In recent years, the global mirror coatings market has been experiencing an upward trend due to growing demand from the automotive and construction industries. Mirror coatings find their application in the automotive and transportation sector in rear-view and vanity mirrors of a wide range of cars. Moreover, the growing demand from the construction industry as a vital structural component, cladding material, and insulation material is propelling the global mirror coatings market to sound expansion. Growing environmental concerns, emphasis on lowering maintenance costs, and stringent government norms related to sustainable construction are set to create significant growth opportunities for the mirror coatings market. Notably, in the coming years, the market is envisaged to flourish with the increased application of these coatings across construction activities in the residential sector.
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Demand for Polyurethane Mirror Coatings to Soar World Over
There are various types of mirror coatings available in the market namely, polyurethane resin, epoxy resin, acrylic resin, and others. Amongst these, the polyurethane segment garners a significant share in the global market. As compared to other types, polyurethane tends to offer greater endurance and is highly robust and pliable. Acrylic paint is non-porous which makes it easier to remove from the surface by merely wiping or scraping. However, polyurethane mirror coatings are highly resistant to abrasion, deterioration, weathering, and corrosion. As a result, the application of polyurethane mirror coatings is expected to increase during the forecast period. Moreover, the use of polyurethane mirror coatings is predicted to be higher in decorative mirrors, concentrated solar panels (CSPs), and several architectural structures.
Growing Demand for Sustainable Construction Practices Gives Way to Innovation
The global call for embracing sustainable construction practices is poised to create novel business opportunities in the mirror coatings market. Governments across the world have been rolling out stringent policies that mandate usage of eco-friendlier construction material. Consequently, major market players in the mirror coatings market are driven towards intense innovation and product differentiation to manufacture green, low VOC (volatile organic compounds) mirror coatings. Low VOC mirror coatings aid in significantly reducing greenhouse gas emissions, thereby adhering to best practices in sustainable construction practices. In the near future, strong research and development in favor of greener mirror coatings is projected to positively influence strategic partnerships and innovation in the mirror coatings market.
Availability of Affordable Resources to Position Asia Pacific as a Promising Region
Asia Pacific has witnessed sturdy growth in its mirror coatings market owing to higher usage in the construction, power, and transportation sectors. The major areas of mirror coatings application in the region include solar power, transportation, and automotive. Higher disposable income, promising government initiatives, and availability of low-cost labor are anticipated to fuel the growth and development of the mirror coatings market in the APAC. Additionally, affordable production facilities have made China a preferable region within APAC’s mirror coatings market. As a result, key players from Europe and North America are expected to move their mirror coatings production facilities to China.
Key Market Players
Prominent players operating in the global mirror coatings market are advancing towards strategic alliances, mergers and acquisitions, and partnerships. Arkema Group, The Sherwin-Williams Company, FENZI Group, Tianjin Xin Lihua Colour Materials Co. Ltd., CASIX, Ferro Corporation, and General Optics Limited Lihua Colour Materials are some of the leading players in the mirror coatings market.
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