Mirror Coatings Market, By Resin Type
- Trend Analysis, Competitive Market Share &
Mirror Coatings Market- Industry Trends & Forecast
The global mirror coatings market was worth USD 671.1 million in
2020 and is further projected to reach USD 1,270.0 million by the
year 2027, growing at a CAGR of 9.8% in the forecast period. The
market is progressing at such a high growth rate because of its wide
applications in several industries. Its adoption in concentrated solar
power because of its texture, color and durability has given a
significant push to the overall market. Furthermore, the growing
demand for architectural mirrors is also propelling the growth of
the global mirror coating market.
Flourishing Building and Construction Sector
The construction of various commercial and non-commercial
buildings has significantly influenced the growth of the global
mirror coatings market. Buildings nowadays are primarily using
mirrors, due to which the demand for mirror coatings has surged.
Governments, especially of emerging economies, are taking various
initiatives to construct residential buildings, offices, hospitals, etc.
Mirrors are added to the outside wall of the building to keep the
inner surface and the interior environment of the building cool. It
also gives an aesthetic look to the buildings.
High Exposure to Degradation
A thin layer of metal is used to make mirrors highly reflective since
metal is more conductive than glass. Silver, aluminum, copper, gold,
beryllium, and other metals are commonly used for this purpose.
However, these metals carry a high risk of degradation. Unless kept
in a dry, contamination-free environment, silver loses its luster fast,
usually within a month or two. Additionally, metals like aluminum
and gold are highly stable. However, under high exposure, they
become very sensitive. This kind of disadvantage may restrict the
growth of the global mirror coatings market.
Impact of COVID-19
The sudden breakout