategy helped companies operating in the mirror-coatings market enhance their product portfolios and expand their global presence. Key companies are also focused on entering new markets by launching technologically advanced eco-friendly mirror coatings for varied end-use industries. Some of the leading manufacturers of mirror coatings include Arkema (France), Fenzi (Italy), Ferro Corporation (US), Sherwin-Williams Company (US), Vitro Architectural Glass (Mexico), SunGuard (Guardian Glass) (US), Diamon-Fusion International (US), Pearl Nano (US), Mader (France), Tianjin Xin Lihua Color Materials (China), High Ding Industrial (Grincoat) (Taiwan), and Casix (China).
Sherwin-Williams Company is a key player in the mirror coatings market. The company offers mirror coatings under their Valspar Mirror Coatings and Solutions division. The company accounted for a share 70% of the total developmental activities that took place in the mirror coatings market between 2014 and 2017. As a part of its inorganic growth strategies, the company is focused on enhancing its presence globally. For instance, in 2016, Sherwin-Williams acquired Valspar Corporation (US) with an investment of USD 1.3 billion. The acquisition of Valspar increased Sherwin-Williams’ geographical reach and revenue in the mirror coatings market.
Another key player that has established a strong foothold in the mirror coatings market is Vitro Architectural Glass. This company concentrates on expanding its customer base through acquisitions. For instance, in October 2016, it successfully acquired the glass coatings business from PPG (US). PPG received approximately USD 740 million in cash proceeds and recorded a pre-tax gain of USD 421 million. The acquired business includes PPG’s entire mirror coatings manufacturing and glass coatings operations in the US and Canada, which includes four manufacturing plants with a total of five mirror coatings furnaces, a research and development center, and four distribution and fabrication facilities in Canada. This strategy has strengthened the Vitro mirror coatings business in the North American region.
The mirror coatings market is projected to grow from USD 618.4 million in 2017 to USD 892.0 million by 2022, at a CAGR of 7.60% from 2017 to 2022. The market includes mirror backing paints used in silver and aluminum mirrors. The mirror coatings market is segmented on the basis of resin type, technology, substrate, application, and region.
By resin type, the polyurethane resin-based segment of the mirror coatings market is expected to grow at the highest CAGR during the forecast period. Polyurethane resin-based coatings are easy to clean, are highly durable, and tough. Polyurethane resin coatings are preferred in various applications worldwide, owing to these properties. Polyurethane resin-based coatings also provide properties, such as good elasticity at low temperature, abrasion resistance, solvent and water resistance, dry clean ability, and machine wash-ability.
Based on technology, the nano coatings segment of the mirror coatings market is expected to grow at the highest CAGR during the forecast period. Increasing use of antimicrobial and self-cleaning coatings in CSP solar power application is expected to propel the demand for nano coatings based technology in the mirror coatings market. These coatings are dirt or water repellent, scratchproof, temperature-resistant, and emit low VOC emissions.
By application, the CSP solar power segment of the mirror coatings market is expected to grow at the highest rate from 2017 to 2022. The growth of this segment can be attributed to the increasing installation of CSP solar power plants to generate reliable and clean energy, worldwide.
By region, the mirror coatings market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period, in terms of both value and volume. This high growth can be attributed to the increased demand for normal and decorative mirrors in building & construction activities in emerging economies, such as Taiwan, India, China, South Korea, Vietnam, and Singapore. The mirror coatings industry in China is growing rapidly, in terms of production and supplier activities, owing to cheap raw materials and labor, and low-tax in the country. In addition, the demand for mirror coatings is increasing rapidly in various end-use segments, including architectural, automotive & transportation, CSP solar power, and decorative. These factors are expected to contribute towards the growth of the mirror coatings market in Asia Pacific from 2017 to 2022.
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