Global filter coatings market is expected to witness significant growth on account of growing demand in defense and infrastructure industries. Filter coatings are used for transmitting selected light wavelengths through glass. Surging consumer electronics demand owing to rising disposable income and improving standards of living in emerging economies such as India and China is anticipated to propel filter coatings market over coming seven years. Filter coatings are applied in smart phones screens and thus increasing smart phones demand is anticipated to fuel product demand over the forecast period. Promotion of renewable energy usage by several governments is further estimated to increase scope in solar device applications.
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On the basis of product, these specialty coatings have been segmented into band pass and infrared filter coatings. Infrared filters are used in flame detection, sleep apnea, motion sensors, gas detection, non-contact temperature management, alcohol monitoring and anesthetic gas monitoring. Increasing use of filters in various end-use industries is also expected to propel filter coatings market growth over next seven years. These coatings, however, absorb unwanted light wavelengths that raise reliability issues during high power conditions and transmission curves that may not be required in varied applications. This factor is expected to hamper market growth over the forecast period.
Technological advancements are anticipated to result in low production costs, thus creating opportunities for market participants in near future. Innovation and product line expansion is also anticipated to propel filter coatings market growth. Manufacturing plants with customization and high precision is also expected to create lucrative opportunities for industry participants. Extensive research is being done to develop high precision filters at low cost.
North America was the dominant filters coating market on account of huge investments made by countries such as US & Canada on security and defense weapons. Increasing solar energy harnessing and applications in Asia Pacific, due to initiatives taken by the government such as custom and excise duties reduction for solar panels parts may positively impact industry expansion. Europe is also anticipated to witness high product demand over next seven years owing to expanding electronics manufacturing industry.
Major companies operating in global filter coatings market include Optical Coatings Japan, Denton Vacuum, Newport Corporation, Inrad Optics, Abrisa Technologies, PPG Industries, Ophir Optronics Ltd., and JDSU.
Global Filter Coatings Market
Information Source: Grand View Research