Report Code : A03105
Significant enrichment in the chemical industrial sectors in developing Asia-Pacific countries has significantly strengthened the global supply chain. Many countries, particularly those in the European and North American regions, are now reliant on importing raw materials or finished products from Asia countries such as China, owing to their huge production capacity and significantly lower prices. Many nations in EMEA have seen considerable economic growth as a result of their expanding superiority in material for window film exports, which includes enlarged production facilities, and final manufacturing of end-use products.
Eswara Prasad
Manager, Chemical and Materials Allied Market Research
According to a new published report by Allied Market Research titled, “Window films Market by Material, Product Use and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global window films market size was valued at $10.3 billion in 2020, and is projected to reach $17.5 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.
Window film has a number of advantages for both residential and commercial buildings. Climate and energy control are two of the most common applications for window film. Solar heat gain through windows is considerably reduced by window film, allowing a space to maintain its interior temperature and removing hot spots. As a result of the energy savings, equipment wear and maintenance are minimized. Furthermore, by blocking harmful ultraviolet rays, window film also helps to prevent fading. The reduction in UV radiation flooding through the house or office windows benefits valuable objects such as carpets, furniture, and artwork.
Window films are majorly used in the construction sector for solar control, due to their ability to reflect the heat coming from the solar radiation and maintain a comfortable ambiance, in terms of the temperature inside the structure or building. The rapidly growing construction industry in developing countries is expected to boost demand for window film. Rising demand for films in commercial and residential applications is expected to drive market expansion over the forecast period. Residential demand is likely to be driven by more tinting activities on existing windows, as well as stringent regulation on establishing green buildings. A surge in the demand for window films has been attributed to rising concerns about climate change and increased awareness of environmental disruptions. Furthermore, Due to increased consumer awareness of the benefits of window tinting films and rising income, the adoption of window tinting films will continue to rise. Window films market growth is aided by increased passenger and commercial vehicle sales volumes. Growing concerns about UV protection are anticipated to create market opportunities in the future years.
However, COVID-19 pandemic has caused logistics and raw material shortages for the construction industry. Therefore, many government and builders have postponed the construction activities. Due to reduction in the construction activities the demand for windows film will temporarily slowdown.
The global Window films market is segmented on the basis of material, product use, application and region.
Based on the material, the global Window films market is segmented into vinyl, polyester, plastic and ceramic. The Polyester segment accounted for the largest share in 2020, while the others segment is projected to grow at the highest CAGR of 5.61%.
Based on the product use, the global Window films market is segmented into sun control, decorative, security & safety and privacy. The Sun control segment accounted for the largest share in 2020, while the privacy segment is projected to grow at the highest CAGR of 6.3%.
Applications of Window film include commercial, residential, automotive, marine and others. The commercial segment is further sub-segmented into offices, education, banking, retail, hospitality, healthcare, and others. The automotive segment accounted for the largest window films market share in 2020, while the others segment is projected to be the fastest growing segment at a CAGR of 5.59%.
Region wise, the market is studied across North America, Latin America, EMEA, Asia and GCA. EMEA accounted for the largest share of the market in 2020 as well as was the fastest growing region. GCA has a well-established and growing demand potential for window films.
The global window films market is consolidated in nature with a few players, such as 3M, Armolan windows films, Avery Dennison Corporation, Eastman Chemical Company, Garware Suncontrol, Lintec corporation, Polytronix inc, Purlfrost ltd, Saint-Gobain, solar control films, the window film company and toray plastic., which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
Key Findings Of The Study
Impact Of Covid-19 On The Global Window Films Market
The construction industry has faced difficulties as a result of the COVID-19 epidemic, including logistics and raw material shortages. Due to the massive drop in financial markets around the world, it is projected that construction investments have been withdrawn globally. As a result, the demand for window films has decreased. The restrictions imposed by governments to combat the virus's impacts may result in a lack of raw materials and people, as well as a disrupted supply chain, making it more difficult to meet contractual responsibilities. Furthermore, covid-19 pandemic has forced builder to postpone the projects. These factors will hinder windows film market growth
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Window Films Market by Material (Vinyl, Polyester, Plastic, Ceramic, and Others), Product Use (Sun Control, Decorative, Security and Safety, and Privacy) and Application (Commercial, Residential, Automotive, Marine and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
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