The ongoing COVID-19 crisis is expected to have a prominent impact on the blue light and U.V. light blocking coatings market owing to national lockdowns in several manufacturing countries. Both the demand for the coatings as well as the supply of raw materials for manufacturing of the coatings has been widely affected owing to the restrictions imposed on the exports and imports of goods and services. Moreover, the unavailability of labor due to COVID-19 also limits the production, if not temporarily ceasing it altogether due to factory shutdowns. The pandemic has had a major impact on the end user industries that consume both U.V. and blue light blocking coatings specifically in the automotive and building and construction segment. However, in the long run it is anticipated that the market would get to its regular consumption pattern.
Technological advancements in the manufacturing sector with extensive on-going research to improve the existing manufacturing options have laid the foundation for the usage of innovative functional coatings. There has been a drastic change in the coatings industry which has resulted in several innovations such as blue light blocking coatings, ultraviolet light blocking coatings, anti-glare coatings, anti-reflective and anti-fingerprint coatings, among others. Organizations such as World Coatings Council (WCC), American Coatings Association (AMA), among several others indicate at a possible significant increase in the coatings market in the future. The coatings market foresees an opportunity for growth in the future due to the expected increase of products in the automobile industry, smartphone industry, digital screens industry and optical instruments industry, among others. In particular, the demand for coatings with blue light and U.V. light blocking properties has been rapidly increasing on a year-on-year basis.
Vacuum deposition coating is used for a wide variety of applications in automotive, consumer goods, and building and construction industry. The vacuum deposition coating process deposits a thin layer of coating on the surface of products by condensation method, which helps in increasing the wear and corrosion resistance of the coatings applied as compared to conventional coating methods. Techniques such as sputtering, electron beam, ion plating, and arc deposition, are used for the deposition of these coatings on the glass surfaces.
The consumer goods application is estimated to be the largest application segment in terms of volume. The demand for U.V. and blue light blocking coatings is mainly attributed to the increasing production of displays and lenses which are used in manufacturing consumer goods, such as smartphones, television, monitors, wearables, and tablets, among others. Wearables, which include smartwatches and lenses, are estimated to be growing at highest rate among consumer goods. The increasing market penetration of blue light blocking lenses, owing to their property to reduce excessive sunlight and regulating the melatonin level, has increased the consumption of blue light blocking coatings in the lens application.
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The demand for U.V. and blue light blocking coatings varies according to various geographical regions. The market holds a prominent share in various countries of North America, Asia-Pacific, Middle East and Africa, South America and Europe. China is currently the largest revenue generating country in the U.V. and blue light blocking coatings market. Industrial advancements, technological advancements, extensive investments for dedicated R&D facilities, and presence of major display manufacturing companies are some of the major drivers that are propelling the growth of the market in the country. Additionally, due to the wide scale production of coatings as well as technological advancements pertaining to the coatings technology, the market of both U.V. and blue light blocking coatings is expected to grow at a steady rate. Apart from China, the Asia-Pacific is also growing at a high rate and this potential growth is supported by an excessive industrial base, encouraging government policies, and financial support in research and development offered in the countries in the entire region.
The competitive landscape of the U.V. and blue light blocking coatings market consists of different strategies undertaken by major players across different end user industries to gain market presence. Some of the strategies adopted by the companies are new product launches, business expansions, and partnerships, and collaborations. Among all the strategies adopted, partnerships and collaborations have been the leading choice of strategy implemented in the competitive landscape. PPG Industries, Inc., Carl Zeiss AG, and HOYA Corporation are some of the leading players in the global U.V. and blue light blocking coatings market. The industry landscape is quite competitive because of the large number of players in the market. Therefore, innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, coatings manufacturers are expanding their businesses and are also entering into strategic partnerships to increase their customer base and overall reach.
UPCOMING INDUSTRY TRENDS 