(I-BusinessNews.Com, July 09, 2021 ) Window Films Market size is forecast to reach $3.5 billion by 2026, after growing at a CAGR of 7.3% during 2021-2026. Certain properties like the reduction of glare and protection from the ultraviolet (UV) rays have increased the demand for window films in the construction and automotive sectors. Synthetic fiber accounts for the majority of Polyethylene Terephthalate plastic made (up to 60%), with the remaining 30% used for bottle production to meet global demand. The market has seen increasing growth in the Asia-pacific region due to varied applications like sun control film, decorative films, safety and security, privacy, and others. The global production was dominated by China which accounted for 30.8% of the total Polyethylene Terephthalate polymer production. The growth in the market is due to the increase in the usage of window films for various applications in sectors like building and construction, automotive, infrastructural, industrial others.
The COVID-19 pandemic has had an immediate impact on the world economy and that impact goes across all industries, including mining. Some delays, due to the COVID-19 pandemic and related contingencies, have occurred in underground development and halted preparation in the mining projects. The construction industry was one of the hardest hit by COVID-19, as it had already been dealing with a liquidity crunch as a result of the non-banking financial institutions’ impact on the financial sector for more than a year. Because of a lack of funds, many projects have remained unfinished. Due of shifting buyer preferences, those that were completed remained unsold.
Window Films Market Segment Analysis – By Type
Sun control film held the largest share in the Window Films Market in 2020. This growth is mainly attributed to the increasing demand for sun control film in varied applications such as in automobiles, building and construction, and others. The UV-blocking film reduces the amount of heat that is gained through the transmission of sunlight. The UV blocking films let the natural light in and reject the heat and protect us from UV rays. It also helps in lowering the energy cost by providing natural light, reducing glare, eliminating the hotspots, and provide a better look.
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Window Films Market Segment Analysis – By End Use
Building and Construction dominate the Window Films Market and growing at a CAGR of 11.6%. The change in the pattern and usage of window film for varied application in household like protecting from excessive heat and cold, reduce glare, improves safety and security and also enhance the privacy and style. With the growing construction industry and its demand for window films particularly in the regions of Asia-Pacific, North America and Europe, the demand of window films for all kinds of buildings is expected to see an upsurge. Residential application segment is witnessing growth due to the rising penetration from untapped markets. First-mover advantage in untapped regions and relatively low acquisition costs remain key driving forces in this application market. Furthermore, R&D in PVC Additives will support the growth of the PVC Additives market.
Window Films Market Segment Analysis – Geography
Asia Pacific region held the largest share in the Window Films Market in 2020 up to 42% followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest growing construction markets globally. Large and more developed markets such China, India, Japan, and South Korea are expected to grow more in the coming years. China is driving much of the window films market demand in Asia-Pacific region followed by India and Japan. Of the five fastest growing regions in construction sector, other than U.S. all are Asian countries including China and India who majorly drive the demand for construction investment in this region. The strong and healthy growth in construction sector is associated with growing population and middle-class economy, which tend to drive APAC residential construction market further and hence the window films market. The number of buildings that have illuminated window films are growing sharply in APAC region. The increasing number of new building constructions, along with the rise in the number of renovation projects has further propelled the market. Currently the construction industry has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In in turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
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Window Films Market Drivers
Replacement of conventional material with new protective material
The growing concern about the Ultra-Violet radiation affecting the human in terms of several diseases is creating an opportunity for the market in the next few years. The window films with its advantageous qualities will drive the demand as they can protect us from UV rays, provide glare free glass, security and safety and also beneficial for every season. The old compact homes are now transforming into the view zones and more decorative than the traditional one. Engineers at the Massachusetts Institute of Technology have developed a method for creating an optical film with hydrogel microparticles that prevents radiative heat transfer. If commercialized, the material could reflect nearly 70% of the solar heat entering a building’s windows, saving billions of dollars in energy costs.
Rise in safety needs in vehicles
The increase in knowledge about safety and health concerns are leading towards the rise in demand for automotive window films. The automotive films help in protection from the harmful ultraviolet rays as it blocks the harmful rays and only let the natural light to pass on. It helps in staying the vehicle cool by reducing heat and reduce glare so that you can see properly and clearly. In terms of how major markets are recovering from the pandemic’s aftereffects, China’s automotive industry has been the most rapid, followed by the United States, which began to improve around Q3 2020. Despite the pandemic’s lingering impact, Europe and India have shown signs of steady recovery, although at a slow pace.
Window Films Market Challenges
The Problem in installation of the window film
Innovation is the key to developing new products but due to the technicality it becomes difficult to find highly skilled people for the work. The issue in case of installation and repairing of the glass is highly difficult. The factors like installation, warranty and technicality are hampering the growth of the market because of the precision in the work.
Higher investment and government policies
Innovation is the key to developing new products, but the changing government rules regarding the automotive window films because of increase in crime, road accidents and others are hindering the growth of the market. There is a need of higher investment in setting up of manufacturing plant and specialized people in to set up automotive window films which are leading as a setback in the growth of the automotive window films market.
Window Films Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Window Films Market. Major players in the Window Films Market are 3M, American Standard Window Films, Eastman Chemical Company, Saint-Gobain Performance Plastics Corporation, Toray Plastics (America) Inc., Johnson Window Films, and Others.
Acquisitions/Technology Launches/ Product Launches
In November 2019, Suntuitive Dynamic Glass launched Suntuitive Monolite, a product with a very high performance piece of dynamic glazing, single laminate, transition from light to dark in response to solar heat without any wires or controls and with same installation as the traditional glass.
Asia-Pacific dominates the Window Films Market owing to rapid increase in the Automotive and construction sector.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Window Films Market and their specific segmented revenue.
Due to COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of window films related industries have been negatively affected, thus hampering the growth of the market.
Related Reports :
A. Solar Control Window Films Market
B. Architectural Window Film Market
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