Increasing Acceptance and Declining Pricing Will Fuel the Market Growth of Photochromic Coatings
Bangalore, India: With its recently published study “Photochromic Coating Market: Drivers, Opportunities, Trends, & Forecasts up to 2022”, Infoholic forecasts that the market demand for functional photochromic coating would witness consistent growth during the forecast period 2016–2022 owing to increasing market penetration in developing countries and increasing acceptance in developed nations. Overall market prices in the photochromic coating are expected to decline with increasing economies of scale. The increasing per capita disposable income and declining market prices are expected to boost the market growth in developing countries such as China, India, Russia, and Brazil. On the other hand, the acceptance and adaptation level of photochromic coating in industrial, automotive and electronics is expected to increase during the forecast period resulting in overall demand growth for photochromic coating market. In value terms, the market is expected to witness more than 10.0% CAGR during the forecast period 2016–2022.
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Geographically, Asia Pacific region has been dominant supplier in the past and this dominance is expected to continue during the forecast period. Most of the large players have been importing the materials from the Asian region, however growing industries and upcoming capacities are expected to show domestic demand growth during the forecast period.
Various types of materials are used for photochromic coatings and these coatings are largely categorized based on these materials. Power and water based coatings are growing fast in the photochromic coatings market whereas solvent based coatings are expected to witness relatively slower growth.
“Functional coatings have always shown slower consumer penetration in the beginning and we have seen the similar trend with photochromic coating market. Photochromic coating has shown good growth potential and the acceptance level has been growing, especially in the industrial and automotive applications. These application areas are expected to fuel the market growth in developed countries. Even in developing countries, increasing per capita income and declining market prices are expected to fuel the market growth during the next 5–7 years.” – Ankur Kalra, Research Manager, Chemicals and Materials.
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Key insights of the report
- Global photochromic coating market has been analyzed based on types
- Powder Coating
- Water Based
- Solvent Based
- Global photochromic coating market has been analyzed based on application industries
- Global photochromic coating market has also been analyzed based on geography
- Asia Pacific
- North America
- Rest of the World
- Industry outlook: market trends and drivers, restraints, and opportunities