According to the new market research report “Mirror Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic), Technology (Water-based, Solvent-based, & Nanotechnology-based coatings), Substrate (Silver, Aluminum), End-Use Industry, & Region – Global Forecast to 2026″, is projected to grow from USD 642 Million in 2021 to USD 829 Million by 2026, at a CAGR of 5.3% during the 2021-2026 period. The driving factor for the mirror coatings market is increase of urbanization & increase in income level of people and high growth in end-use industries like Architectural and Solar Power.
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The mirror coatings market is growing due to the growth in the architectural industry. The building & construction sector is growing gradually and is expected to lead to the growth of use of mirror coatings. In architectural applications, mirrors are used in kitchens, bars, hotels, beauty salons, lifts, gyms, washrooms, buildings, and others. Due to the rising demand from all these sectors, mirror coatings manufacturers are increasing their production capacities and focusing on customizing their products to suit the needs of end users in various regions. Demands differ by regions and according to the varying preferences.
Nanotechnology is no longer just a promising field of research. Various nanotech solutions have made their way into everyday life – one of the most prominent being the use of ceramic and mirror coatings for waterproofing, whether it be a second liquid glass skin for cars or a side rearview mirror. Nanotechnology has made it possible to waterproof almost any material. From sustainable textiles to cars or buildings: a so-called ceramic coating or a nano coating helps keep water and dirt from clinging to any surface. It can also provide protection from corrosion, scratches, and graffiti. Whatever the kind of surface or material, the nano coating provides waterproofing, increasing the lifespan and durability of any mirror.
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Mirror Coatings market is 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 driving factor for the Mirror coatings market are high growth in architectural and solar power industries. APAC, South America, and the Middle East & Africa are the fastest-growing segments of the mirror coatings market for architectural applications. This is due to ongoing investments in infrastructural development, increasing urbanization, and rising standards of living in these regions.
The companies are majorly following mergers & acquisitions and Joint Venture & Partnership as the strategies to grow and expand the market. The key players following the strategies between 2016 to 2021 are FENZI Group (Italy), The Sherwin Williams Company (US), and Ferro Corporation (US). Following these strategies are helping the companies to strengthened their market position and increase their presence in emerging countries.
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The FENZI Group is the global leader in chemicals for the glass processing industry. The Group was founded in Milan in 1941, where it still has its headquarters, and now has twelve factories in strategic markets across the continents. The company has four business units, which target different segments, such as mirror backing paints, sealants for IG units, decorative paints, and coatings for solar mirrors. FENZI group provides its mirror coating products with brand Duralux and Luxver. Both offer a unique set of products to cover the entire mirror production cycle. The company has its presence in North America, South America, Europe, and APAC. The company has regularly made strategic decisions help its firm to grow. It has undertaken necessary partnerships and acquisitions to have a hold in the market and become a global leader.
The Sherwin-Williams Company is a global leader in the development, manufacturing, distribution, and sale of paints, coatings, and related products to industrial, professional, retail customers, and commercial. The American Group, Consumer Brand Group, and Performance Coating Group are the business divisions of the firm among which American Group contributes maximum revenue with 57%. The Sherwin-Williams Company has a strong focus on R&D and introducing cutting-edge products for its customers.
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