Window Films Market to Grow at a CAGR of 3.79 % by 2030
According to ChemAnalyst report, “Window Films Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Window Films demand was 1.314 million tons in 2020 and is predicted to reach 1.195 million tons through 2030. The global market for Windows Films is expected to grow at a CAGR of 3.79% until 2030 owing to the increasing demand for its application i.e., energy conservation in heating and cooling purpose in buildings as well as automobiles.
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Window films refers to the polymer films that are used to laminate windows or glass surfaces of automobiles or buildings. These films not only give an aesthetic look to buildings or automobiles but also provide protection from UV rays, reduce heat and glare. Moreover, Window Films are gaining popularity as they also improve safety and security and enhanced protection against accidents, stormy winds, flying glass fragments as well as scratch resistant.
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On the basis of their utility, Window Films are segmented into several types such as UV blocking films, privacy films, insulating films, safety and security films, decorative films, and others. These films consist of a scratch resistant coating on their exterior surface for protection and are used to apply on the inner surface of a glass window in buildings or vehicles.
Automotive, Building & Construction and Marine are the major end use industries for Window Films. Growth of these sectors would consequently impel the demand for Window films and boost its market in the forecast period. In automotive industry, several factors like increasing concern about health along with safety & security are driving the demand for automotive films. Window films in automobiles, offers heat control and UV protection that helps in preventing skin damage coupled with safety benefits, glare reduction and aesthetics looks. Moreover, to support fuel economy, focus on light weight and electric vehicle production is rising, which is expected to boost the demand for Window Films in this segment. However, the requirement of technical expertise for its application along with the rising demand for smart glass is expected to hamper its market growth over the forecast period.
In 2020, the unprecedented outbreak of COVID-19 across the world affected a number of industries due to nationwide lockdowns and disrupted the supply and value chain. During the pandemic, automotive and construction were among the most stricken industries that directly impacted the demand for window films for the first half of 2020. However, a speedy recovery is witnessed in these sectors since the latter half of 2020 and is anticipated to propel the market growth of Window Films globally in the upcoming years.
Regionally, Asia pacific accounted for the major share of the global Window Films Market and is anticipated to blossom over the forecast period owing to the relentless growth in automotive and construction sectors in the region. Global automotive manufacturers are investing in the region specially in China, India, Vietnam, South Korea to expand their capacities due to lower labor costs and supportive government policies. Moreover, ongoing construction projects in the region are also going to augment its market growth in the forthcoming years.
There are several mergers and acquisitions by the global players of Window Film market which are directly influencing its market growth such as In August 2019, Madico Inc. has announced the acquisition of Courage Distributing Inc. and Window Film Systems (Canadian distributors of Window Films) creating a new entity Madico Canada. This merger will expand its market footprint in North America. Similarly, In May 2019, Avery Dennison Corporation, major player in Automotive Film market expanded its portfolio including a comprehensive range of automotive window films along with other products.
According to ChemAnalyst report, “Window Films Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Some of the major players operating in Window Films Market include 3M, Avery Dennison Corporation, Armolan Greece, Eastman Chemical Company, Johnson Window Films, Inc, Hyosung Chemical, Lintec Corporation, Rayno Window Film, Saint-Gobain, American Standard Window Film, Toray Plastics, Garware Suncontrol, Reflective Window Films.
“Window Films are used prominently in construction sector owing to its utilization in enhancing glass performance. These films not only aid in climate and energy control but also prevent damage by UV rays. Increasing focus of government on green buildings projects due to more emphasis on carbon footprint reduction along with changing consumers preferences in growing economies are going to propel the market for Window Films in the upcoming years. Moreover, rising demand for Window Films is likely to offer a huge potential in the market over the forecast years therefore, it is crucial to track its market growth followed by the region that is expected to grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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